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:
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.
HoganTaylor's Nonprofit Practice
If you have any questions about this content, or if you would like more information about HoganTaylor's Nonprofit practice, please contact the author of this article, Jack Murray, CPA, Nonprofit Practice Lead, at jmurray@hogantaylor.com.
For more information about the SBA disaster loan program, visit our SBA disaster loan frequently asked questions page.
INFORMATIONAL PURPOSE ONLY. This content is for informational purposes only. This content does not constitute professional advice and should not be relied upon by you or any third party, including to operate or promote your business, secure financing or capital in any form, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before making any decision or taking any action, you should consult with professional advisors.
