Removing Barriers Blog

SBA Issues Interim Final Rule with Additional Criterion for Seasonal Employers
Posted April 27, 2020 by dyi

The Small Business Administration today issued a Paycheck Protection Program related interim final rule regarding additional criterion for seasonal employees. 

"Under section 1102 of the CARES Act, a seasonal employer may determine its maximum loan amount for purposes of the PPP by reference to the employer’ average total monthly payments for payroll the 12-week period beginning February 15, 2019, or at the election of the eligible [borrower], March 1, 2019, and ending June 30, 2019," the rule states. Under this interim final rule, a seasonal employer may alternatively elect to determine its maximum loan amount as the average total monthly payments for payroll during any consecutive 12-week period between May 1, 2019 and September 15, 2019.

Read the rule here