Varnum (Michigan): CARES Act Also Benefits Nonprofits

The recently enacted CARES Act legislation contains at least two significant benefits that may be of interest to nonprofit organizations. One is in the form of Paycheck Protection Loans. These loans, which will be available through SBA-approved lending institutions, will permit a nonprofit to borrow up to 2 1/2 times the organization’s average monthly payroll expense. Principal and interest payments are deferred for at least six months and processing fees are waived. No personal guarantees are required. MORE.

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