What is the maximum amount of a covered loan my business can borrow?

FAQ Answer

The amount of a covered loan is the lesser of:

  1. the product obtained by multiplying the average total monthly payments by the applicant for payroll costs incurred during the one-year  period  before the date on which  the loan  is made, except that, in the case of an applicant that is seasonal employer,  as  determined  by the administrator, the average total monthly payments for payroll shall be for the 12-week period beginning February 15, 2019, or at the election of the eligible recipient, March 1, 2019 and ending June 30, 2019 by 2.5; or
  2. if requested by an otherwise eligible recipient that was not in business during the period beginning on Feb. 15, 2019 and ending on June 30, 2019, the product obtained by multiplying the average total monthly payments by the applicant for payroll costs incurred during the period beginning on Jan. 1, 2020 and ending on Feb. 29, 2020 by 2.5; or
  3. (ii) $10,000,000. maximum per business.
FAQ Weight
6