Paycheck Protection Program – what churches and nonprofits need to know about applying
The Paycheck Protection Program, a loan program originally approved through the CARES Act on March 27, received approval for an additional $310 billion to provide forgivable loans to small businesses and their employees. Applications for this loan can be submitted via SBA starting on Monday, April 27.
It is critical for small business, nonprofits and houses of worship that are interested in this loan to apply immediately. The first wave of $349 billion in funds was depleted by April 16, less than two weeks after applications opened. Many news organizations are reporting that this new wave of funds will likely be depleted just as fast.
Click here for a comprehensive FAQ specifically focused on faith-based organizations and the Small Business Administration (SBA) loans.
Click here to be taken directly to the SBA website.
Click here for five important warnings as this program opens back up.