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Do “small business concerns” as defined by the U.S. SBA Act need to have 500 or fewer employees to be qualified for the PPP?
Businesses with more than 500 employees can still qualify for the PPP if they they meet special size standards for the primary industry in which they operate. Go to www.sba.gov/size for industry size standards for small businesses.
Also, a business can qualify for a PPP loan as a small business concern if it meets the below test:
maximum tangible net worth of the business is not more than $15 million; and
the average net income after Federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million.
A business that does indeed qualify as a small business concern must truthfully attest to its eligibility, otherwise it will be ineligible.
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