Extremely Important Announcement regarding PPP loans: Free SBA book containing the size standards
Many bankers have not collected the GAR information for the PPP loans they have extended to businesses. While this has not been required by regulators it could jeopardize the recognition of many loans that would qualify for community development credit under CRA examination standards because to qualify for "economic development" a loan must pass both the "purpose test" (job preservation) and a "size test" (the borrower must have GAR <=$ million or must meet the SBA size standards in Part 121 of the SBA Regulations).
GeoDataVision therefore strongly recommends that banks make every effort to obtain the GAR information. In addition, we very strongly suggest that you collect information regarding the number of employees in businesses to which you have extended PPP loans because many of the SBA size standards are based on the number of employees rather than the Gross Annual Revenues. The SBA size standards are correlated with the NAICS codes and are surprisingly generous (up to $41.5 million GAR and 1,500 employees) in some industries.
So, before you throw away the opportunity to earn community development credit under the economic development definition, get the GAR and the employee information from your PPP borrowers.
GeoDataVision has the SBA book containing the size standards for all NAICS-coded industries.