- Small businesses with 500 or fewer employees —including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.
- Businesses with more than 500 employees are eligible in certain industries.
How much can I Borrow?
- 2.5 X average total monthly payroll costs (defined below) incurred during the calendar year (2019) prior to the loan date for non-seasonal businesses that were in operation during the period 2/15/19 thru 6/30/19
- If you are a seasonal or new business, you will use different applicable time periods for your calculation.
Payroll costs = Salary, wages, commissions, or tips (total compensation capped at $100,000 on an annualized basis for each employee);
- Employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for separation or dismissal; payments required for the provisions of group health care benefits including insurance premiums; and
- Payment of any retirement benefit; and
- State and local taxes assessed on compensation;
- For a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.
Will this loan be Forgiven?
- Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll).
- Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease
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