Free Webinar: How to Apply for Paycheck Protection Program Forgivable Loans
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Free Webinar: How to Apply for Paycheck Protection Program Forgivable Loans

Paycheck Protection Program Forgivable Loans

4/8/2020
When: Wednesday, April 8, 2020
1pm Central/12noon Mountain
Where: Webinar

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Register here: https://zoom.us/webinar/register/WN_bLNsEGuhT5WBPVb-VohWOA

 

Start with these fivesteps:

  1. Read the program informationabout the purpose, eligibility, and guidelines for the PPP.
  2. Contact your bank to inquire about the PPP and get on their queue for the application.Applications will open as soon as this Friday, April 3, and the program will be available through June 30, 2020.
  3. Read the Application Form.
  4. Gather the information and documents needed to be ready to apply:
    • 2019 payroll records: Your last 12 months of payroll
    • 2019 employee documentation: 1099s for your 2019 employees and independent contractors who would otherwise be an employee of your business.
    • Healthcare cost records: All health insurance premiums paid by your nonprofit under a group health plan.
    • Retirement documentation: Your nonprofit’s retirement plan funding paid for by the company.
    • Other allowable expenses: Information on amounts paid for rent, interest on a mortgage, and utilities for the last 12 months.
    • See FMA's PPP Toolkit for a program calculator, script, list of SBA lenders, and board resolution template.
  5. Make sure your board is on board. While it's in your interest to apply quickly, do be sure to check in.

Note: Yes, this program is through the Small Business Administration, but this is not a typical SBA loan application, so do not be deterred by this. This program is designed to be as streamlined as possible to ensure nonprofits and small businesses can retain or quickly rehire employees.

Join Propel and MCN on April 8 for a free webinar on PPP

Propel Nonprofits and the Minnesota Council of Nonprofits will be hosting a webinar on the Paycheck Protection Program on April 8 at 1 pm Central Time. However, if you're thinking about applying, do so as soon as you can.

 

 

Please know that you won’t be under the microscope as you submit the application. There’s no penalty for a “good enough” application. Everyone – nonprofits, boards, and banks – are all figuring this out. We know that the guidelines, process, and timeline will get clearer over the next few weeks.

Other CARES Act resources for nonprofits can be found on Propel'sCOVID-19 resource page.

Kate Barr, President & CEO
Propel Nonprofits
kbarr@propelnonprofits.org
612-249-6696