Mountain BizWorks is as soon as once more partnering with Dogwood Well being Belief in a focused effort to offer elevated entry to a different spherical of the Small Enterprise Administration (SBA) Paycheck Safety Program (PPP) for nonprofits, small companies, sole proprietors and impartial contractors within the area, with a deal with rural and minority and women-led organizations. ‘
Spherical 2’ of the forgivable mortgage program – or PPP 2.0 – was just lately injected with $284 billion in funding and is accepting functions from first and second-time debtors. The Mountain BizWorks regional software course of for all candidates opens on Monday, Jan. 18. Data and software supplies may be discovered at mountainbizworks.org/ppp/.
PPP was created to offer loans to organizations impacted by COVID-19 and are forgivable if they’re used to cowl payroll, together with advantages, mortgage curiosity, lease, utilities, employee safety prices associated to COVID-19, and sure provider prices and bills for operations.
PPP 2.0 permits sure eligible debtors that beforehand obtained a PPP mortgage to use for a Second Draw PPP Mortgage.
A borrower is mostly eligible for a Second Draw PPP Mortgage if the borrower beforehand obtained a First Draw PPP Mortgage and can or has used the total quantity just for approved makes use of, has not more than 300 workers; and might reveal a minimum of a 25% discount in gross receipts between comparable quarters in 2019 and 2020.
Debtors are additionally capable of set their loans’ coated interval to be any size between eight and 24 weeks to greatest meet their enterprise wants.
This system has additionally expanded eligibility to incorporate 501(c)(6)s , housing cooperatives, vacation spot advertising organizations, in addition to better flexibility for seasonal workers.
As they did in April 2020, Dogwood Well being Belief is supporting this effort with an preliminary funding of $2 million to assist Mountain BizWorks fund PPP loans by way of when they’re forgiven by SBA. Dogwood can be tapping into their community of companions and grantees to share and promote this chance.
“COVID-19 has undoubtedly taken a toll on employment in our area. Dogwood Well being Belief is proud to accomplice as soon as once more with Mountain BizWorks to assist companies and nonprofits to assist protect jobs and stability for people and households,” stated George Renfro, Chair of Dogwood’s Influence Investing Committee.
“This PPP spherical is offering an important lifeline for a lot of space small companies and nonprofits which were extremely impacted by the pandemic. The funds are restricted nationally, so we encourage entities that want and qualify for a PPP mortgage to use early,” stated Matthew Raker, Mountain BizWorks’ Government Director. “We have now an ideal crew prepared to help with First Draw and Second Draw requests and particularly those who had problem accessing this system earlier than.”
Our VOICE, Inc., a non-profit disaster intervention and prevention company which serves victims of sexual violence, age 13 and up in Buncombe County, was a recipient of the primary spherical of PPP. Receiving a PPP mortgage got here at an important time for Our VOICE. The company needed to cancel its largest fundraiser, the “Break the Silence Speaker Sequence,” in March attributable to COVID-19. “Canceling our occasion meant that we have been dealing with a deficit that we didn’t know the right way to overcome,” stated Angelica Wind, government director of Our VOICE. With the assistance of Mountain BizWorks, the company obtained a PPP mortgage that offered monetary stability and enabled them “to shift from being reactive to proactive in addressing COVID-19’s affect on our group and the providers we offer,” stated Wind.
Within the first spherical of PPP, Mountain BizWorks made 426 loans for a complete of $11,606,068. These loans straight supported the retention of two,334 jobs retained within the area. 72% of the Mountain BizWorks and Dogwood Well being Belief mortgage {dollars} benefited rural companies, 56% have been to women-led enterprises, 25% to folks of color-led enterprises, and 42% have been for small nonprofits.
Full data on Mountain BizWorks PPP 2.0 program may be discovered at mountainbizworks.org/ppp/.
