State Offers Economic Help During COVID-19 Crisis
March 25, 2020
Gov. J.B. Pritzker and other state officials this afternoon outlined actions the state is taking to help residents, businesses, and healthcare providers during the COVID-19 crisis. The Governor said that the state tax filing deadline is being extended from April 15 to July 15 to align with the federal tax filing deadline.
Concerning the state’s large backlog of unpaid bills, Treasurer Michael Frerichs announced that the state is taking steps so the Comptroller can pay medical bills and move money to healthcare providers:
“We have rolled over $200 million in investment notes or loans [to help] the state comptroller pay medical bills. My office can invest up to $2 billion in the state of Illinois bill backlog at a reduced market based rate, as opposed to nine or 12% late payment interest rate penalty. During this time of need, this authority not only saves money, it gets more cash out the door to our healthcare providers. We are continuing our discussions with the Comptroller and the Governor’s Office of Management and Budget about ways to support the state’s cash flow using legal tools we already have.”