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.
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Illinois Republican Gubernatorial Meet the Candidates Series
The SBAC hosted a meet the candidate series for the republican candidates running for Illinois Governor. You can listen to the discussions here! Mayor Richard Irvin Senator Paul Schimpf Max Solomon Jesse Sullivan Gary Rabine Senator Darren Bailey The primaries will be held on June 28th. SPONSORS Fifth Third Bank Saul Ewing Arnstein Lehr Inland…
Secretary of State Candidate Forum
Thank you State Representative Brady, City Clerk Anna Valencia, and Alderman David Moore for joining us last week at our Illinois Secretary of State Candidate’s Forum! The Secretary of State’s office provides important services to small businesses and can help improve the confidence the small business community has in our government. Hear opening statements from…
