• For businesses operating between February 15, 2019 and June 30, 2019, the average eligible monthly payroll costs* incurred during the 1-year period before the date on which the loan is made multiplied by 2.5 (represents months) – plus – the balance of any SBA disaster loan closed between January 31, 2020 and when this loan will be made, if applicable – OR – $10 million whichever is less.
  • For a business not operating between February 15, 2019 and June 30, 2019, the average eligible monthly payroll costs* incurred during the period between January 1, 2020 and February 29, 2020 multiplied by 2.5 (represents months) – plus – the balance of any SBA disaster loan closed between January 31, 2020 and when this loan will be made, if applicable – OR – $10 million whichever is less.
  • In the case of an eligible seasonal employer, the average number of full-time employees per month employed during the period beginning on February 15, 2019 and ending on June 30, 2019. The average eligible monthly payroll cost* multiplied by 2.5 (represents months) – plus – the balance of any SBA disaster loan closed between January 31, 2020 and when this loan will be made, if applicable – OR – $10 million whichever is less

*Payroll costs are defined as:

– salaries/wages/commissions, or cash tips (capped at $100,000 on an annualized basis for each employee)

– employee benefits including costs for vacation, parental, family, medical, or sick leave; allowance for dismissal or separation; payments required for the provision of group health care benefits including insurance premiums; and payment of any retirement benefits

– state/local taxes assessed on compensation of employees, and

– for a sole proprietor or independent contractor: wages, commissions, income, or net earnings from self-employment, capped at $100,000 on an annualized basis for each employee.

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