• All businesses, nonprofit entities, veteran’s organization, and Tribal business concerns, so long as the borrowing entity does not have more than 500 employees (or the applicable size standard for the industry as provided by SBA).

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• Sole-proprietors, independent contractors, and other self-employed individuals.

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• Businesses with more than one physical location, so long as total combined employees are 500 employees or less. (Businesses with a NAICS code beginning with 72, Accommodation and Food services, are eligible as long as each location does not exceed 500 employees.)

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• Waives affiliation rules for businesses with 1) assigned a NAICS code beginning with 72 and do not have more than 500 employees, 2) SBA-approved franchises, and 3) small businesses that receive financing through the Small Business Investment Company (SBIC) program.

• Applies current SBA affiliation rules to eligible nonprofits.

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• Neither the business or owner can be presently suspended, debarred, proposed for debarment, declared ineligible, voluntarily excluded from participation in this transaction by any Federal department or agency, or presently involved in any bankruptcy.

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• The borrower, any of its owners, or any business owned or controlled by any of them, cannot ever have obtained a direct or guaranteed loan from SBA or any other Federal agency that is currently delinquent or has defaulted in the last 7 years and caused a loss to the government

 

• Any 20%+ owners cannot presently be subject to an indictment, criminal information, arraignment, or other means by which formal criminal charges have been brought in any jurisdiction, or presently incarcerated, on probation, or parole.

 

• Within the last seven years, no 20%+ owner can have any felony or misdemeanor for a crime against a minor whereby the individual has 1) been convicted; 2) pleaded guilty; 3) pleaded nolo contendere; 4) been placed on pretrial diversion; or 5) been placed on any form of parole or probation (including probation before judgment).

 

• All 20%+ owners must be a US Citizen or lawful permanent resident.

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• The business and each 20%+ owner must complete the SBA application form including a certification that current economic uncertainty makes the loan request necessary to support the ongoing operations of the Application; the funds will be used to retain workers and maintain payroll or make mortgage payments, lease payments, and utility payments; and that if funds are used for unauthorized purposes, the federal government may pursue criminal fraud charges.