The Small Business Administration just released more information about one of these opportunities, the Paycheck Protection Program. This is the program where qualifying nonprofits can receive up to $10 million in loans that under certain circumstances can be turned into grants that do not need to be paid back. Find more information on the SBA website here: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp#section-header-0 They have also posted a sample form and lenders will begin processing loan applications starting tomorrow. These forgivable loans are being made available through local banks. The purpose of the loans is to keep people on your payroll. Most organizations would qualify for this program, and nonprofits are in the same pool as 10 million businesses nationwide, so speed is a factor. Contact your bank today and ask them about applying.
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