The first step is determining whether you are eligible. In general, businesses with 500 or fewer employees whose principal place of residence in the U.S., sole proprietors, independent contractors, self-employed individuals, 501(c)(3) non-profits, 501(c)(19) veterans’ organizations, and SBA designated tribal business concerns with 500 or fewer employees whose principal place of residence in the U.S. are eligible.
Additionally, a business with more than 500 employees may be eligible if the business is determined to be a “small business concern” by either: 1) the SBA’s size standard number of employees for the industry in which it operates; or 2) the SBA’s alternative “small business concern” size standard by having (a) a tangible net worth not in excess of $15 million as of March 27, 2020, and (b) an average net income of $5 million or less after federal income taxes (excluding carry-over losses) for the two full fiscal years before the date of the application.
An applicant must include the employees and revenues of affiliates in determining eligibility. In general, an affiliate is a business that: 1) controls the applicant; 2) is controlled by the applicant; or 3) is under common control with the applicant.