Paycheck Protection Program – Extended Through May 31, 2021
Paycheck Protection Program
PPP is working for you. PPP has been extended through May 31, 2021. Lenders are open and accepting applications.
PPP’s funding formula has been revised for sole proprietors, independent contractors, and self-employed individuals to receive more financial support.
Additional critical changes have helped to increase equity and access to PPP funds for more small business owners, including:
- Ensure access for 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.
- Revised loan calculations for sole proprietors, independent contractors, and self-employed individuals to receive more financial support.
- Elimination of exclusionary restrictions preventing applicants with prior non-fraud felony convictions from accessing funds.
- Elimination of exclusionary restrictions preventing applicants who are delinquent on their federal student loans from accessing funds.
We have 3 partner organizations — Illinois Business Immigration Coalition, Southland Development Authority, and Illinois Restaurant Association — that will provide guidance such as: PPP Process, understanding eligibility, & document collection. To apply, contact your local CDFI or bank. You can also reach out to our lending partners Lendistry & Allies for Community Business.
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