Illinois Quick Hits: Small business optimism index falls

By Jim Talamonti | The Center Square
The Center Square

(The Center Square) – New data shows declining optimism and rising uncertainty for small business owners.

The NFIB Small Business Optimism Index fell 0.6 points in May to 95.3, remaining below its 52-year average of 98.0.

The Uncertainty Index rose 3 points from April to 91, remaining above its historical average of 68.

NFIB Illinois State Director Noah Finley said inflation, taxes and market uncertainty continue to dampen Main Street sentiment. The NFIB Small Business Employment Index remained essentially flat, registering 100.3 in May.

TREASURER ANNOUNCES NEW GRANTS FOR NONPROFITS

Illinois State Treasurer Michael Frerichs has announced a new grant program. Charitable Trust Hunger Relief Grants provide up to $5,000 to volunteer-driven food pantries, soup kitchens and similar nonprofit organizations with no full-time employees.

A statement from Frerichs’ office said he launched the program after the Trump administration cut funding for the Supplemental Nutritional Assistance Program and a program that allowed Illinois farmers to sell food to Meals on Wheels and food pantries.

ILLINOIS RANKS 27TH FOR BEER TAXES

According to a new report from the Tax Foundation, Illinois ranks 27th in the nation with a beer excise tax rate of 23 cents per gallon.

The report said Tennessee has the highest beer tax burden at $1.29. Wyoming’s rate of two cents a gallon is the lowest, followed by Missouri at six cents and Wisconsin at 6.5.

The report said, in the United States, taxes are the most expensive ingredient in beer, accounting for more of the final price than labor and materials combined.