SBA, Treasury Support Bergman's Seasonal Business PPP Request
Watersmeet,
April 28, 2020
Following advocacy efforts from Rep. Jack Bergman on behalf of First District seasonal businesses impacted by the Coronavirus, the Department of Treasury and Small Business Administration updated its guidance to provide additional flexibility for seasonal small businesses. The calculation for the maximum loan available through the Paycheck Protection Program has been modified to accommodate businesses whose seasons begin later in the Spring and Summer.
The loan calculation for a seasonal business applying for a Paycheck Protection Program loan can now be based on the payroll average from a 12-week period between May 2019, and mid-September 2019. Previously, all loan calculations were based on a 12-week period beginning in February or March 2019 through June 2019. You can read the support letter HERE. Please read the full interim rule HERE. |