Which types of businesses are eligible for a covered loan?

FAQ Answer

Four eligible types of businesses which are covered in this act are:

  1. A small business, nonprofit 501(c)(3) organization, veteran's organization, or Tribal business which employs:
    • not more than 500 employees;
    • if applicable, the size standard in number of employees established by the Small Business Administration for the industry in which the business concern, nonprofit organization, veteran's organization, or tribal business concern operates.
  2. Sole proprietorship, or independent contractor and eligible self-employed individuals;
  3. business with more than one physical location but meeting certain given conditions;
  4. business operating under affiliated rules e.g. a business operating as a franchise.
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