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What time period should borrowers use to determine their number of employees and payroll costs to calculate their maximum loan amounts?
Most borrowers will use the Calendar year 2019 aggregate payroll data. Seasonal businesses may use an average monthly payroll for the period between Feb 15 2019, March 1, 2019, and June 30 2019.
Applicants that were not in business from February 15 2019 to June 30 2919 may use the average monthly payroll for the period between Jan 1 2020 and Feb 29 2020.
Applicants may use the average employment over the same time periods to determine the number of employees.