As many of you are aware, the Senate has passed legislation called the CARES Act that greatly expands the SBA Economic Injury Disaster Loan (EIDL) program and removes some of the red tape. At the time of this writing, the bill now moves to the House.
The information we currently have would indicate that many nonprofit organizations may qualify as “Small Businesses” and be eligible for the loan program. It also appears that some or all of the loan could be forgiven under certain reduction in payroll thresholds. Until final passage the bill could change but if you are interested, please apply sooner rather than later.
Please contact us or your bank for guidance.
If you would like us to complete the application process, please coordinate with one of the following Advisory team members:
- Tulsa – Tammy Williams, Jon Tatum, Arna Erazo
- Little Rock – Clay Glasgow, Randy Preslar
- OKC – Aaron Ackerman
- Fayetteville – Hollan Woods
We are continuing to monitor developments in the availability of financial assistance to nonprofits hurt by this crisis. We’re committed to keeping you advised as the exact nature and impact of the health event and government’s response becomes more clear.