Menu
Log in



          Member Login 

Paycheck Protection Program Application Form Now Available

Paycheck Protection Program Loans

The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides significant funding through the Paycheck Protection Program Loans (emergency SBA 7(a) loans)

The Paycheck Protection Program Application Form is now available. Find it HERE.

Paycheck Protection Program Loans (emergency SBA 7(a) loans): Creates an emergency loan program providing loans of up to $10 million for eligible nonprofits and small businesses, permitting them to cover costs of payroll, operations, and debt service, and provides that the loans will be forgiven in whole or in part under certain circumstances. 

  • General Eligibility: Available to entities that existed on February 15, 2020 and had paid employees or paid independent contractors.

  • Nonprofit Eligibility: Available for charitable nonprofits with 500 or fewer employees (counting each individual full time or part time and not FTEs). The law does not disqualify nonprofits that are eligible for payments under Title XIX of the Social Security Act (Medicaid), but does require that employees of affiliated nonprofits may be counted toward the 500 employee cap, depending on the degree of control of the parent organization.

  • No Personal Guarantee: No personal guarantee or collateral will be required in securing a loan.

  • Loan Amount: The lesser of $10 million or 2.5 times the average total monthly payroll (including benefits) costs from the one-year period prior to the date of application.

  • Loan Use: Loan funds can be used to make payroll and associated costs, including health and retirement benefits, facilities costs, and debt service.

  • Loan Forgiveness: Employers that maintain employment for the eight weeks after the origination of the loan, or rehire employees by June 30, would be eligible to have their loans forgiven, essentially turning the loan into a grant.

Find more information on the CARES Act HERE.

The Federal Stimulus and Westchester's Nonprofit Sector
Free NPW Webinar: Friday, April 3 at 9:30 AM

What Do the Coronavirus Acts mean for Westchester's Nonprofits?

  • The Families First Coronavirus Response Act
  • The Coronavirus Aid, Relief, and Economic Relief (CARES) Act

Topics will include:

  • Employment Law
  • Tax Implications 
  • SBA Loans
  • Health Insurance - What to Ask Your Carriers and What Your Carriers Are Doing

Learn from Trusted Experts:

REGISTER HERE




@ 2021 Nonprofit Association of Westchester, Inc. 

Powered by Wild Apricot Membership Software