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

(Source: https://www.sba.gov/page/disaster-loan-applications 4/2/2020)

Apply Here

For details and more information: https://www.sba.gov/page/disaster-loan-applicationsContact the SBA disaster assistance customer service center at 1-800-659-2955 (TTY: 1-800-877-8339) or by e-mail at disastercustomerservice@sba.gov* P.S. If this was helpful, please share with a nonprofit and leave a comment below.   DISCLAIMER: We do not get any benefit from you using this service. We are not affiliated with the SBA or their loan programs. We shared it simply for your information based on public information they made available.It is entirely up to you to research the details of the loan, confirm the information and enter into a direct contract or otherwise reach agreement with them and we do not guarantee or warrant their performance or the outcome of the loan offered. Should you have a dispute, you will need to address such dispute with the SBA Loan provider directly.By accepting this referral, you hereby agree to release Chisholm Law Firm and its officers, agents, and employees from any damages or claims arising out of or in any way connected with disputes and your dealings with the SBA Loan provider.

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.

Schedule your FREE nonprofit consultation today! (Value: $450)

1-800-254-6140
info@chisholmfirm.com

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