Back to News
Money from Paycheck Protection Program is still available, but time is running out
April 16, 2021
DETROIT- Michigan Nonprofit Association joins Co.act Detroit in urging Michigan nonprofits to act now and apply for the Paycheck Protection Program (PPP). The deadline for submitting PPP loans is May 31, but the program could run out of money before then. “Nonprofits are part of the economic piece of the fabric of this country and vital to Michigan’s economy,” said Kelley Kuhn, vice president, Michigan Nonprofit Association (MNA). “We’re encouraging nonprofits to apply while the application window is still open.”
The program was established by the CARES Act last year and provides nonprofits and small businesses with federally backed loans that are forgivable if the funds are mostly spent on payroll and other routine expenses. Lawmakers extended the deadline last month from March 31 to May 31 giving nonprofits and small businesses an additional two months to apply.