(The Center Square) – According to the National Federation of Independent Business, the U.S. Treasury Department’s final rule removing the requirement for companies to report beneficial ownership information with the Financial Crimes Enforcement Network will save small businesses from more than $128 billion of regulatory and compliance costs.
NFIB Illinois State Director Noah Finley said the BOI mandate would have imposed a heavy compliance burden on small businesses and exposed them to significant penalties for paperwork errors. Finley urged Congress to permanently repeal the BOI law.
ILLINOIS JOINS $15.5 MILLION SETTLEMENT WITH MORTGAGE SERVICER
Illinois and 46 state financial agencies have reached a $15.5 million settlement with one of the nation’s largest mortgage servicers for improperly imposing insurance costs on borrowers who already had active homeowners insurance policies.
Pennsylvania-based NewRez LLC agreed to remediate more than $4.5 million to more than 4,200 impacted borrowers nationwide. The company will pay an additional sum of nearly $11 million for costs and penalties.
CHICAGO OFFICIALS BREAK GROUND ON $6.5 MILLION HOMELESS SHELTER
Chicago officials held a groundbreaking ceremony on Wednesday for a hotel-turned-shelter for homeless young adults.
La Casa Norte acquired the former North Hotel at 1622 N. California Avenue and plans to convert the space into a 40-room facility for unhoused people between 18 and 24 years of age.
The project is supported by $4.09 million from the Chicago Neighborhood Recovery Program, $2 million from state taxpayers through the Illinois Department of Commerce and Economic Opportunity, and $500,000 from federal taxpayers through the U.S. Department of Housing and Urban Development.
A statement from Mayor Brandon Johnson’s office said residents have already begun to move into the building, and rehabilitation of the main floor could be completed by the end of 2027.
PROPERTY TAX SEMINAR SET FOR THURSDAY IN MCHENRY
McHenry County Chief Assessments Officer Alejandro Benitez is scheduled to speak at a property tax seminar hosted by state Sen. Craig Wilcox, R-Woodstock, on Thursday evening.
A statement from the senator’s office said attendees will learn how tax bills are created, about exemptions that can lower tax bills, and how to file an appeal of a tax assessment that is believed to be inaccurate.
The event is scheduled to run from 6-7:30 p.m. at McHenry City Hall.
