Four Percent Business Loans!
The illinois State Treasurer’s Office has announced the reduction of the state’s deposit rate to eligible financial institutions for all linked deposit programs from 2 percent to 1 percent as of July 1, 2010. What this reduced deposit rate means is that anyone who is thinking about starting a new business, expanding an existing business, or looking to go green, is allowed access to funds as low as 4% for the first two years of their loan. To find out more about this offer contact any member of the Economic Opportunity team listed below, or visit the Treasurer's website at www.treasurer.il.gov
Bill Browne Director of Economic Opportunity/Deputy Director of Policy and Programs
(312) 814-1901 or
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Michael Smith, Program Director Employ Illinois: Business Loans
(312) 814-8953 or
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Patrick Conlon, Program Director Opportunity Illinois: Consumer and Community Development Loans
(312) 814-1244 or
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Rebecca Huston, Interim Program Director Cultivate Illinois: Agricultural Loans (
217) 557-6436 or
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Illinois Small Business Job Creation Tax Credit
The Illinois Small Business Job Creation Tax Credit (Public Act #096-0888), is a one-year credit that will help create up to 20,000 jobs. The new legislation creates a $2,500 tax credit (that can be carried forward) on withholding tax for employers with 50 or fewer total employees who hire new, full-time Illinois employees during the 12-month period beginning July 1, 2010. (Ninety five percent of Illinois businesses have fewer than 50 employees).
Calculation of the net increase in the number of Illinois employees is based on the employer's number of Illinois employees as of June 30, 2010. The credit is available to qualifying employers for each new, full-time Illinois job created and sustained for at least one year. It will have a cap of $50 million on the total amount of credits issued. To qualify, a job must pay at least $25,000 per year. Eligible companies will apply for the credit online and ultimately will be issued a tax credit certificate.
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Application for the credit may be made as soon as a new, full-time Illinois employee is hired and begins providing services. |
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Carry forward credits will be issued for each new position, up to a maximum cumulative amount of $50 million, on a first-come-first-served basis determined by date of application. |
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The credits will be issued beginning July, 1, 2011. |
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The determination of whether an employer has 50 or fewer employees on June 30, 2010 will include all employees in every location, which includes both in Illinois and out of state employment totals. |
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Employer subsidiaries created for purposes of benefitting from the credit will not qualify for the credit under aggregation rules; related businesses will be treated as one business for purposes of determining whether an employer has 50 or fewer employees. |
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Eligibility for the credit does not require that a particular individual employee be retained for one year, only that a new, full-time Illinois job be created and sustained for one year. |
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New small businesses hiring their first Illinois employee(s) may qualify for the credit. |
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The credit may be claimed for an hourly employee working an average of at least 35 hours per week or for a full-time salaried employee, but not for a partner or an independent contractor. |
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Tax credits granted will not change the recognition of withholding tax paid for either employer or employee. |
Source: College of Lake County - Illinois Smal business Development Center
Governor Quinn Announces 2,825 Jobs Created
CHIC AGO – May 3, 2010. Governor Pat Quinn today announced that 349 employers across the state have agreed to employ more than 2,825 workers through the Quinn Administration’s Put Illinois to Work (PIW) employment program, which was launched only a week ago.
At that time, Governor Quinn unveiled the PIW program, an anti-poverty effort designed to develop a healthy workforce by putting unemployed and underemployed Illinois residents to work. Put Illinois to Work is expected to create more than 15,000 jobs.
The Put Illinois to Work program was recently profiled in a story appearing last Sunday in the New York Times, which noted the program is designed to deal with the current economic emergency by allowing employers to create jobs for members of low-income families and single mothers immediately throughout the state.
Private, public and non-profit businesses are encouraged to sign on with Put Illinois to Work. Eligible participants will be matched to subsidized employment opportunities with these worksites in hopes that they might transition into an unsubsidized position at the program’s conclusion.
Put Illinois to Work is a collaborative effort of the Illinois Department of Human Services (IDHS), the Illinois Department of Commerce and Economic Opportunity (DCEO) and Heartland Human Care Services (HHCS). Funding is provided through the Temporary Assistance for Needy Families (TANF) Emergency Contingency Fund (ECF), which was created by the American Recovery and Reinvestment Act of 2009 (ARRA).
Eligible worksites and participants must meet program criteria and agree to adhere to specific programmatic requirements. Participants must be age 18-21, or 18 and older and the parent (custodial or non-custodial) of a minor child. All participants must have a household income below 200 percent of the Federal Poverty Level ($2,428 per month for a family of two) and be legally present and authorized to work.
For eligibility criteria and additional information on Put Illinois to Work, visit www.PutIllinoistoWork.Illinois.gov.
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