Depending on your business’s situation, the loan size will be calculated in different ways. The maximum loan size is always $10 million.
- If you were in business February 15, 2019 through June 30, 2019: Your max loan is equal to 250% of your average monthly payroll costs during that time period. If your business employs seasonal workers, you can opt to choose March 1, 2019 as your time period start date.
- If you were not in business between February 15, 2019 through June 30, 2019: Your max loan is equal to 250% of your average monthly payroll costs between January 1, 2020 and February 29, 2020.
- If you took out an Economic Injury Disaster Loan (EIDL) between February 15, 2020 and June 30, 2020 and you want to refinance that loan into a Paycheck Protection Program (PPP) loan, you would add the outstanding loan amount to the payroll sum.