Recent legislation and action taken by federal and local governments in both the US and Canada present opportunities for schools to access emergency support and funding. The United States SBA Paycheck Protection Program (SBA PPP) application process opens on Friday, April 3. This is an important opportunity for funding, and schools should give serious consideration to applying. If you are planning to apply, we strongly recommend that you act quickly, as demand will be great and the loans will be available on a first-come, first serve basis. Three important steps to do NOW:
- Review the sample application and begin the calculation of your payroll to be prepared to submit as soon as possible after the application window opens on April 3.
- Contact your bank if they are an SBA approved lender or identify other banks where you can apply.
- Check your by-laws to determine if you need board approval to apply and begin the process of getting approval now.
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