At this time we would like to update you as to what loan our school is in the process of applying for to assist us financially during this challenging financial crisis.
Below you will find the details of the loan. We are working with our banker at Chase bank to file the appropriate application. On the first day it was possible to apply for the PPP loan under the CARES ACT our book-keeper attempted to make our application. Unfortunately the Chase site was overloaded and crashed. Later we were advised to submit contact information and based on the time and date we made our attempt to apply a Chase representative would be in touch to help us walk through the process. Our banker had kept us in the loop and advised that we were in the top third of the Chase customers (with a position of around 130,000 out of a total number of over 660,000 on the first day who attempted to apply for the loan. He believes that we should be hearing from a Chase representative soon.
When this situation first began evolving we quickly applied for a disaster loan but once the CARES ACT was passed we were advised that if we chose to apply for the PPP loan that we could not also apply for the disaster funding. Consequently we sent a message asking to cancel that application and later still were advised by our Chase banker that we could possibly have applied for both. The information being sent to the banks seems to be changing by the day and it is difficult for them to keep current too.
I am deeply grateful for your commitment to our school community. In our 35 years of operation we have never experienced any situation that would ask so much from our families. We love your children dearly and miss them so much. It is wonderful to be able to see photos and videos of our children’s experiences at home. Thank you so much for supporting your children, their teachers, Admin and the rest of our staff as we work together to navigate this very challenging situation. Please take care and be safe. We can’t wait for the day that we can all return to school onsite.
PAYCHECK PROTECTION PROGRAM (PPP) LOANS – CARES ACT
The program would provide cash-flow assistance through 100 percent federally guaranteed loans to employers who maintain their payroll during this emergency. If employers maintain their payroll, the loans would be forgiven, which would help workers remain employed, as well as help affected small businesses and our economy to snap-back quicker after the crisis. PPP has a host of attractive features, such as forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees and at least six months of deferral with maximum deferrals of up to a year. Small businesses and other eligible entities will be able to apply if they were harmed by COVID-19 between February 15, 2020 and June 30, 2020. This program is retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans are available through June 30, 2020.
