We would like to share the following regarding SBA Disaster Loan Application and the applicability for non-profits.
We would like to share the following regarding the SBA Disaster Loan Application and the applicability for non-profits.
Julio S. Casiano, U.S. Small Business Administration Deputy District Director, is quoted as saying that private non-profit organizations qualify for these Economic Injury Disaster Loans (EIDL) at an annual percentage rate of 2.75 percent.
He further indicated that qualified private non-profit organizations include nursing homes, museums, educational facilities, day-care and senior centers and others – basically, a non-profit organization that is not government owned. Non-qualifying non-profits would include religious and charitable organizations, such as social club organizations. However, there doesn’t appear to be any information on the SBA website that defines this further. In a call yesterday with Department of Economic and Community Development Commissioner David Lehman and the Governor, as well as other state agency contacts, it was indicated that they needed to gather more information on the applicability and determination of qualifying non-profits.
As your trusted business partner, we fully understand how the current events are impacting your organization, the people you serve, your staff and their families. These loans could be critical to your operations and any continued support you can provide your staff and their families. These are unprecedented times in uncharted waters. Please know that we are doing everything we can to gather as much reliable information as we can to share with you as timely as possible. As we receive more concrete guidance on these loans, and any other relevant and useful information, we will pass that along to you.
For information on eligibility, funds available, and what is needed to apply for all small businesses, please reference our article by clicking here.
If you are looking to apply for an SBA loan, here is a helpful link to a webinar hosted by MetroHartford Alliance, “Economic Injury Disaster Loans: Sharing Best Practices.” This will answer many questions and guide you through the process.
Disclaimer: The contents of this resource are for general informational purposes only. While every effort has been made to ensure its accuracy, the information is provided “as is” and no representations are made that the content is error-free. We have no obligation to update any content, comments or other information for retroactive or prospective interpretations or guidance provided by regulators, financial institutions or others. The information is not intended to constitute legal advice or replace the advice of a qualified professional. There are areas of the CARES Act where additional clarification from the Treasury Department and the SBA is needed. Your judgment and interpretation of the act may be needed. Users should consult with their legal counsel and representatives of the lending institution regarding the proper completion of their application and supporting documentation
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