The $2.2 trillion CARES Act was designed for small businesses like MOCA. Using relief funds would help to keep the staff at full employment.
After laying off all part-time employees last week, the Museum of Contemporary Art institutes cuts for full-timers. Only four security personnel are spared.The Small Business Assn. uses one of two criteria to determine whether a company — including a charitable nonprofit like MOCA — qualifies for assistance. What counts as a small business? An officialThe size standards are mostly expressed in either millions of dollars or number of employees.
For the Payment Protection Program, a forgivable loan equal to 2½ times the monthly payroll, up to a maximum of $10 million, is available. Information on MOCA’s pre-pandemic monthly payroll was not immediately available from the museum. But a business that maintains its payroll for two months, while spending 75% of the loan on payroll costs, will have the loan forgiven.
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