The U.S. Chamber of Commerce put together a brochure and The Schusterman Foundation has compiled all stimulus information into a Google doc that they are updating in real-time.
SBA 7(a) Paycheck Protection Program: Under the CARES Act stimulus bill, nonprofits and small businesses with fewer than 500 employees will be eligible for loans to meet payroll and other qualifying costs. Much of the loan is forgivable if you keep staff on payroll during the loan period (currently March 1 through June 30). This, in essence, turns a portion of the loan into a GOS grant. The total loan fund is expected to be $349B, and loans will be given out on a first-come, first-served basis. Recipients do not have to certify that they are unable to obtain credit elsewhere.
- Loan amount is 2.5 times the organization’s average monthly payroll, with pay capped at $100,000 per employee
- Up to 8 weeks of average payroll and other costs will be forgiven if the business retains its employees and their salary levels through June 30
- The application is not yet live, but details are emerging on the SBA website; we encourage you to keep checking the website and complete the application as soon as it becomes available
SBA Economic Injury Disaster Loans EID loans offering up to $2M in assistance are already available on a first-come, first-served basis to nonprofits to help overcome temporary loss in revenue caused by COVID-19. These loans are similar to other disaster relief loans and do not include loan forgiveness. The application is straightforward and can be completed online
- Loans offer up to $2M in assistance
- The interest rate for nonprofits is 2.75%, with repayment terms of up to 30 years. Funds may be used to pay fixed debt, payroll, accounts payable, and other bills that can’t be paid due to the impact of restrictions.
- Organizations cannot receive funding from both programs unless the loan applications are for different purposes (i.e. personnel and rent costs for 7(a) and other operating expenses for EIDL)
The Helping Obtain Prosperity for Everyone (HOPE) program supports projects that will address the transportation challenges faced by areas of persistent poverty.
HOPE supports planning, engineering and technical studies or financial planning to improve transit services in areas experiencing long-term economic distress.
It will also support coordinated human service transportation planning to improve transit service or provide new services such as rides to opioid abuse recovery and treatment.
The deadline for HOPE is JUNE 3. Click here for more information.