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?

No it does not.

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.

The size limit includes $1 million loans as well as smaller loans.