This is great news for seasonal businesses.
Even if you are already submitted and received your Payroll Protection Program loan, there’s a way to get additional loan money if you are a seasonal business. The Department of Treasury has provided additional criterion for seasonal employers. In this guidance it indicates:
Section 1102 of the Act permits seasonal employers to calculate their maximum loan amount by using their monthly average payments for payroll during “the 12-week period beginning February 15, 2019, or at the election of the eligible [borrower], March 1, 2019, and ending June 30, 2019.” Some seasonal employers, however, have seasons that occur later in the year. Without the ability to use an alternative base period, many summer seasonal businesses would be unable to obtain funding on terms commensurate with those available to winter and spring seasonal businesses. This interim final rule addresses that disparity and ensures consistency in program administration by providing a seasonal employer the option of using any consecutive 12-week period between May 1, 2019 and September 15, 2019 for determining its maximum loan amount.”
In other words, if your main season occurs later in the year, you can use the alternate seasonal approach.
Seasonality is approved by the local bank you apply through, and so your bank will most likely ask you to show the increase in payroll during your busiest months in order to qualify.
We recommend speaking with your local bank about this as soon as possible.
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