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.
Childcare Tax Credit
Authors: Minna Pomeroy, Leverage People Leslee Cohen, All Rise Legal Counsel Employers across our state are struggling to find enough employees to support their businesses. Indeed, some businesses have been forced to scale back their operations because of a lack of employees in the workforce. The Small Business Advocacy Council is championing legislation that will…
SBAC Empower’s 2023 Impact Report
Our Impact (Report) SBAC Empower had an incredible year in 2022. We are proud to report our impact in the SBAC Empower 2023 Impact Report. This report is a detailed collection of data from 2019 – 2022 carefully articulated to show the impact we are making in communities throughout Chicagoland. Check out some snippets below…
Ordinance Filed to Reduce Special Use Zoning Fees For Small Businesses
The Small Business Advocacy Council has been working with a strong coalition on efforts to revitalize neighborhood business districts in Chicago. As part of these efforts, we are advocating to reduce fees for small businesses that want to open in Chicago. We are thrilled to report that we have worked with Alderman David Moore to…
