Keeping staff employed

For some land trusts, meeting payroll during the pandemic is increasingly a challenge. But there's a new federal program that can help.

Starting April 1, the Small Business Administration made available applications for Paycheck Protection Program loans. These loans offer small businesses, nonprofits and independent contractors with 500 or fewer employees the funds they need to help make payroll and address certain other expenses. Available through existing SBA lenders, the special loans will be forgiven provided employees are kept on payroll.

So how big a loan is available? Enough to cover your payroll for 2.5 months. A good, plain-spoken summary of the program is available at SheppardMullin's Labor & Employment Law Blog. Additional overview information is available on our COVID-19 page.

It's important to note, however, that getting in line early for one of these loans will be important. The line will be long, and though the overall available funds are substantial — $349 billion in forgivable loans — they are not unlimited.

The first step is to contact your bank to confirm they can process these loans. Once confirmed, fill out and submit an application for the Paycheck Protection Program. You can find a link to the application here. More information is available through the SBA website.

Please remember the Land Trust Alliance is here to help land trusts as we all navigate the many challenges we collectively face. Further resources are available on our COVID-19 page and we, as an organization, stand ready to assist land trusts. If your land trust needs a helping hand, please email me — or any of my Alliance colleagues.

In the meantime, stay safe and healthy.

Lori Faeth is government relations director for the Land Trust Alliance.