Federal Funding for Nonprofits for COVID-19 Disaster Relief
Coronavirus and Nonprofits
If you’re anything like me, your life has been impacted by COVID-19 (coronavirus) and it’s effect on our world.Your nonprofit may have been impacted as well.My nonprofit, Revolution Leadership, had to cancel our 19th Annual leadership retreat at University of Central Florida. We were expecting 300 students to attend.
Resources for Nonprofits Impacted by Coronavirus
The media often highlights funding for corporations and small businesses.But the good news is there is help available and resources for nonprofits.Here is one particular funding program that may be of assistance to your nonprofit organization.
Economic Injury Disaster Loan (EIDL)
The Small Business Administration (SBA) is offering the Economic Injury Disaster Loan (EIDL) which is a program that offers both (1) working capital loans up to $2 million as well as (2) “forgivable” loan advances to help nonprofits up to $10,000.Here are details of the program as it relates to nonprofits:
- Registered 501c3 nonprofits (including faith based organizations) are eligible to apply
- The loan can be used to pay for operating expenses (fixed debts, payroll, accounts payable and other bills)
- The interest rate is 2.75% for nonprofits
- You can apply for working capital up to $2 million
- You can apply for up to a $10,000 advance
- The loan advance will not have to be repaid
- Funds for approved loan advances are available as early as 3 days after successful applications are submitted
For details and more information: https://www.sba.gov/page/
Also, if you or someone you know is interested in starting their own nonprofit or if you have an existing nonprofit and you would like to apply for 501c3 tax exempt status, apply for grants or learn how to grow your organization, use the link below or call us at 407-674-2657 to schedule your FREE Nonprofit Consultation (Value: $450).
Our firm helps established individuals start and grow nonprofits that impact the world.