Expanded access to Paycheck Protection Program
Mountain BizWorks, working with Dogwood Health Trust, announced a targeted effort to provide increased access to the highly anticipated Small Business Administration Paycheck Protection Program for nonprofits and small businesses in the region, with a focus on rural and minority and women-led organizations.
The PPP was created to provide loans to organizations impacted by COVID-19 and are forgivable if they are used to cover payroll, mortgage, rent and utility costs over an eight-week period after the loan is issued. The Mountain BizWorks regional application process opens for nonprofits on Wednesday, April 8, and will open on Friday, April 10, for small businesses. Information and application materials can be found at mountainbizworks.org/ppp/.
Dogwood Health Trust is supporting this effort with an initial investment of $2 million paid back to the trust when the loans are funded through Mountain BizWorks. For many banks in the region, the requirement that they advance the funds for these loans before receiving the funds from the SBA can be prohibitive. As a U.S. Treasury certified non-profit community development financial institution (CDFI), Mountain BizWorks is an ideal partner to facilitate the targeted distribution of these much-needed funds to diverse-led nonprofits and small businesses in the region.
