April 6, 2020
NDC Grow America Fund (GAF) understands the pressures you face in a difficult environment created by COVID 19. The SBA just produced guidance to lenders concerning the Paycheck Protection Program Funding (“PPP”). However, the guidance from SBA and the Department of Treasury remains incomplete. For this reason, our implementation of the program is not operational yet.
Although GAF strongly desires to participate with offering PPP loans, we are evaluating our ability to partake in the program as recent changes make it challenging for a small non-profit lender. GAF encourages our borrowers to collect the relevant supporting materials for an application found in the small business section of the Treasury Department CARES website. If GAF determines that it cannot participate and it becomes more clear which lenders are offering PPP loans, GAF will provide those names to you.
In regards to your existing SBA loans with our organization and as long as you were current on payments as of February 15th, GAF will work with the SBA to fund up to six months of your principal and interest payments. At this time, you do not need to provide GAF with any new information to take advantage of this portion of the CARES Act.
We will continue to monitor the updates to PPP and provide you information as we receive it.
Link to NDC COVID19 Resource Guide HERE