A new survey found Illinois reported the third-highest increase in small business rent delinquency nationwide during November, with 40% of respondents unable to pay rent on time or in full.
Small Business Saturday offers a reason to be extra thankful: businesses with fewer than 20 employees were the only ones to grow payrolls since COVID-19 hit.
Illinois ranked No. 2 in the nation for number of small businesses planning to lay off employees in the coming months. A majority of entrepreneurs have already put a freeze on new hires. Amendment 1 threatens Illinois’ business climate even more.
New business taxes added by the Pritzker administration plus Illinois’ high property taxes are making it hard for a Chicago-area bar owner to stay in business. Now a government union push for more property taxes is creating a new threat.
Gov. J.B. Pritzker added $650 million in taxes and fee hikes for small businesses in his last budget. Voters will decide Nov. 8 if Illinois’ business climate will get tougher, yet, through Amendment 1.
A tough economy and an Illinois Policy Institute report has Oak Lawn considering waiving business license renewal fees for a year. Giving up $600,000 in fees is expected to attract new businesses and help older ones.
Lots of businesses tried to get started during 2021 in Illinois, but the ones that create jobs had a tough time launching. That’s why Illinois unemployment remains high and salaries depressed during a national labor shortage.
Illinois has the nation’s third-highest number of state regulations and double the U.S. average. Regulations make life hard for Illinois’ small businesses, where most Illinois jobs are created.
This Small Business Saturday, Illinois has more entrepreneurs than before the COVID-19 pandemic. But the recovery has been uneven as some types of small businesses struggle and many jobs are missing as Illinois lags the national rebound.
Two groups most hurt by pandemic closures, women and Black Illinoisans, have been the quickest to turn to owning small businesses as a way to recover from the COVID-19 economic downturn.