Below are my take aways:
· Must have less than 500 employees
· You must have at least 75% of employees from prior 02/15. If you have let people go
recently, you can rehire them to bring your business back to the 75%. It is not clear
whether it needs to be the same employees.
· It has not been decided yet whether it will be an average of 2019 payroll costs, or your
current payroll.
· Employees must be based in the US (no oversees employees will be included)
· If you are an owner on payroll (S Corp) you can be included in the employee calculation. It has not been mentioned how sole proprietors who do not have a formal method of
payment would be handled.
· The max cap that you can have per employee is $100k annually. This can include
commissions and bonus.
· It will be up to the Lender to determine whether your business was in operation 02/15
what was paid for payroll.
· As a business owner, you will be required to sign an affidavit that your business has been
adversely affected by COVID19 with proof of back up.
· Your prior financial data or revenues will have no impact to the decision of the loan.