Nonprofits less likely to draw from second round of federal PPP loans

The full effect of the COVID-19 pandemic on the national economy was still largely unknown when the first round of federal Paycheck Protection Program loans was announced in late March 2020.

State governments were just beginning to issue stay-at-home orders and restrictions on local businesses. It was unclear how long these restrictions would last, as well as just how extensively regulations would affect local businesses, including nonprofits.

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