The American Rescue Plan, a $1.9 trillion Covid relief bill that includes $50 billion for new and existing small business relief programs, has now been signed into law.
Join Small Business Majority and the U.S. Small Business Administration, Illinois District Office for our bi-weekly webinar to learn more about what the American Rescue Plan will mean for your small business and to hear updates on federal funding, loan forgiveness and other resources to support small businesses impacted by the pandemic
- Revising and amending the PPP loan calculation formula for sole-proprietors, independent contractors and self-employed applicants to ensure they receive more relief, and establish a $1 billion set aside for businesses in this category without employees, located in low to moderate-income areas.
- Expanding PPP eligibility to small business owners with prior non-fraud felony convictions who were previously ineligible to apply.
- Allowing firm owners who are delinquent on their federal student loans to apply for PPP.
- Expanding PPP eligibility to non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.