Skip to content

New PPP Rules for Sole Proprietors and Businesses with 20 or fewer Employees

PPP 1 022421

New PPP Rules for Sole Proprietors and Businesses with 20 or fewer Employees

From February 24th to March 9th, the Small Business Administration will accept applications for PPP loans for sole proprietors and businesses with fewer than 20 employees.

The move is meant to make it easier for businesses with few or no employees - sole proprietors, independent contractors, and self-employed people such as house cleaners and personal care providers - to apply that previously could not qualify due to business cost deductions.

In addition to the 2-week application period: 

  • $1 Billion will be set aside for low to moderate income areas, where businesses are mostly owned by women and people of color.
  • Legal residents who are non citizens will not be excluded from the program.
  • Will eliminate exclusions that prohibit a business owner who is delinquent on their student loans from applying to the program.

Please visit the SBA website for requirements, bank locations and further information.

 

Archives

Hear From our NRC Coalition Partners

By patti@sbacil.org | September 22, 2022

The Small Business Advocacy Council and a coalition of engaged stakeholders have come together to revitalize, empower, and connect commercial corridors in the Chicagoland area. This is a collaborative effort involving grassroots engagement, policy advocacy, and educational initiatives. Our coalition looks to address the vacant property crisis in Cook County, cut red tape that burdens…

Daily Herald Business Ledger Articles with SBAC President Elliot Richardson

By sara@sbacil.org | September 19, 2022

Check out all of SBAC President Elliot Richardson’s Daily Herald Business Ledger articles below 2022 2021 2020 2022 September 18, 2022 Policymakers should prioritize established and new small business August 21, 2022 Defining Small Business Champions by their actions, not their words July 24, 2022 Crucial time for politicians and small business community to collaborate…

August 17th, 2022 – Small Business Workshop – What to ask Before You Open Your Doors

By patti@sbacil.org | August 27, 2022

August 17th, 2022 SBAC Empower, Groupon + the Greater Englewood Chamber Of Commerce present an open Q&A session to answer your questions on starting a business. Opening a business and have a question on business usage, zoning, banking, etc? Already have a business and have questions? Listen in, and our panelists will answer freely. With:…

Scroll To Top