Your business must be affected by COVID-19:

When applying for a covered loan, you must make a good faith certification that:

1. the uncertainty of current economic conditions makes necessary the loan request to support your ongoing operations;

2. funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payment;

3. you do not have an application pending for a loan under this subsection for the same purpose and duplicative of amounts applied for or received under a covered loan;

4. during the period beginning on February 15, 2020 and ending on December 31, 2020, you have not received amounts under this subsection for the same purpose and duplicative of amounts applied for or received under a covered loan

You had to be in operation with paid employees/contractors:

You are eligible if you were in operation on February 15, 2020 and either had employees for whom you paid salaries and payroll taxes or paid independent contractors, as reported on a Form 1099-MISC and, along with meeting the SBA small business requirements as detailed below,

You have to be a small businesses or organization:

The PPP increases the eligibility for certain small businesses and organizations:

You are eligible if between February 15, 2020 and ending on June 30, 2020 you fit in one of these buckets:

1. You are any business concern, nonprofit organization, veterans organization, or Tribal business concern described in section 31(b)(2)(C)
   And, employ not more than the greater of:

   • 500 employees; or

   • if applicable, the size standard in the number of employees as established by the SBA for your industry

2. You are a sole proprietor, independent contractor, or eligible self-employed individual

3. You are a business concern with more than 1 physical location and:

   • Employ not more than 500 employees per physical location

   • Are assigned a NAICS code beginning with 72 at the time of disbursal

Waiver of Affiliation Rules:

Between February 15, 2020 and ending on June 30, 2020, the provisions applicable to affiliations under section 121.103 of title 13, Code of Federal Regulations, or any successor regulation, are waived with respect to eligibility for a covered loan for:

1. Any business concern with not more than 500 employees that, as of the date on which the covered loan is disbursed, is assigned a NAICS code beginning with 72

2. Any business concern operating as a franchise that is assigned a franchise identifier code by the SBA

3. Any business concern that receives financial assistance from a company licensed under section 301 of the Small Business Investment Act of 1958 (15 U.S.C. 681)

What's An Employee?

For determining the total number of employees that you employ, the term ‘employee’ includes individuals employed on a full-time, part-time, or other basis.

Nonprofit and Veterans Org Affiliation:

The provisions applicable to affiliations under section 121.103 of title 13, Code of Federal Regulations, or any successor thereto, shall apply with respect to a nonprofit organization and a veterans organization in the same manner as with respect to a small business concern.