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

Please translate this page to the language of your choice.

IACCE Chamber Call with Senate President Harmon

By patti@sbacil.org | August 4, 2021

IACCE Chamber Call with Senate President Harmon The SBAC and Illinois Association of Chamber of Commerce Executives hosted Senate President Harmon, Senator Castro and Senator Sims for a broad discussion about how the small business community and Illinois Senate can work together. There has never been a more important time to advocate for the small…

What Small Business Needs to Make It Through

By patti@sbacil.org | July 30, 2021

What small business needs to make it through An advocate has advice and a forecast for the sector as entrepreneurs navigate a pandemic that remains in flux. This week Chicago Comes Back welcomes Elliot Richardson, co-founder and president of the Small Business Advocacy Council, an organization dedicated to advocating for small businesses in Illinois. We…

Big win for small businesses!

By patti@sbacil.org | July 21, 2021

SBAC Applauds Mayor Lightfoot and City Council For Providing Small Businesses a Big Win For Immediate Release July 21, 2021 Statement by Small Business Advocacy Council (SBAC) President Elliot Richardson: The SBAC and a robust coalition of business and community organizations have been fighting to reduce the time it takes for small businesses to obtain…

Scroll To Top