Federal Relief for Illinois Small Business Owners: What you need to know about this week's updates to PPP

Event type: 
When and where
Tuesday, February 23, 2021
4:30pm CT

Yesterday, the White House announced improvements to the Paycheck Protection Program (PPP) to ensure the loan program better reaches those who struggled to access funding during the first of loans. Join Small Business Majority and the U.S. Small Business Administration, Illinois District Office for our bi-weekly webinar on updates to federal funding, loan forgiveness and resources to support small businesses impacted by the pandemic.

Please read below for a list of key changes that are being implemented to the program to see if it might benefit you and your business:

Instituting a special 14-day application period, starting this Wednesday (2/24/21), during which only businesses with fewer than 20 employees can apply for PPP.

  • 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.

Applications for the new round of available PPP funds close March 31, 2021.

Other topics we will discuss include:

  • Funding options available through the new stimulus package for small business owners, including PPP eligibility for first and second draw, plus loan forgiveness
  • Advance grants through the Economic Injury Disaster Loan (EIDL) Program
  • SBA Debt Relief Program
  • Federal policy recommendations to immediately help small businesses
  • Venturize and other helpful tools and resources
Event topic: 
Access to Capital