COVID-19 Financial Relief


​On March 27, 2020, the CARES Act, a $2 trillion relief/stimulus bill, was signed into law. When implemented, there will be many new resources available for small businesses. You’ve probably already heard a lot of good information out there about this legislation, but it’s important to note…the provisions in that legislation are not yet available.  

SBA and the Department of Treasury are still in the process of implementing all the new loan programs associated with the CARES Act including the Payroll Protection Program. There are several new policies, procedures, and guidelines that must be in place before lenders can begin making these loans. SBA is working on these as quickly as possible so that borrowers can begin applying. To find out more about the information we have about the CARES Act, click here. 

Illinois Income Tax

The filing deadline for Illinois income tax returns has been extended from April 15, 2020, to July 15, 2020. The 2019 income tax filing and payment deadlines for all taxpayers who file and pay their Illinois income taxes on April 15, 2020, are automatically extended until July 15, 2020. This relief applies to all individual returns, trusts, and corporations. This relief is automatic, taxpayers do not need to file any additional forms or call IDOR to qualify. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. You will automatically avoid interest and penalties on the taxes paid by July 15, 2020. Note: This does NOT impact the first and second installments of estimated payments for 2020 taxes that are due April 15 and June 15. Taxpayers are required to estimate their tax liability for the year and make four equal installments. 

IL Small Business COVID-19 Relief

Illinois Treasurer’s Small Business COVID-19 Relief Program
The program is an impact investment loan program under which the State Treasurer would make up to $250 million in deposits available to financial institutions throughout the state, at near-zero rates, to assist Illinois small business and non-profits negatively affected by the COVID-19 pandemic.  The purpose of this funding is to provide vital economic support to small businesses and non-profits throughout Illinois to help overcome the loss of revenue they are experiencing. 

ISDS Endorsed Provider, Bank of America, Announces Additional Support for Small Business during the COVID-19 Crisis​. Click here for more information.

Federal Income Tax

Federal Income Tax Filing and Payment Deadline Extended to July 15, 2020
The Treasury Department and the Internal Revenue Service are providing special relief to individuals and businesses in response to the COVID-19 Outbreak. The filing deadline for tax returns has been pushed back to July 15, 2020. The IRS urges taxpayers who are owed a refund to file as quickly as possible.

Individuals: Income tax filing and payment deadlines for individual returns, with a due date of April 15, 2020, are being automatically extended until July 15, 2020. This payment relief applies to all individual returns, including self-employed individuals, and all entities other than C-Corporations, such as trusts or estates. IRS will automatically provide this relief to taxpayers. Taxpayers do not need to file any additional forms or call the IRS to qualify for this relief.

Corporations: For C Corporations, income tax filing and payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due.

This relief also includes estimated tax payments for tax year 2020 that are due on April 15, 2020.

Other Questions:

Would my practice be eligible for federal loans offered by the Small Business Administration (SBA)? The Coronavirus Preparedness and Response Supplemental Appropriations Act signed by President Trump on March 18th authorized the SBA to offer an additional $50 billion in loans nationally to help small businesses during the pandemic. IIlinois became eligible for the SBA assistance after Thursday, March 19th.  

The loans are available to small businesses, private not-for-profit organizations of any size, small agricultural cooperatives and small aquaculture enterprises that have been financially impacted as a direct result of the Coronavirus.  Loans are offered up to $2 million with up to a 30 year repayment term.  The interest rate for a small business is 3.75% and 2.75% for non-profits.

Link for more information: and

Link to apply:

Would another option be to get a loan from my financial institution? 
Yes, working with a banking partner with whom you already have an established relationship is an option to consider. Often, this may be a more efficient option that allows relatively quick access to needed capital. Some financial institutions are waiving penalties and fees for things like emergency CD withdrawals, so it's best to reach out and inquire about what would be best for your situation.  

Because interest rates are low, would a credit card be something to consider? 
Low-interest or even zero-interest credit cards may be available and could be a good choice during this unpredictable season. You also may want to consider making minimum payments or even restructuring existing lines of credit to take advantage of the lower interest rate environment.  

U.S. Bank invites dentists that are not already cardholders to apply for the ADA Visa Preferred Rewards Signature Card. Approved applicants can earn a $100 statement credit after the first purchase and 0% intro APR on purchases and balance transfers for twelve billing cycles. After that a variable APR, currently 9.99%-21.99% applies. Interested applicants should visit or call 888-327-2265 x10345 for full terms and conditions and to apply.”

Are there options if my practice needs to skip payments? 
The best recommendation is for you to contact vendors and financial partners directly — and proactively — to make requests. Since skipping a payment without making prior arrangements can have a negative impact on your credit, it’s encouraged that you reach out in advance of missing any payments. You could potentially negotiate terms​ that include requesting ​a pause on payments, making interest-only payments or pausing automatic payments.  One may also consider the possibility or options surrounding:

401(K) Loan (if a 401(K) plan is offered and if the plan allows for participant loans – consult your plan sponsor, which is typically the employer or a financial institution)

Home Equity Line of Credit (HELOC) – (Contact the financial institution where your mortgage is with – consider also inquiring about whether the lower interest rate environment makes sense to complete a refinance in your situation)

*This information and any hyperlinks are provided as a benefit of your ISDS membership and should in no way be considered as legal or financial consulting advice.  Please always seek the advice of an attorney, financial advisor, accountant, or other trained professional, as applicable.