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.
2021 SBAC Small Business Pitch Throwdown Photos
Thank you to everyone who participated in the 2021 SBAC Small Business Pitch Throwdown on December 2nd at Workbox! We had a blast watching the finalists pitch their business with a hearty CONGRATULATIONS to this year’s winner, Mycocycle!! Special thank you to Kristi Ross for being such an inspiration and giving some incredible business advice…
REVITALIZATION IN THE NEWS: New North Austin Community Center Moves Forward
“We saw kids were hopeless. We believe we will give kids the opportunity to find some hope…” The Chicago City Council has agreed to sell public land for one dollar and has provided approval for the development of the North Austin Community Center. The $31 million project is being developed as a partnership between…
Policymakers must focus on reducing property taxes in 2022
Property taxes are a huge burden on Illinois residents and small businesses. Politicians on both sides of the aisle understand they are oppressive and drive people out of Illinois. Politicians throughout the state, and all levels of government, acknowledge that solutions must be put forth and moved forward to stabilize property taxes. In his…
