💸 What GCs should know about getting coronavirus loans for their tech companies
Startups can receive small business loans if they are damaged by the coronavirus crisis. Here’s what you need to know about eligibility, based on reporting from Axios and Fortune:
VC-backed startups can receive loans, despite earlier confusion they weren’t eligible.
The company must have 500 employees or fewer.
You can apply for loans with any of 1,800 SBA lenders.
You can borrow up to 2.5 times average monthly payroll from last year.
To get the loan, you cannot reduce staff past the pre-coronavirus staff level. Staff can be laid off or salaries reduced after the loan is received. But the loan will not be forgiven if staff is laid off.
To see if your company is eligible, find out the maximum amount you can access, and apply online, go to Lawtrades PPP.