April 3, 2020
Authored by: BCLP
Small Business Loan Program Expansion – “Paycheck Protection Program”: Provides 100% guarantee for bank loans made to qualifying business/organizations during the period of February 15, 2020 to June 30, 2020. To qualify, nonprofits must not have more than 500 total full-time and part-time employees. Nonprofit organizations with more than 500 employees are not eligible for this program. Detailed guidance from the firm on this program can be found here.
Emergency Economic Injury Grants – “Disaster Loans”: Nonprofits with fewer than 500 employees who apply for an economic injury disaster loan with the SBA may receive up to $10,000 as an advance against the loan within 3 days of application if SBA certifies that the entity is eligible. This is to enable nonprofits to quickly access financial assistance while their loan application is being processed. Eligibility is based solely on applicant’s credit score. Funds can be used for payroll