Low-Income Person Law and Legal Definition

According to 13 CFR 119.2 [Title 13 Business Credit and Assistance; Chapter I Small Business Administration; Part 119 Program for Investment in Microentrepreneurs ("Prime" or "The Act")], low-income person means a person having an income, adjusted for family size, of not more than

(1) For metropolitan areas, 80 percent of the median income; and

(2) For non-metropolitan areas, the greater of

(i) 80 percent of the area median income; or

(ii) 80 percent of the statewide non-metropolitan area median income.