New Stimulus Act Loosens Nonprofit PPP Eligibility RulesMarch 12, 2021
The American Rescue Plan Act, the new stimulus bill signed into law by President Biden yesterday, opens the door for more nonprofit healthcare organizations to receive Paycheck Protection Program (PPP) loans.
The Act loosens the affiliation rules for 501(c)(3) and 501(c)(6) organizations by allowing their headcount to be calculated “per physical location” for PPP eligibility purposes. Previously, only organizations with fewer than 500 employees total were eligible for the first round of these forgivable loans, while only organizations with fewer than 300 employees total could apply for second-round PPP loans.
Now, first-time PPP borrowers can apply if they have fewer than 500 employees per location, and repeat PPP borrowers can apply for a second-round PPP loan if they have fewer than 300 employees per location.
Time is of the Essence
If your organizations falls into either of these new thresholds, time is of the essence to submit your application. While the deadline set by the SBA is March 31, 2021, some lenders are closing their online application portals earlier.
Reach out to Joseph Tomaino, CEO of Grassi Healthcare Advisors, at email@example.com or 212.223.5020, to discuss your unique qualifications and maximum loan amount.
Learn More from Grassi Healthcare Advisors
Join Grassi Healthcare Advisors and Grassi’s Emergency Loan consultants on March 18, 2021 for a live video session on the PPP and other COVID-19 relief available to your skilled nursing facility or other healthcare organization.
Click here to learn more and register.