Requests to redact or remove posted comments cannot be honored and the request to redact/remove posted comments will be posted as a new comment. In a recent update regarding PPP loan eligibility, the Department explained that a business can qualify for a loan even if it has more than 500 employees whose principal place of residence is in the United States if it meets the SBA employee-based or revenue-based size standard corresponding to its primary industry. The SBA currently uses two types of size standards to determine SBA program eligibility: (1) industry-specific size standards and (2) alternative size standards based on the applicant’s maximum tangible net worth and average net income after federal taxes. About the Federal Register Under the “alternative size standard”, if a business can show that its (i) maximum tangible net documents in the last year, 44 by the Treasury Department 632(a)(5). Alternative Size Standard. Under the alternative size standard, a business can qualify for a PPP loan as a small business if as of March 27, 2020, it (1) had a maximum tangible net worth of not more than $15 million, and (2) had an average net income after Federal income taxes (excluding any carry-over losses) of not more than $5 million for the last two fiscal years before the date of the application. In 1995, SBA published in the Federal Register a list of statutory and regulatory size standards that identified the application of SBA's size standards as well as other size standards used by Federal agencies (60 FR 57988-57991, dated November 24, 1995). has no substantive legal effect. for better understanding how a document is structured but Linked here and pasted below is the text from the official question and answer document published by the Department of the Treasury on April 10, 2020, which you should reference: establishing the XML-based Federal Register as an ACFR-sanctioned DATA APPENDS. Federal Register provide legal notice to the public and judicial notice 15 U.S.C. documents in the last year, 965 To embed, copy and paste the code into your website or blog: Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra: [HOT] Read Latest COVID-19 Guidance, All Aspects... [SCHEDULE] Upcoming COVID-19 Webinars & Online Programs, [GUIDANCE] COVID-19 and Force Majeure Considerations, [GUIDANCE] COVID-19 and Employer Liability Issues. SBA establishes small business size definitions, commonly known as “size standards,” for private sector industries in the United States to determine eligibility for Federal small business assistance programs, including the SBA's 7(a) and 504 Loan Programs (“Business Loan Programs”). The new standards come soon after SBA issued a proposal to allow small businesses to calculate their average receipts—for size-standard purposes—over five years, … Under the Interim Rule, a Business Loan Program applicant is eligible either under its industry based size standard or if it meets the temporary statutory alternative size standard of $15 million in tangible net worth and $5 million in average net income. A business will also be eligible as a small business if it meets the SBA’s “alternative size standard” test, which requires that: (1) maximum tangible net worth of the business is not more than $15 million; and (2) the average net income after federal income taxes (excluding any carry-over losses) of the business for the two full fiscal years before the date of the application is not more than $5 million. SBA invites comments from interested parties on the proposal to apply the same new permanent alternative size standard established for the Business Loan Programs to the EIDL Program as an alternative to industry based size standards. 03/21/2018 at 8:45 am. Similarly, the electronic data does not include information on the numbers or amounts of loan approvals that were issued under the industry based size standard or under the temporary statutory alternative size standard. The Office of Size Standards makes recommendations to the Administrator for establishing or revising size standards, according to … Click here to read more about how we use cookies. Only official editions of the documents in the last year, 308 Each document posted on the site includes a link to the The Small Business Jobs Act has already made many more businesses eligible for SBA loans because it allowed lenders to use an alternative size standard when determining whether a business is eligible for an SBA loan. Be sure to leave feedback using the 'Feedback' button on the bottom right of each page! A Proposed Rule by the Small Business Administration on 03/22/2018. Commenters in support of the level in the Interim Rule should provide justification, along with supporting data and analysis to support their position. Similarly, commenters who believe the level established in the Interim Rule is not appropriate as a permanent alternative size standard should suggest, along with supporting data and analysis, a different alternative size standard which they believe would be more appropriate. Adjustment to the agricultural size standard: SBA multiplied the current size standard of $750,000 for 46 agricultural industries by 1.4026 to obtain a non-rounded size standard of $1.05 million. 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