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.
Majority of City Council Members Endorse the Chicago Small Business Package
Download Press Release SBAC INSIGHTS PAGE NOVEMBER 20, 2024 FOR IMMEDIATE RELEASE Media Contact: Patti Zikmund // 773-459-3301 // patti@sbacil.org Elliot Richardson // 312-548-8608 // elliot@sbacil.org Majority of City Council Members Endorse the Chicago Small Business Package The Small Business Advocacy Council (SBAC), in collaboration with a robust and diverse coalition of 37 organizations, has secured 30 aldermanic endorsements for…
Chicago Small Business Package: Eliminate Barriers & Streamline Processes
SBAC INSIGHTS PAGE View and Download the Chicago Small Business Package Ordinance HERE. Find and Contact Your Elected Officials HERE! Fact Sheets & Resources Expand Download Quick Fact Sheet Download PDF Fact Sheet in Spanish Fact Sheet in Polish Fact Sheet in Arabic Fact Sheet in Chinese Fact Sheet in Vietnamese Endorsed By: Alderman Anthony…
SBAC on the Move: Advocating for the Small Business Community
SBAC INSIGHTS PAGE SBAC on the Move: Advocating for the Small Business Community At the SBAC, we’re committed to ensuring that small businesses have a seat at the table regarding policymaking. Over the last few months, the SBAC has heavily engaged with policymakers and community leaders to advocate for small businesses. From forums to roundtables,…
