IMPORTANT INFORMATION - Coronovirus Emergency Loans and Paycheck Protection Program (PPP) Resources


Posted by OMA on 03/01/2020
IMPORTANT INFORMATION - Coronovirus Emergency Loans and Paycheck Protection Program (PPP) Resources

Museums are encouraged to review the following information for guidance and information on navigating the available Small Business Administration Loans which they are able to access. There is a funding cap, so the Treasury Department recommends applying as soon as possible. The Paycheck Protection Program is first-come, first-served, so you are encouraged to contact your local banker right away.  The program opened on Friday, April 1.

From the U.S. Chamber of Commerce: The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated almost $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward. More information at COVID-19 Emergency Loans

The Treasury Department has released information on the Paycheck Protection Program, including an application here

There are a variety of other benefits your museum can take advantage of in regards to the three COVID-19 relief bills which Congress has passed, more information here

Additional financial resources can be found here