by Simon Black
First thing’s first– I screwed up.
Yesterday I wrote to you about the US government’s initiative to loan money to small businesses, and I was wrong about an important detail.
I said the maximum amount of the loan was equal to 2.5x a company’s annual payroll expense. That’s incorrect.
The correct maximum loan amount is 2.5x a company’s average MONTHLY payroll expense over the past 12 months.