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Can a company with more than 500 employees get a PPP loan? Sometimes YES!
The Paycheck Protection Program (“PPP”) is geared to small business. The Small Business Administration (“SBA”) uses a very specific and complicated definition to determine which businesses can generally qualify for SBA loans. Generally, qualifying business must be a “small business concern” to obtain a loan. The CARES Act adopts SBA terminology and allows businesses that are a “small business concern” as defined by § 3 of the Small Business Act, 15 U.S.C. § 636 and its regulations, and other “business concerns” to obtain PPP loans.
Among other requirements, the SBA determines whether a business is a “small business concern” by looking to regulations defining the number of employees or gross revenue. Pursuant to 13 C.F.R. § 120.100: “To be eligible for an SBA business loan, a small business applicant must: (a) Be an operating business (except for loans to Eligible Passive Companies); (b) Be organized for profit; (c) Be located in the United States; (d) Be small under the size requirements of part 121 of this chapter (including affiliates). See subpart H of this part for the size standards of part 121 of this chapter which apply only to 504 loans; and (e) Be able to demonstrate a need for the desired ... more

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