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Who Qualifies for a Paycheck Protection Program Loan?In order to qualify for a PPP loan, you must be a small business (including nonprofits, veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors) with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries.
Your business must have been operational by February 15, 2020. The “covered period” for these loans will run from February 15 to December 31, 2020, which means expenses made during this time frame can potentially be forgiven. (Note that the covered period was previously from February 15 to June 30, 2020, prior to the passage of the PPP Flexibility Act.)