Apr 6, 2020
We encourage our members, who might qualify, to apply for the Small Business Paycheck Protection Program (PPP). The Paycheck Protection Program is implemented by the Small Business Administration with support from the Department of the Treasury. Lenders should also visit www.sba.gov or www.coronavirus.gov for more information.
- Organizations that qualify are nonprofits organized as 501(c)(3)s and small businesses with fewer than 500 employees.
- Contact your bank to find out if they are an approved SBA lender participating in the program.
- Complete an application. Your bank will have a specific application to complete. Here is a sample application to help gather all the information needed. Apply as soon as possible as loans will be awarded on a first-come-first-serve basis.
- Calculate your average monthly payroll expense and review the borrower's information sheet.
- The loan can be forgiven if the recipient keeps all employees on payroll for 8 weeks after receiving the loan and uses the funds for allowable expenses.
An additional resource is the National Health Service Corps (NHSC) Rural Community Loan Repayment Program (LRP) is for providers working to combat the opioid epidemic in the nation’s rural communities.
