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.
Summarization of EEOC Vaccine Guidelines
December 16th – The Equal Employment Opportunity Commission (EEOC) has addressed the most common employer questions regarding the COVID-19 vaccine. As of now, there are currently no state or federal laws that prohibit employers from requiring vaccinations as a condition of employment, however, employees can refuse to get the vaccine if they have certain medical…
Rebuilding Lives and Businesses
Hard-working Americans had no idea what was coming in February of 2020. It seemed unfathomable that many small businesses would face the possibility of permanently closing or their employees would be without jobs in the spring. With the resurgence of Covid-19 cases, the situation for both small businesses and their employees has become even…
Ordinance Makes It Easier for Entrepreneurs to Operate Home-Based Businesses in Chicago
The pandemic has cost Chicagoans jobs and recently unemployed individuals may explore starting their own business. However, these budding entrepreneurs may not have the funds to rent space. Indeed, even more established entrepreneurs may need to consider moving their businesses into a residence for the time being given the economic impact of the pandemic. This is…
