January 12, 2021
With the passage of the latest COVID-19 CARES Act legislation, the Small Business Administration (SBA) has re-opened the Payroll Protection Program (PPP) with funding for new loans for nonprofits and small businesses that have been adversely affected by the COVID-19 pandemic.
Florida Community Loan Fund will accept PPP loan applications through our SBA lending partner, Community Reinvestment Fund, USA (CRF). Eligible borrowers can apply for first-time PPP funding or a Second Draw PPP loan if they meet certain criteria.
We plan to open our application portal in the next few days. If you are interested in accessing PPP through FCLF, please watch for an announcement in your email and on our website, www.fclf.org.
CRF is a fellow nonprofit CDFI (Community Development Financial Institution). Our partnership with CRF brings together FCLF’s knowledge and experience in lending to Florida nonprofits, and CRF’s experience as an SBA-qualified lender. We anticipate high demand, and we’re doing everything we can to be ready to respond.
• Our program is open to any nonprofit organization based in Florida.
• You do not need to be an existing FCLF borrower to apply. (Spread the word!)
• No minimum loan size – we want all eligible PPP borrowers to have access.
FCLF’s core purpose is to maximize opportunities for people and places outside the economic mainstream. Since our beginning 25 years ago, FCLF has supported Florida’s nonprofit sector, and we are working with CRF to make sure that nonprofits can access this unique federal program.
Watch your email inbox – in the next few days we will send a link to start your PPP loan application. Or sign up to receive our emails: FCLF.org/connect-with-us. Thank you for all your work in and commitment to Florida’s communities.
Some things to note about the new PPP round:
- The list of eligible and forgivable uses of PPP funds has been expanded from payroll, covered mortgage interest, and utilities; and now includes certain operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
- Borrowers can set the covered period of their PPP loan to any length between 8 and 24 weeks to best meet their business needs.
- Existing PPP borrowers can modify their First Draw PPP Loan amount or apply for a Second Draw PPP Loan.
A borrower is generally eligible for a Second Draw PPP loan if they:
- Previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses;
- Have no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.