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.
- $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.
Insights Archive
Small Business Impacts of New Rules
Like Share Tweet SBAC INSIGHTS PAGE Small Business Impacts of New Rules Find and Contact Your Elected Officials HERE! Resources & Fact Sheets Download Quick
Supporting Entrepreneurship
Like Share Tweet SBAC INSIGHTS PAGE Supporting Entrepreneurship and Economic Development (SEED) Find and Contact Your Elected Officials HERE! Resources & Fact Sheets Download Quick
Shop Small, Shop Local: Support Chicago’s Neighborhood Businesses This Holiday Season
Facebook Linkedin-in Instagram Twitter Youtube Like Share Tweet SBAC INSIGHTS PAGE Shop Small, Shop Local: Support Chicago’s Neighborhood Businesses This Holiday Season As the holiday