CHARLOTTESVILLE, Va. (WVIR) - While many small businesses are struggling with the Paycheck Protection Program (PPP), a nonprofit preschool in Charlottesville is sharing its success story.
The Montessori School of Charlottesville cares for roughly 100 young children. It says it filled out the form on Friday, April 3, and received money in three business days
The school says this will help pay the salaries and health care costs for 21 employees for the next eight weeks.
"We are a small, nonprofit preschool. It wasn’t a matter of just being able to borrow money, because obviously we have lost two months of income. How are you ever going to pay it back? We run on a very tight budget like most small businesses, especially small nonprofits do. So that forgiveness piece of it is what makes it work for us,” administrator Lindsey Munson said.
PPP is a loan designed to help small businesses keep workers on the payroll. The U.S. Small Business Administration will forgive all loans if employees are kept on the payroll for eight weeks.