The U.S. Small Business Administration (SBA) is adopting a 24-month average to calculate a business concern’s number of employees for eligibility purposes in all of SBA’s programs – the change becoming effective, July, 6, 2022. Additionally, the SBA is also permitting its Business Loan, Disaster Loan, Surety Bond, and Small Business Investment Company (SBIC) programs to utilize a five-year averaging period (in addition to the existing three-year averaging period), for the purposes of calculating average annual receipts. These changes will allow “larger, small businesses” to retain their small business size status longer – as well as providing some mid-sized businesses the opportunity to regain small business status.
About HRWS
HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.
If you have questions about HRWS, call or email us directly or ask your insurance broker about us.
P: 866-691-7757
E: support@hrworkplaceservices.com