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.

TEAM MERCHANT

By olivia@sbacil.org | January 5, 2020

Andrew O’Conner and co-founder, Brian Henciak, formed Team Merchant because they were both tired of the same old payment processing industry tricks and wanted to do something different. They were passionate about helping businesses grow and knew that a team dedicated to the same mission and values could do better by being honest and doing…

THE TRACTION GROUP

By olivia@sbacil.org | January 4, 2020

The Traction Group is a team of Chicago-area certified EOS Implementers. We have been professionally trained by EOS Worldwide and maintain the highest standard of knowledge and expertise in EOS implementation. We will provide you with proven tools and processes to get the growth, success, and freedom that you want. Based on the best-selling book, Traction:…

UPS

By olivia@sbacil.org | January 3, 2020

Being a “small business” has never stopped you from having big ideas. But having fewer employees can mean it’s tough finding time to get everything done. So when your productivity is on the line, count on logistics. UPS provides technologies that create time-savers, allowing you to build shortcuts in standard processes. UPS’s reliable shipping and…

Scroll To Top