Due to the unprecedented impact of COVID-19 on business activities, the Illinois DCEO has released a memo outlining policy changes related to the Illinois EDGE Program. Below is a summary of the changes:
1) Placed in Service Date
-Agreements with an effective date between January 1, 2018 and December 31, 2019 can request to extend the Placed in Service date of their agreement for an additional year. These requests are due by December 31, 2020.
2) Treatment of Remote Workers
-Companies can receive credit for new employee working remotely if the new employees would have reported to the project location. Companies can also receive credit for retained employees at the project location who are currently working remotely due to COVID.
3) Reduction in Investment and Job Creation
-Agreements with an effective date between January 1, 2019 and December 31, 2019 that have not claimed credit under the EDGE program can request amendments to their agreement if the company can show that COVID directly impacted their business in a negative way. All requests for amendments are due by December 31, 2020. Amendments are still governed by the statutory minimums related to investment and job creation.
To read the full policy change document issued by the IL DCEO, please see below.
Kane and Co. has significant experience helping companies navigate incentive amendments due to COVID. If your company has an existing incentive, and would like a free consultation on how Kane & Co. can help maximize your incentive award, please contact us.