The Reference Period is the base period used to compare FTEs during the Covered Period. If the FTEs during the Covered Period is less than the Reference Period, then the business may have a FTE Reduction Adjustment. The borrower must select a Reference Period:
- February 15, 2019 through June 30, 2019
- January 1, 2020 through February 29, 2020
- Seasonal employers may choose either of the two preceding options or a consecutive 12-week period between February 15, 2019 and February 15, 2020.