How are the gross sales and employment levels calculated?
Gross sales for a business that has been in operation long enough to file a Federal income tax statement, shall be determined by the average of gross sales amounts contained on the tax form(s) for the most recently completed three fiscal years. In the absence of a federal income tax statement, the business must provide verification that it meets the definition of a Local Small Business, including the above size or sales criteria, through audited financial statements. If a business has not existed for three years, the employment and gross sales average(s) shall be the average for each year or part of a year during which the business has been in existence. For a newly formed business, the determinations regarding size or sales criteria will be based upon then-current employment levels as of the time of the Local Small Business Reserve Program application, or projected gross sales for that fiscal year. Employment is the measurement of the number of people a business employs as calculated
