Beginning tomorrow, Wednesday, February 24 until March 9, the Small Business Administration will process Paycheck Protection Program (PPP) loan applications exclusively from businesses and nonprofits with fewer than 20 employees. The recent changes to the PPP mark a major step towards promoting equitable relief – supporting not only our nation’s smallest nonprofits, but also minority-owned small businesses that may have previously missed out on accessing emergency funds during the pandemic.
NAO strongly encourages those who are eligible, to take advantage of this two-week period! If you think your nonprofit may be eligible for an initial PPP loan or a second draw loan Congress authorized at the end of 2020, now is the best time to contact a lender and find out how much relief may be available. Learn more at SBA.gov and check out nonprofit-friendly community banks on NAO’s Directory site.
NAO is committed to practicing diversity, equity, and inclusion in every aspect of our work. We are pleased to see that the current administration is taking major steps to make the PPP more accessible.
As nonprofit leaders, we continue to deal with uncertainty trying to find new ways to adjust our work. Many nonprofits experienced the heartache of having to cancel revenue generating programs, the inability to fulfill government contracts, and letting go key staff members, all while needing to still serve our most vulnerable communities. This two-week window is a huge opportunity for small nonprofits, especially those who have been hit the hardest due to COVID-19 and the Oregon wildfires. Again, if your organization has fewer than 20 employees, now is the time to apply for a PPP loan!
Stay safe and healthy,
NAO Executive Director