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Do businesses need to qualify as a “small business concern” under the SBA Act in order to participate in PPP?
No. Small businesses do not have to qualify as a “small business concern” under the SBA Act in order to qualify for the PPP. A company may still be eligible if it has 500 or fewer employees whose principal place of residence is in the US or if the business meets the SBA employee based size standards for the industry in which it operates.
PPP Loans are also available for
qualified 501(c)(3) non profit organizations
Tax exempt veterans organizations
Tribal business concerns
Or if they meet the SBA employee based size standards for the industry they operate in.