Mountain BizWorks is as soon as once more partnering with the Dogwood Well being Belief in a particular effort to supply larger entry to a different spherical of the Small Enterprise Administration (SBA) Paycheck Safety Program (PPP) for nonprofits, small companies, sole proprietors and unbiased contractors within the area. with a concentrate on rural and minority and women-led organizations. ‘
Spherical 2 ‘of the forgivable mortgage program, or PPP 2.zero, lately obtained $ 284 billion in funding and is accepting purposes from first and second time debtors. The Mountain BizWorks regional utility course of for all candidates opens on Monday, January 18. Info and utility supplies could be discovered at mountainbizworks.org/ppp/.
PPP was created to make loans to organizations affected by COVID-19 and are forgivable if used to cowl payroll, together with advantages, mortgage curiosity, hire, utilities, COVID-19-related employee safety prices and sure prices and bills. of suppliers for operations.
PPP 2.zero permits sure eligible debtors who beforehand obtained a PPP mortgage to use for a second draw PPP Mortgage.
A borrower is mostly eligible for a PPP Second Drawing Mortgage if the borrower beforehand obtained a PPP First Drawing Mortgage and has used or has used the complete quantity for licensed makes use of solely, has not more than 300 workers; and might show a minimum of a 25% discount in gross revenue between comparable quarters in 2019 and 2020.
Debtors can even set the protection interval for his or her loans to be between eight and 24 weeks to higher meet their enterprise wants.
This system has additionally expanded eligibility to incorporate 501 (c) (6), housing cooperatives, vacation spot advertising organizations, in addition to larger flexibility for seasonal workers.
As they did in April 2020, Dogwood Well being Belief is backing this effort with an preliminary funding of $ 2 million to assist Mountain BizWorks fund PPP loans when forgiven by the SBA. Dogwood can be leveraging its community of companions and grantees to share and promote this chance.
“COVID-19 has undoubtedly affected employment in our area. Dogwood Well being Belief is proud to as soon as once more associate with Mountain BizWorks to assist companies and nonprofits to assist protect jobs and stability for people and households, ”mentioned George Renfro, Chairman of the Funding Committee of Dogwood Affect.
“This spherical of PPPs is offering an important lifeline for a lot of space small companies and nonprofits which have been hit arduous by the pandemic. Funding is restricted nationally, so we encourage entities that want and qualify for a PPP mortgage to use early, ”mentioned Matthew Raker, CEO of Mountain BizWorks. “Now we have a fantastic crew prepared to assist with requests for the First and Second Draw and particularly those that had problem accessing this system earlier than.”
Our VOICE, Inc., a nonprofit disaster prevention and intervention company serving victims of sexual violence, ages 13 and up in Buncombe County, obtained 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 fundraising occasion, the “Break the Silence Speaker Collection,” in March because of COVID-19. “Canceling our occasion meant that we had been going through a deficit that we didn’t know find out how to overcome,” mentioned Angélica Wind, govt director of Our VOICE. With the assistance of Mountain BizWorks, the company obtained a PPP mortgage that supplied them monetary stability and allowed them to “go from being reactive to proactive in addressing the impression of COVID-19 on our group and the companies we offer,” Wind mentioned.
Within the first spherical of APP, Mountain BizWorks made 426 loans for a complete of $ 11,606,068. These loans immediately supported the retention of two,334 retained jobs within the area. 72% of Mountain BizWorks and Dogwood Well being Belief mortgage dollars benefited rural companies, 56% women-led companies, 25% individuals from companies of shade, and 42% small nonprofits .
Full details about the Mountain BizWorks PPP 2.zero program could be discovered at mountainbizworks.org/ppp/.