04-13-2020, 05:15 PM
Roughly $360 billion in federal funding is now earmarked for The Paycheck Protection Program (PPP) and expanding eligibility for Economic Injury Disaster Loans (EIDL). The PPP is for payroll costs, and if spent in the desired manner, will be forgiven. The EIDL has much broader usages but beyond an emergency $10,000 infusion, the funds are loans with interest (Lower than normal interest at least). The EIDL money can be rolled over into the PPP funds that are able to be forgiven, but must be spent on payroll costs after PPP funds have been extinguished (In essence, EIDL funds can be treated as PPP funds under certain circumstances).
Nonprofits that have fewer than 500 employees and operational on January 31, 2020 or before have a good chance of being eligible for either or both of these funding opportunities.
The U.S. Small Business Administration is handling the roll out, with approved lenders (Banks, etc.) being the point of contact for organizations in need. This is not financial advice but intended to let you know about these programs and to contact an appropriate financial adviser. For a much more in-depth look at these programs as well as links to the program forms, SBA, and more, take a look at our blog post on COVID-19 relief loans and grants.
Nonprofits that have fewer than 500 employees and operational on January 31, 2020 or before have a good chance of being eligible for either or both of these funding opportunities.
The U.S. Small Business Administration is handling the roll out, with approved lenders (Banks, etc.) being the point of contact for organizations in need. This is not financial advice but intended to let you know about these programs and to contact an appropriate financial adviser. For a much more in-depth look at these programs as well as links to the program forms, SBA, and more, take a look at our blog post on COVID-19 relief loans and grants.
