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.
Governor Pritzker Signs HB 2296 into Law
Governor Pritzker Signs HB 2296 into Law! Small businesses have been crushed by the escalating costs of health insurance. The SBAC championed legislation focused on reducing premiums for small businesses and increasing transparency so policymakers and the public can better understand what drives the costs of health insurance. Governor Pritzker signed this legislation into law. …
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, 2023 to play golf and celebrate the SBAC! We hope you enjoyed the day as much as we did, and hopefully it was a fun way to kick off the…
SBAC Advocacy Update: Health Insurance, Government Contracts & Outdoor Dining
Illinois legislators concluded their regular session. We are excited to report there were some big wins for the small business community! Health Insurance Many small businesses are struggling to afford the cost of health insurance. The Illinois General Assembly passed legislation focused on protecting small businesses from excessive premium increases and enhancing transparency so that…
