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
Majority of City Council Members Endorse the Chicago Small Business Package
Facebook Linkedin-in Instagram Twitter Youtube Download Press Release Like Like Share Tweet SBAC INSIGHTS PAGE NOVEMBER 20, 2024 FOR IMMEDIATE RELEASE Media Contact: Patti Zikmund
Chicago Small Business Package: Eliminate Barriers & Streamline Processes
SBAC INSIGHTS PAGE View and Download the Chicago Small Business Package Ordinance HERE. Like Share Tweet SBAC INSIGHTS PAGE
SBAC on the Move: Advocating for the Small Business Community
Facebook Linkedin-in Instagram Twitter Youtube Like Share Tweet SBAC INSIGHTS PAGE SBAC on the Move: Advocating for the Small Business Community At the SBAC, we’re