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URGENT: PPPL Loan Guidance Update from YPTC

Friday, April 3, 2020   (0 Comments)
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URGENT:
PPPL Loan Guidance Update from YPTC

To all nonprofit organizations everywhere,

URGENT: Overnight the Interim Final Rule and the Final Borrower Application was issued for Paycheck Protection Program Loans (PPPL). Eligible organizations (for nonprofits- 501 (c) (3) and 501 (c) (19)'s with 500 or fewer employees) must apply for this loan through an approved Small Business Administration (SBA) lender. Loans are forgivable if certain criteria are met and provided on a first come, first served basis.

 

WHAT YOU NEED TO DO

CONTACT YOUR BANK REPRESENTATIVE ASAP TO FIND OUT WHAT YOUR BANK IS DOING. Some banks are accepting applications today and some banks are not ready.

Complete the application (see link below) and gather the necessary documentation.  

 

JOIN US FOR OUR WEBINAR:

STAYING AFLOAT- AT 1 PM EDT.

WE WILL BE PROVIDING GUIDANCE FOR COMPLETING THE PPPL APPLICATION.

Register here!

 

WHAT YOU NEED TO KNOW

Today, April 3, 2020, nonprofits can begin applying for Paycheck Protection Program Loans (PPPL). PPPL is a $349 billion federal program, administered by banks and credit unions designed to help small business and nonprofits preserve jobs during the coronavirus pandemic. Loans under the PPPL are forgivable if certain criteria are met.  Loans will be issued on a first come, first served basis.

 

Rules for PPPL

Late last night the Small Business Administration (SBA) issued an “Interim Final Rule” on the PPPL, aka the rules of engagement for this program.These can be found on the SBA website: https://content.sba.gov/sites/default/files/2020-04/PPP--IFRN%20FINAL.pdf

 

PPPL Application

The draft application that was issued earlier in the week has been updated. The Final Borrower Application Form can be found on the US Treasury website: https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf

Lenders will be asking for certain information to support the PPPL application.

See a draft list here

 

Find a Lender

Nonprofits must apply through an approved SBA Lender for PPPL. SBA has published a searchable list of eligible lenders here:  https://www.sba.gov/paycheckprotection/find 

NOTE- we recommend that nonprofits contact banks for which they already have an existing relationship – i.e. deposit, loan or line of credit accounts. It is our understanding that it will slow down the PPPL process significantly if nonprofits try to apply for PPPL through an institution for which they do not have an existing relationship due to banking regulations called “Know Your Customer.”


We hope you can join us on our webinar at 1pm EDT.

Register here!

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