Thank you for the valuable work you do in the community. Your leadership and community relationships are especially important at a time like this. That’s why we’re sharing information about the Paycheck Protection Program included the CARES Act. The resources below can help organizations and small businesses in your community retain all of its staff during this difficult time.
- Nonprofits and small businesses with fewer than 500 employees may be eligible for a loan from the federal government to pay employees, rent, mortgage and utility bills.
- Employers that maintain employment for the eight weeks after the origination of the loan, or rehire employees by June 30, would be eligible to have their loans forgiven, essentially turning the loan into a grant.
- Employers must have been operating as of Feb. 15, 2020.
- Loans can be up to $10 million or 2.5 times the average total monthly payroll costs (including benefits) from the one-year period prior to the date of application, whichever is less.
The program is run by the U.S. Small Business Administration (SBA). If you are interested in a Paycheck Protection Program loan, you should contact your bank to see if it is an SBA-approved lender. If your bank is not an SBA-approved lender, you can contact the SBA to find one: email@example.com, or 1-800-827-5722.
This program is designed to get money quickly to organizations in need. It started April 3rd, and small businesses, nonprofits, and sole proprietorships can apply for the PPP through a bank or lending institution. It’s already clear this will be a popular program, so we encourage you to (a) start preparing documentation, (b) contact your banking institution so you can obtain their application once released, and (c) be ready to submit your application right away.
The following resources are available online:
- Program overview on SBA website
- Detailed information sheet for borrowers
- PPP application for borrowers
- List of lenders in Ohio: Northern Ohio, Central & Southern Ohio
- Loan calculation tool
Please note that this is just one of the assistance programs available. We are not financial or legal advisers. We provide this information just to make you aware of it, not as legal or financial advice. We hope you share this information with other businesses and community partners. We are all in this together. We would also like to know about any additional concerns, and what you are hearing from folks in your community.
We appreciate you good work and your time. For more information please contact us at firstname.lastname@example.org