COVID-19 small business loans
Payroll Tax Credits
Paycheck Protection Program
To date we have approximately $140 billion in PPP appropriation remaining. We continue to push the program out and educate small businesses and entrepreneurs. In the district office, we continue to push the programs broadly to include focus on sole proprietors, self-employed, and independent contractors to ensure they understand the program and are able to access it. We provided PPP training for sole proprietors last week and it is recorded at this site.
Treasury released an updated FAQ (#40-42) which cover forgiveness when employees decline to return, seasonal employers, and non-profit hospitals. This document can be found here.
The “How to calculate loan amounts” document on the Treasury website is a great tool, especially for sole proprietors. It offers guidance for those that capture their business income in different forms (Schedule C, Schedule F, K-1, etc.). It can also be used to inform lenders of the various, approved options to document self-employed income.
Economic Injury Disaster Loan Program
Legislation passed 4/23 provided additional funding to the EIDL ($50B) and EIDL advance ($10B) programs. In addition, it relaxed eligibility requirements so agricultural businesses including businesses engaged in the legal production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)) are eligible for the EIDL and EIDL advance. These businesses would still need to meet the criteria of having 500 or fewer employees.
The portal is now open for ag businesses to apply a this site. Any assistance you can provide in getting the word out is greatly appreciated.
Note: Only agricultural businesses are eligible to apply at this time. Non-agricultural businesses who make application at this time will have their applications returned.
For more information from the U.S. Chamber Save Small Business platform click here.
For more information on COVID-19 in Illinois please see the Illinois Coronavirus Response website.
For more information on COVID-19 business updates please see the U.S. Chamber of Commerce Combating the Coronavirus website.