Loan/Grant Program to Help Small Businesses During Covid-19 Crisis

The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to
small businesses to pay their employees during the COVID-19 crisis. Nurseries can apply for this loan.

Here are some of the details:

The loan amounts will be forgiven as long as:
 The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and
utility costs over the 8 week period after the loan is made; and
 Employee and compensation levels are maintained.

Payroll costs are capped at $100,000 on an annualized basis for each employee. Due to likely
high subscription, it is anticipated that not more than 25% of the forgiven amount may be for
non-payroll costs.

Loan payments will be deferred for 6 months.  Interest rate is 1%.

Applications start April 3, 2020.  Small businesses and sole proprietorships can apply for and
receive loans to cover their payroll and other certain expenses through existing SBA
lenders.

Starting April 10, 2020, independent contractors and self-employed individuals can
apply for and receive loans to cover their payroll and other certain expenses through
existing SBA lenders.

Other regulated lenders will be available to make these loans as soon as they are
approved and enrolled in the program.

You can apply through any existing SBA lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating. Visit www.sba.gov for a list of SBA lenders.

For more information on the PPP here is a link: https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf