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#322419 - 02/25/05 05:31 PM Gross income determining small business loan
Kristi Offline
Member
Kristi
Joined: Feb 2005
Posts: 94
In order for a loan to be considered a small business loan, the loan amount needs to be <$1million. Is gross income also a determining factor? Ex. A $500,000 loan to a company with gross income of $1.5million, does the gross income disqualify it from being a small business loan?

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#322420 - 02/25/05 07:21 PM Re: Gross income determining small business loan
KAT Offline
Platinum Poster
Joined: Aug 2004
Posts: 986
Massachusetts
No it does not.

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#322421 - 02/25/05 07:55 PM Re: Gross income determining small business loan
HRH Dawnie Offline
Power Poster
HRH Dawnie
Joined: Aug 2002
Posts: 7,353
Anchorage Alaska
Absolutely not as Kat mentions. This is a common error, but a huge one. The size of the loan is the only qualifying factor (well of course it also has to be a defined reportable loan) Revenues (Never never never income by the way) are a second question that needs to be answered, but do not play a factor in deciding to report it.
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#322422 - 02/26/05 12:05 AM Re: Gross income determining small business loan
Len S Offline
Diamond Poster
Joined: Oct 2004
Posts: 2,079
Connecticut
The size limit includes $1 million loans as well as smaller loans.
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