Seasonal employers may calculate their maximum loan amount based on a 12-week period beginning February 15, 2019 through February 15, 2020.
Businesses with multiple locations eligible under the initial PPP requirements may employ not more than 300 employees per physical location.
Most eligible borrowers would only be able to receive loans for up to $2 million or 2.5x their average monthly payroll costs, whichever is less. Restaurants and hospitality businesses can receive the lesser of $2 million or 3.5x their average monthly payroll costs.
For loans of not more than $150,000, the entity may submit a certification attesting that the entity meets the revenue loss requirements on or before the date the entity submits their loan forgiveness application. Nonprofit organizations may utilize gross receipts to calculate their revenue loss standard.
For more information, please visit theSmall Business Administration’s (SBA) Paycheck Protection Program website.