May 7, 2020
For all information on the Paycheck Protection Program Toolbox, check out this link:
Our PPP Toolbox is designed to support nonprofit organizations as they navigate the Paycheck Protection Program, from Application, through Loan Management and Reporting, and Forgiveness. If you are looking for information to support a small business, you may find our tools useful, but they are designed primarily with the needs of nonprofit organizations in mind. The links below will take you to the relevant section of this page:
- FMA Resources – The latest tools and answers to your questions
- FMA Clinics – Free assistance in a live webinar format, daily.
- Federal Government Resources
- Others’ Resources
The Small Business Administration’s Paycheck Protection Program provides potentially forgivable loans for nonprofits with 500 or fewer employees at 2.5x your average month payroll, up to $10M to 501(c)(3) nonprofits experiencing uncertainty in the current economic climate to help cover the costs of payroll and certain operational expenses.
SBA will forgive loans if all employees are kept on the payroll for eight weeks after the loan originates and the money is used for payroll, rent, mortgage interest, or utilities. Eligible nonprofits must have their materials ready as quickly as possible since the first come-first served application process opened on Friday April 3rd.