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.
General Assembly Passes Occupational Licensing Reform!
General Assembly Passes Occupational Licensing Reform Occupational licenses can create unnecessary barriers for Illinois residents looking to start new jobs. Occupational licenses can also create roadblocks for entrepreneurs that would like to start new businesses. House Bill 5576 unanimously passed the Senate and will go to the Governor! This legislation builds on the current licensing…
Regulatory Sunset Act Amendment to Help Local Businesses and Entrepreneurs
We did it! Legislation amending the Regulatory Sunset Act passed the Senate unanimously! This bill lowers barriers for licensed applicants while still addressing genuine public safety concerns. After passing in the House – it now moves on to the Governor. Click here to read more about the bill. SPONSORS Fifth Third Bank Saul Ewing Arnstein…
REVITALIZATION IN THE NEWS: West Garfield/Chatham Pop!
“The activation of underutilized West and South side properties is a key strategy to revitalize neighborhood commercial corridors with active, people-oriented activities,” Commissioner Cox said. The City of Chicago announced on Thursday, the creation of two new public plazas located in West Garfield Park and Chatham. These projects are a part of the Department of…
