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.
SBAC 2022 Legislative Agenda
SBAC 2022 Legislative Agenda The Small Business Advocacy Council (SBAC) is laser-focused on formulating and fighting to pass policies that support small businesses and local communities. Learn more about our 2022 Legislative Agenda here: Legislative Agenda SPONSORS Fifth Third Bank Saul Ewing Arnstein Lehr Inland Bank Tandem HR Interprenet Signature Bank Lexitas Korey Richardson Open…
*CLOSED* the Cook County Small Business Source Grow Grant Program!
Apply for the Cook County Small Business Source Grow Grant Program! The SBAC advocates for the small business community in numerous ways, including by disseminating important information about programs that will support small businesses. The Cook County Small Business Source Grow Grant program will provide grants to certain small businesses still struggling to recover from the pandemic.…
We’ve been busy advocating for you!
We’ve been busy advocating for the small business comunity! It’s been a busy past few weeks for the SBAC. Our fight to revitalize local business districts continues fervently. We are committed to meeting our Illinois Alders individually to discuss our SBAC Agenda and how to build a better Illinois. Small businesses are the heart of…
