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Resources to Help With Federal COVID-19 Emergency Loans (Updated)


5/14/2020
UPDATES AVAILABLE ON EMERGENCY LOAN FUND PROCESSING

Nonprofits are eligible for emergency federal loan funding in response to the COVID-19 crisis. Congress has provided more than $600 billion in two rounds for the Paycheck Protection Program (PPP), created by the CARES act passed in March.

The PPP loans were available on a first-come, first-served basis. They will be forgiven and turned into grants, under certain conditions, if the applicant maintains or rehires its staff. They are administered by the Small Business Administration.

Individual states, cities and philanthropic organizations also are offering emergency funding programs.

For the latest on the PPP loans process, click here for an application toolkit and updates from FMA, a financial services firm that works with nonprofits.

Forefront, an Illinois statewide association of nonprofits, foundations, and advisors, offers updates on the CARES Act and COVID policy and resources here.

Click here for an updated SBA frequently-asked-questions page. Click here for FMA guidance on certifying need.

Click here for an SBA website with information on PPP. Click here for a loan application form from the U.S. Treasury Department.

Click here for an SBA tool to search for a local lender who will process a loan application.

Congress also is providing assistance through the SBA’s Economic Injury Disaster Loans (EIDL) program. Information on that program is available at this SBA website. The U.S. Chamber of Commerce offers step-by-step advice here on how to apply for the EIDL loans.

BELOW IS A LIST OF ADDITIONAL RESOURCES TO HELP YOU UNDERSTAND THE PROGRAMS AND APPLY:

Independent Sector, a national organization of nonprofits, foundations and corporations, provides advice on how to apply for relief funds here. It includes a “chatbot” that answers questions and helps navigate the application process.

The Council on Foundations offers updates on the CARES act here, and a COVID-19 resource hub here.

The Jewish Federations of North America offers loan details and updates here.

The U.S. Chamber of Commerce offers another loan calculator tool here.

The National Council on Nonprofits provides a chart here detailing and comparing the three loan programs in the CARES legislation, including eligibility criteria, terms and application information.

The National Law Review provides a breakdown of the different elements in the CARES act here.