Small businesses, 501(c)(3) nonprofit, a 501(c)(19) veteran’s organization, or Tribal business concern described in section 31(b)(2)(C) of the Small Business Act with not more than 500 employees, or the applicable size standard for the industry as provided by SBA, if higher.
Sole-proprietors, independent contractors, and other self-employed individuals are eligible for loans.
The interest is 1%
The monthly average of your annual payroll (minus the employees who through salary, bonus and/or commission make $100,000 and higher) * 2.5.
For example: Annual payroll is $1,200,000 (all employees <$100,000). Monthly average is $100,000. Loan Amount equals $100,000 * 2.5 = $250,000
You will need to provide proof of payment of the following: