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.
Restart Act
THE RESTART ACT The RESTART Act provides a new loan program to fund six (6) months of payroll and fixed operating expenses. Some, or the entirety of the loan, is eligible for forgiveness. The amount that is not forgiven is to be repaid over seven years with favorable interest rates. The loan is 100% guaranteed…
R.I.S.E. Act – A Word from RISE Fest Performers
COVID19 has had a devastating impact on many gig workers and independent contractors. During our SBAC Rise Fest, we had a chance to speak candidly with our local performers on how they’ve been affected by the pandemic. They explain the loss in their community, in their work, and how their jobs have shifted. Their stories…
Recommendation for Legislation on Minority Contracting
Illinois has failed to ensure that Black owned businesses procure their fair share of government contracts and revenue from government projects. Loopholes must be closed and reforms be made now! Read the SBAC’s recommendations for legislation to reform the process. Read the Recommendations here
