The Small Business Administration, in consultation with the Treasury Department, released late Monday its first frequently asked questions guidance on the Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security (CARES) Act.
SBA and Treasury said they would periodically update the FAQ.
Complaints have been surfacing about the small-business loan process. Bloomberg News reported that the SBA’s loan processing platform crashed Monday and was down for hours, preventing lenders from processing any loans.
The system was back up on Monday afternoon, according to Bloomberg.
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Among the issues addressed in the FAQ: Some businesses with more than 500 employees can also apply for loans.
“Small business concerns can be eligible borrowers even if they have more than 500 employees, as long as they satisfy the existing statutory and regulatory definition of a ‘small business concern’ under section 3 of the Small Business Act, 15 U.S.C. 632,” the FAQ states.
A business can also qualify for the PPP as a small-business concern if it met both tests in SBA’s “alternative size standard” as of March 27: