Dear Grantee,
We are reaching out to be sure you are aware of the Paycheck Protection Program (PPP), created through the CARES Act (Phase 3 of COVID-19 federal legislation), and encourage you to act quickly if interested in this opportunity.
The PPP provides loans to small businesses and nonprofits that keep their employees on payroll. The Small Business Association (SBA) explains that loans will be fully forgiven if at least 75 percent of the funds are used for payroll costs; remaining funds can be used for interest on mortgages, rent and utilities. Loan payments will be deferred for six months, and no collateral or personal guarantees are required. Visit the SBA website listed below for complete details on loan forgiveness and additional program information.
If you have not yet applied, we encourage you to explore the resources below shared by the Michigan Nonprofit Association (MNA) and Council of Michigan Foundations (CMF):
MNA is collecting feedback on the nonprofit experience in the PPP process. Please take three minutes to complete this survey from MNA and share it with your networks.
Thank you!
Sincerely,
Community Investment Team
Kalamazoo Community Foundation
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