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Illinois Introduces Tax Credit to Offset the Increased Minimum Wage

On January 1, 2020, the IL minimum wage increased from $8.25 to $9.25 per hour. A second increase, to $10.00 per hour, begins on July 1, 2020. It is then set to increase by $1 on January 1st of each year until it reaches $15.00 per hour. Beginning with the first quarter of 2020, Illinois adopted a tax credit to help offset the higher labor cost associated with the increase in the minimum wage. In order to be eligible for the credit, an employer must meet the following two criteria: The employer must have 50 or fewer full-time equivalent employees, and The average wage per employee making less than $55,000 per year in 2020 must be more than the average wage paid per employee during the same

Changes to the Paycheck Protection Program

Last week, the President signed into law the Paycheck Protection Program Flexibility Act (PPPFA) relaxing the rules regarding the use of funds from the Paycheck Protection Program (PPP). The Act provides changes to the acceptable use of PPP loan proceeds and how proceeds can be spent in order to obtain loan forgiveness. The Act amended some of the PPP rules and provides businesses with the following relief: Reduces the ratio requirement of payroll related expenditures from a PPP loan. Borrowers must spend 60% (down from 75%) of the total loan proceeds on payroll costs in order to qualify for full loan forgiveness.The remaining funds can be spent on certain qualified non-payroll items such as

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