All businesses with less than 500 employees are eligible for a Paycheck Protection Program loan through the Small Business Administration (SBA). Most likely, the employee limit will be based on your average monthly employee count over the last 12 months. There are some exceptions for larger companies if the SBA guidelines still consider the business to be “small” based on revenue or employee count in their industry but in general, the 500-person limit will apply to most.
· Nonprofits and individuals who operate under a sole proprietorship or as an independent contractor are also eligible.
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