How Much Money Am I Eligible to Borrow and What Does it Cover?

Small businesses can qualify for loans up to 2.5 times the borrower’s average monthly payroll costs up to $10 million. 

Date ranges used for calculating average monthly costs can vary for seasonal businesses, nonseasonal businesses, and firms that opened in 2020, according to Fortune. The loans can cover the costs of salaries, bonuses, retirement benefits, parental leave and health care benefits. 

Employee’s incomes in excess of $100,000 are excluded in the payroll costs, but will be covered up to that amount. Restaurant owners can also use the federal stimulus loans to pay workers hourly wages plus tips.