Apply Now to CARES Act Loan
Pentacle remains dedicated to continuing to provide a high level of support to artists during these extraordinary circumstances. Alongside many other key and respected organizations in the field, we have begun accumulating and curating resources for artists and organizations experiencing income loss and other troubles as a result of the COVID-19 crisis. Find our list of resources here.
The Payroll Protection Program (PPP) is a loan from the US Small Business Administration (SBA) with a specific purpose to provide aid to help businesses keep their workforce employed during the Coronavirus (COVID-19) Crisis. This loan is part of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) signed into law on March 27, 2020.
The PPP will provide loans up to $10 million to support entities paying workers, interest on mortgage obligations, rent, insurance, paid sick or medical leave, utilities, and payroll related costs incurred from Feb 15-June 30, 2020. This program is first come first serve, so organizations should apply as soon as possible. The loans will be based on previous payroll and covered cost amounts. As long as the employer maintains previous payroll counts during the emergency, up to eight weeks of eligible expenses can be forgiven from the loan.
Small businesses and sole proprietorships can begin applying for loans on April 3, 2020 while independent contractors and those who are self-employed can begin applying on April 10, 2020. The lenders on these loans are most often made through bank institutions. Here is a list of the most active SBA lenders, as time is of the essence with these loans, speak to a lender that is already familiar with you. Each bank has different required documents for applications, but here is a checklist of documents to begin gathering before you apply.
For more information check out Empire State Development’s general FAQ regarding PPP.
Pentacle-nextSTEPS | Date 4.08.20
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