For purposes of determining eligibility for the loan, it is 500 employees / jobs, whether they are full-time, part-time, or other. The number of employees is not based on FTEs for loan eligibility purposes.
No, it does not. There are 3 ways a business with over 500 employees can be eligible for the loan:
Announced on May 4th, the SBA re-opened their application for only agricultural business applications due to limitations in funding availability. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. At this point it is unclear if the application will re-open for other industries.
There is currently other relief available to those that already have existing SBA loans or enter into new SBA loans before September 27, 2020.
The SBA is currently offering the following:
For current SBA loans that are 7(a), 504 or micro loans, the SBA will automatically pay the principal, interest and fees fora period of six months.
For new SBA loans that will be 7(a), 504 or micro loans issued before September 27, 2020, the SBA will automatically pay the principal, interest and fees for a period of six months.
Your loan balance will be reduced. It is not a deferral, but rather they are forgiving six months of payments on these loans.
RDG+Partners wants to be the primary advisor for motivated business owners. The firm is committed to providing boutique level accounting, tax and business consulting services to the Rochester, NY community.
To provide businesses across Upstate New York with a holistic solution for payroll, employee benefits, and retirement, two of the region’s top professional services executives—Shaun Anderson and Kate Kenney—have teamed with RDG+Partners to form Employee Retention Solutions (ERS).