Following advocacy efforts from Rep. Jack Bergman on behalf of First District seasonal businesses impacted by the Coronavirus, the Department of Treasury and Small Business Administration updated its guidance to provide additional flexibility for seasonal small businesses. The calculation for the maximum loan available through the Paycheck Protection Program has been modified to accommodate businesses whose seasons begin later in the Spring and Summer.
The loan calculation for a seasonal business applying for a Paycheck Protection Program loan can now be based on the payroll average from a 12-week period between May 2019, and mid-September 2019. Previously, all loan calculations were based on a 12-week period beginning in February or March 2019 through June 2019.
“Many First District small businesses are seasonal in nature. I’ve been advocating for this new ruling to allow our seasonal businesses greater funding access that more appropriately reflects their business model and needs.‘One-size-fits-all’ regulations have never worked for Northern Michigan and the Upper Peninsula, and I will remain engaged with the Administration to ensure the PPP works for our communities’ true small businesses,” said Rep. Bergman.
You can read the support letter HERE.
Please read the full interim rule HERE.