Well I'll be damned-we get the PPP

[demtenjeep]

we were right on the edge.

Will be paying off bills

[Sanity Claws]

1. Wow. That's fast

My office has applied.
Can you tell me the time involved like the date the application was submitted in full to your bank, when the bank got the approval from the SBA, and whatever details you feel comfortable divulging.

Our bank needed time to make sure our application was okay to submit.

[demtenjeep]

2. I must have the terms mixed up. We didn't do anything

Hubby CSO for City and I am a teacher

[Sanity Claws]

4. PPP Payroll Protection Program

It is part of the stimulus act aimed at small businesses and nonprofits. A company can qualify for a loan up to 2.5x of its payroll. The loan will be forgiven if at least 75% of the money is used to pay payroll; the rest could be applied to overhead costs like rent.

That is the PPP I was talking about. Were you referring to the $1200 stimulus check?

[jayschool2013]

7. See my post below

My nonprofit applied for $44,000 in PPP loan/grant Friday, April 3 and received word today we've been approved. We should close later this week and the money will be in our accounts within 24 hours of closing.

We worked with our local bank, which had SBA approval.

Good luck.

[ananda]

3. I got mine this morning. I went to USPS and bought some postal stuff.

nt

[a kennedy]

5. We're getting $2400.00 on Wed into our account. Two adults on SS, we file taxes

and did get notice today that 24,000 will be in our checking account on Wed of this week.

[jayschool2013]

6. My nonprofit has been approved for PPP funds

I run a small journalism-related nonprofit out of a university. We have two full-time employees (my assistant and me) and three part-timers. We received word from our local bank that our application has been approved. We're waiting on word about closing, but we're told later this week, and the funds will be available in 24 hours after closing.

We'll be using all $44,000 of our loan to cover employment costs, so we anticipate having all of it turned into a grant.

That should keep the doors open through June. After that, we're dependent on our members continuing to re-up every year. With so many local newspapers on the edge, we may need more help after that.

Congrats on yours.

[Sanity Claws]

8. Congratulations!

I wish you success in further funding.

We have a larger nonprofit, approximately 40 employees, and it took longer to do the application and then it took a while for the bank to review it.

[jayschool2013]

9. Best wishes, SC