CHICAGO – To bring working people back into the job market, State Senator Ram Villivalam (D-Chicago) is leading an initiative to offer businesses a tax credit to hire employees who lost their job due to the COVID-19 pandemic.

“Over one and a half million people across Illinois have filed for unemployment since the start of the pandemic,” Villivalam said. “We must do right by working people and our small business community by incentivizing growth during this difficult time.”

SB 2490 offers small- and medium-sized businesses an income tax credit for hiring full-time employees who were previously unemployed due to the pandemic. Businesses with 100-500 employees would receive a credit of $2,500 per qualified hire, and businesses with under 100 employees would receive a credit of $5,000 per qualified hire.

An additional credit of $500 may be added if the new hire or business is from a Disproportionately Impacted Area. The legislation is an initiative of the Small Business Advocacy Council.

“Our plan supports both job creators and working people,” Villivalam said. “Reversing job losses brought on by the pandemic must be a top priority for an equitable recovery.”

SB 2490 awaits consideration in the Senate Revenue Committee.