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
Words from Our Partners: Woodlawn Chamber of Commerce
Like Share Tweet The Small Business Advocacy Council and a coalition of engaged stakeholders have come together to revitalize, empower, and connect commercial corridors in
Governor Pritzker Signs HB 2296 into Law
Like Share Tweet Governor Pritzker Signs HB 2296 into Law! Small businesses have been crushed by the escalating costs of health insurance. The SBAC championed
Thank you to all the participants at the 2023 SBAC Golf Outing!
THANK YOU for attending our 2023 SBAC Golf Outing on June 6th! Thank you to everyone who came out to The Preserve on June 6,