August 6, 2024
We are excited to share some updates about the work we are doing to support the small business community! You can visit our website to learn more about all our advocacy efforts.
Enhanced Tax Credit for Hiring Formerly Incarcerated Individuals
Last year we championed a law focused on reducing the costs of health insurance for Illinois small businesses. This was a big win for small businesses.
This year we worked with legislators and stakeholders to enhance the tax credits available to businesses that hire formerly incarcerated individuals. This tax credit was increased from 5% to 15% of qualified wages, and the ceiling was raised from $1,500 to $7,500! These enhanced tax credits can support small businesses struggling to fill positions, foster opportunities for formerly incarcerated individuals, improve public safety, and reduce the costs of recidivism.
The General Assembly allocated $1,000,000.00 to this program so small businesses should start looking into this now! To learn more, click here.
Chicago Small Business Package
The SBAC and a robust, diverse, and impactful coalition are advocating for reforms to eliminate barriers and streamline processes for Chicago small businesses. Some key proposals include streamlining zoning requirements, improving city processes, and ensuring past, far-removed debts do not unreasonably delay entrepreneurs from launching their businesses.
Chicago needs successful small businesses to foster economic development! We already have the support of 18 aldermen/alderwomen and are pushing hard to get all 50 to formally endorse the package! Learn more here.
Burdensome Regulations and Small Businesses
There is no reason overly burdensome regulations should hurt small businesses and have a detrimental impact on local communities. We continue working to fully implement a law that requires state agencies to consider the impact of new regulations on small businesses. We will have additional updates soon.
Stay Connected and Engaged
Our momentum continues to grow and with your support, we will continue making a huge difference for small businesses! Please be sure to check out all the ways you can connect with business owners and advocates on our events flyer. Thank you for supporting the SBAC and small business community!