ATTENTION: Nonprofits with Fewer than 20 Employees, apply for a PPP loan before March 9th!
For a two-week period, the Small Business Administration and Paycheck Protection Program lenders will process loan applications ONLY from nonprofits and for-profit businesses with fewer than 20 employees.
Starting Wednesday, February 24 and running through Tuesday, March 9, the exclusive small-employer PPP processing window is designed to provide more equitable relief by “targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts” to ensure that lenders give smaller employers the attention they need to work their way through the application process.
This is a step towards more equitable relief for nonprofits who serve as economic drivers and vital community partners across Vermont.
- Vermont nonprofits paid nearly $2 billion in wages, which translates into an estimated $34 million of personal income tax revenue for Vermont’s state and local governments and over $334 million in federal tax revenues.
- Nonprofits employ 1 in 7 Vermont workers, making the nonprofit sector the largest industry in the state after the government.
- Vermont nonprofits contribute $5.7 billion per year to the economy through wages paid, retail and wholesale purchases, and professional service contracts. This contribution is equivalent to nearly 20% of the State’s gross state product–greater than the manufacturing and construction industries combined.
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.