Specifically, the new guidance clarifies that businesses do not have to qualify as a small business concern (as defined in section 3 of the Small Business Act, 15 U.S.C. 632) in order to participate in the program.
It states that a firm is eligible for a loan if it has 500 or fewer employees whose principal place of business is in the United States, or if the business meets the SBA employee-based size standards for the industry in which it operates, if applicable.
