Categories: Industry Insights

Understanding the Paycheck Protection Program (PPP) for Your Nonprofit

Published On: Apr 24, 2020By

As you fight for your members, we are fighting for you. Our communities are rapidly changing, and we are striving each day to help power you through this challenging time. In this effort, we are partnering with Lendio to assist your organization with learning more about and applying for the Paycheck Protection Program (PPP).

What is the Paycheck Protection Program (PPP)?

The Paycheck Protection Program (PPP) is a loan to provide an incentive for small businesses to keep their workers on the payroll. According to the SBA, loans will be forgiven if all employees are kept on the payroll for eight weeks, compensation levels do not change, and the money is used for payroll, rent, most mortgage interest, or utilities.

Who is eligible?

According to the U.S. Department of the Treasury, all businesses in the U.S. with 500 or fewer employees can apply, including: nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors.

How do I apply?

To apply for the Paycheck Protection Program (PPP), you will need to submit a completed loan application. Required documentation may include, but is not necessarily limited to, your business formation details and your payroll documentation.

In addition to visiting the partner page with more PPP loan information, visit our Rapid RecoveryToolkit for weekly updates.

Submitting an application through Lendio does not guarantee you will receive the Paycheck Protection Program (PPP) loan. Lendio is a referral partner. Daxko and does not represent any particular result from, and is not party to, any resulting arrangement or agreement between you and Lendio.

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