Dear CSAN Members and Friends:
We are following up with new application details that were released by the SBA for the 7(a) Paycheck Protection Loans. Based on our understanding, 501(c)(3) are eligible. Some of the rules have just been made public today.
The application is very straightforward, and approved lenders will begin accepting applications on Friday, April 3.
(1) SBA Application
The SBA posted
a sample application
for seeking a PPP loan, along with
instructions
for completing and submitting the application. The application may not be submitted to banks until this
Friday, April 3
. However, given that loans will be given on a first come, first served basis until the funds are spent, it is important that organizations move quickly to have the application and required documentation in place. The SBA has significantly simplified the process and estimates that the application, including gathering of information,
will take less than 10 minutes to complete.
Organizations will apply through any
existing SBA 7(a) lenders
or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Organizations should consult with their current banking institution as to whether it is participating in the program, or use this
list
to identify an approved lender.
(2) Resources
- Toolkit that helps individuals, small nonprofits, and large nonprofits understand how to access the benefits available
- A quick comparison between PPP Loans and traditional Economic Injury Disaster Loans
NewSchools Venture Fund
Schusterman Family Foundation
(3) Next Steps for Organizations
- Review the resources provided above.
- Check to see if the bank your organization currently works with is participating in the program, or identify a lending institution on this approved list.
- Refer to the sample calculation document to calculate your payroll costs, which will help you estimate your total loan request.
- Complete the sample application for submission to lender on Friday, April 3.
