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AARP Expert

Good News for Solo Entrepreneurs and Small Business Owners

A part of the American Rescue Plan, the Administration announced exciting changes to the Paycheck Protection Program (PPP) that expand access to the country’s smallest businesses. New rules for the federal loan program prioritize relief for sole proprietors, small businesses with fewer than 20 employees, and businesses located in low-income communities. For two weeks starting today, Feb. 24, only these businesses can apply for the program. Larger businesses will now have to wait until March 10 to apply.  Go to www.sba.gov to learn more.

This is what this means:

  • More funding for sole proprietors, independent contractors, and self-employed individuals. The loan amount formula for these businesses will change from using net profit to gross income (from IRS tax form 1040, schedule C).
  • $1 billion reserved for businesses with no employees who are also located in low- and moderate-income communities
  • Expanded eligibility for immigrant entrepreneurs, formerly incarcerated business owners, and those behind on student loan payments
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I retired last year and am also a professional musician. I was going to build my studio back up but we lost our music studio. I was not the owner. Do I qualify for any job-related government help? I don't know how much income I would have lost by now. Thanks.

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AARP Expert

@ec3098 this is great that you want to get back in pursuing your craft.  Unfortunately, for you, the PPP money is for those who are currently in business.  I'm not sure what "job-related" help is exactly but if you are looking for resume assistance you can visit the AARP Resume Advisor at www.aarp.org/work  I hope this has been helpful.

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