The coronavirus pandemic is wreaking havoc on the economy. As a result, nonprofit pet shelters are beginning to feel the squeeze as Americans tighten their wallets and donations dry-up. Thankfully, under newly passed federal legislation, nonprofits and small businesses alike can apply for financial assistance. It’s called the Paycheck Protection Program.
The relief comes in the form of a forgivable loan—which is coordinated by the Small Business Administration, but distributed through private banks. 501c3 nonprofits employing fewer than 500 people are eligible. If workers remain employed and the funds are exclusively used to cover payroll, rent and utilities, 100 percent of the loan can be forgiven at the end of the term. The program runs until June 30, 2020.
How much money can an organization apply for? Nonprofits can access up to 250 percent of monthly payroll expenses. The amount is capped at $10 million and reported pay per employee is limited to $100,000 annually. Contact your local bank to apply.
The U.S. is under attack from an invisible enemy. But even though Americans are taking extreme health precautions, businesses are shutdown and the economy is in free-fall, some of our furry friends still need a temporary place to call home. Take advantage of federal financial relief today.