Home Coronavirus Unemployed may get tax credits

Unemployed may get tax credits

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The COVID-19 pandemic has damaged our economy and caused skyrocketing unemployment. Self-employed business owners, independent contractors, members of the gig economy and employees in many industries have all been hit hard by the pandemic. We must get people back to work.  Businesses may be in a position to hire and train new employees in the technology, medical and manufacturing fields.

Senator Ram Villivalam has filed SB3992, Illinois legislation that provides tax credits to companies hiring former business owners and workers unemployed because of COVID-19. This legislation will provide businesses with under 100 employees, a $5000 tax credit when they train and hire new employees in the technology, medical and manufacturing fields. Businesses with between 100-500 employees will receive a $2500 for such hires.  All other businesses are eligible for a $1500 tax credit.

“During this pandemic, the different levels of government have worked to provide assistance to those who have become unemployed through no fault of their own. While that has been helpful, it cannot and will not replace the desire and need for quality, high paying jobs. I am proud to be sponsoring legislation and working with the Small Business Advocacy Council to provide tax credits for small businesses that will retrain our residents who have been hit the hardest, including gig workers and independent contractors, to fill the jobs that are readily available,” said Villivalam.

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