ARTICLE · 20 MAY 2020

Applying To The Paycheck Protection Program As A Nonprofit

Hughes Hubbard & Reed LLP

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April 28, 2020 - On April 3, 2020, the U.S. Small Business Administration (SBA) began accepting applications for the $349 billion Payment Protection Program (PPP).

United StatesCoronavirus (COVID-19)

Charles Samuelson

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April 28, 2020 - On April 3, 2020, the U.S. Small Business Administration (SBA) began accepting applications for the $349 billion Payment Protection Program (PPP). The PPP was intended to provide relief during the Covid-19 pandemic to small businesses through forgivable loans. However, the funds allocated for the PPP were drained within two (2) weeks of launch. A second installment of funds to the PPP of $310 billion has been passed. For nonprofits, this provides another opportunity to apply for relief through the PPP.

What is the Payment Protection Program:

The PPP provides loans to small businesses and nonprofits that may be forgiven if certain requirements are met (as explained below)

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Applying To The Paycheck Protection Program As A Nonprofit

What is the Payment Protection Program:

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