Navigating COVID-19 Services and Resources
Cook County, Illinois
Visit https://cookcountysmallbiz.org/ to learn more about the Cook County COVID-19 Recovery: Small Business Assistance program.
The Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief.
Here are the facts that you need to know:
- Priority Window for Business Owners with Less than 20 Employees
The Biden-Harris Administration will now open up a two-week period starting Wednesday Feb 24th where businesses with less 20 employees will have exclusive access to the application portal.
- 98% of all small businesses have 20 or fewer employees and this open period is potentially a lifeline for businesses who remain vulnerable.
- Better Serve Self-Employed/Sole Proprietors
Going forward, self-employed individuals will use gross income to calculate the PPP loan amount.
- Additionally, the Biden-Harris Administration has set aside $1 billion for self-employed/ sole proprietors located in low- and moderate-income (LMI) areas.
- Support for Second Chance Small Business Owners
The Biden-Harris Administration has taken the bipartisan step to allow some small business owners with prior criminal records to apply for PPP funding.
- This will open funding to business owners who have turned their lives around, started a small business, created jobs, and contributed to their communities.
- Exempt Defaults on Student Loans
Business owners who are behind on their federal student loan payments will now be eligible for PPP loan forgiveness under President Biden’s changes.
- Initially, business owners who were delinquent on federal student loans could access PPP funds, but could not receive the loan forgiveness, meaning they had to pay it all back.
- Clarification for Small Business Owners with Visas or Green Cards
The Biden-Harris Administration clarified that residents who do not yet have a Social Security Number or Employer Identification Number can apply for PPP funding using their Individual Taxpayer Identification Numbers (ITINs).
- This new modification prohibits lenders from denying PPP funding to business owners who use ITINs to pay their taxes.