POA receives Paycheck Protection Program Loan

After the Coronavirus Aid, Relief and Economic Security (Cares) Act was signed into law on March 27, the POA applied for and received a Paycheck Protection Program (PPP) Loan from the Small Business Administration, equal to approximately two and a half times the POA’s monthly payroll. The funds will allow the POA to continue paying most of its 140 employees, despite some of its revenue centers being shut down.

The funds received are 100 percent forgivable as long as the POA maintains its employment levels over an eight week period. Provided the funds are used for payroll only, the United States Treasury will pay back the funds directly to the SBA lender.

The POA said that a large portion of its staff was initially working remotely during the first few weeks of the closure but are now back on-site working under social distancing guidelines.

The POA has converted many of its in-person member services to virtual services that can be done via the phone, email, or online. Tempered glass transaction windows have been installed in the Member Services office under the assumption that social distancing practices will continue for months to come.


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