Why is Putzker borrowing more money (see 12:01 AM post below)?
After Black Friday comes Small Business Saturday, when Americans are encouraged to support their local retailers. But there will be over 11,200 fewer Illinoisans running retail stores on Nov. 28, thanks to COVID-19 and state-mandated lockdowns.
And when it is time to take a shopping break to eat and drink, there will be nearly 17,600 fewer Illinois bar and restaurant owners to serve you.
That’s almost 29,000 fewer small stores, bars and restaurants. We don’t know what these businesses would have generated in Sales Taxes, but think about this:
- each of these places carries some sort of License to Operate – state or county or local – or a combination of all three;
- casino gaming machines at a bunch of these bars are licensed individually;
- Chicago requires separate licenses for food, liquor, tobacco, signage, etc
29,000 businesses are not generating tens of millions in these fees alone, and that translates into hundreds of millions in sales taxes, not to mention associated businesses, parking, hotels across the entire state.
Go read it all.