Assuming you qualify, here’s how you calculate your maximum possible loan value:

Add up all gross annual payroll costs of your US-based employees and independent contractors (before deductions for taxes, employee benefits payments, and similar payments).

Subtract compensation over $100,000 paid to employees or independent contractors.

If you are self-employed as a sole proprietor or independent contractor, find Line 31 on your 2019 IRS Form 1040 Schedule C to determine your net revenue. (If the amount on Line 31 is over $100,000, write $100,000.)

Seasonal employers can utilize average monthly payroll costs for any 12-week period between February 15, 2019 and February 15, 2020.

Calculate the average monthly payroll costs by dividing total annual payroll by 12. If you are self-employed, divide your 2019 net revenue by 12.

Multiply the average monthly payroll costs (or your 2019 net revenue if you’re self-employed) by 2.5—or 3.5 if your business is in the food service or accommodation industry.

The loan amount may not exceed $2 million.