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.
Child Tax Credit
SBAC INITIATIVES PAGE Child Tax Credit Find and Contact Your Elected Officials HERE! View an op-ed on the Child Tax Credit by Minna Pomeroy, Leverage People, and Leslee Cohen, All Rise Legal Counsel HERE! Resources & Fact Sheets Expand Download Quick Fact Sheet Download One-Pager View House Bill Language View Senate Bill Language
Economic Incentives for Small Businesses
SBAC INITIATIVES PAGE Economic Incentives for Small Businesses Find and Contact Your Elected Officials HERE! Resources & Fact Sheets Expand Download Quick Fact Sheet Download One-Pager View House Bill Language View Senate Bill Language In The News Expand Illinois should focus on helping small businesses, not giveaways to major corporations Making economic incentives available to…
Small Business Property Tax Relief Act
SBAC INITIATIVES PAGE Small Business Property Tax Relief Act Find and Contact Your Elected Officials HERE! Resources & Fact Sheets Expand Download Quick Fact Sheet Download One-Pager View House Bill Language View Senate Bill Language In The News Expand Time for politicians to tackle property taxes
