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.
The SBAC Small Business Package
THE SMALL BUSINESS PACKAGE Many small and local businesses have been devastated by the COVID-19 pandemic. The Illinois unemployment rate remains high. Illinois politicians can partner with the small business community to enact policies that will help small businesses through this pandemic, reduce unemployment in our state, grow the Illinois workforce and generate revenue. There…
Conversation on Property Taxes with Commissioner Cabonargi
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Thank you to all Participants at the SBAC Golf Outing!
Thank you to all who came out to celebrate the SBAC on August 18th, 2021 at Cog Hill. We all had a great time. Miss it? Or just want to relive some memories? Take a gander at our lovely Digital booklet highlighting our volunteers and sponsors. AND – Check out our FB page for all…
