VocalEssence is pleased to share with you that we have been accepted into the Paycheck Protection Program (PPP), established by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. Supported by the U.S. Small Business Administration, the loan covers eight weeks of expenses associated with payroll, rent, and utilities.
What does this mean?
We will use this loan to keep our artistic and administrative staff employed and engaged in steering the organization through this uncertainty, pay our Ensemble Singers for 100% of lost wages through the end of May 2020, and pay our rent and business equipment leases for the next two months.
Will VocalEssence need to repay the loan?
Most of this loan will be forgivable. The PPP Loan Program allows for 8 weeks of qualifying expenditures to be used toward the forgivable amount. Because the parameters for calculating the loan amount and the forgivable amount are slightly different, VocalEssence anticipates it will need to pay back a relatively small portion of the loan.
I’m an Ensemble Singer. When will I receive my payment?
VocalEssence will be including the lost wages in the April (Mendelssohn concert) and May (Minnesota Tour) 2020 payroll. If you have questions about your payment, please contact Mary Ann at email@example.com.
Does VocalEssence still need donations?
Yes. While we are grateful for this loan, it is a one-time cash infusion to help VocalEssence weather this uncertain time. VocalEssence thrives when we have a base of loyal supporters who invest now and in the future work that we do. Thank you for your support!
We are incredibly grateful to have received this loan, and will continue to do what we do best—use the power of music to bring communities together. Have you seen what we’ve been up to since this started?