Nonprofit Loans/CARES Act

What is the Paycheck Protection Program (PPP)?

  • $349 Billion dollars made available to small businesses
  • Doors opened April 3; not all lenders ready as of that date
  • Up to $10 Million per organization
  • Covers up to 2.5 times your monthly payroll
  • 1.0% interest rate
  • Fully forgivable if you meet the qualifications
  • Funds can be used for specific payroll (must be 75% or more) and operational expenses

What should I be doing right now?

  • Contact the bank your organization does business with and inform them of your intent to apply for the PPP. Determine if they are an SBA approved vendor
  • Determine your organizations monthly payroll cost
  • Determine who the authorized representative of your organization is as they will be signing the loan.

Does my organization qualify?

If you answer yes to each of the below your organization may qualify. (Chris, please put check marks where I have the dashes if it is easy to do)

  • 501(c) 3 status
  • A Church
  • Less than 500 employees (includes all full-time, part-time and seasonal employees)
  • Current economic uncertainty makes the loan necessary
  • Will use the funds for the allowed purposes of the loan
  • Certify that 75% of the proceeds from the loan will go to pay payroll

Where do I get more detailed information and instructions for how to apply?

Go to the website of the Jewish Federations, a sister health and human service association, at https://www.jewishtogether.org/sba-loan-information to learn everything you need to know to access funds. Includes a link to application form, a calculator, and a list of SBA approved banks as well detailed information about the loan.

 

Find the Paycheck Protection Program Loan Forgiveness Application from the SBA here.