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
Childcare Tax Credit
Childcare Tax Credit Like Share Tweet Authors: Minna Pomeroy, Leverage People Leslee Cohen, All Rise Legal Counsel Employers across our state are struggling to find
Ordinance Filed to Reduce Special Use Zoning Fees For Small Businesses
Like Share Tweet The Small Business Advocacy Council has been working with a strong coalition on efforts to revitalize neighborhood business districts in Chicago. As
Coalition Engagement Sparks New Chicago Zoning Guide
Navigating the zoning rules in Chicago just became easier. The newly released Chicago Department of Business Affairs and Consumer Protection (BACP) Chicago Business Zoning Guide