Original text: 04.01.2020
The recently-enacted help, Relief, and Economic Security (CARES) Act expands nonprofitsвЂ™ use of critical federal loan and grant programs included in its about $2 trillion help package handling the economic fallout. The small company Administration (SBA) will run multiple programs that broaden access to loansвЂ”some of which are partially forgivableвЂ”and provide emergency money funds. This update focuses on nonprofits and provides a high-level summary of the following programs while these programs also serve for-profit businesses
Nonprofits may be eligible for more than one among these loan and grant programs, each of that will probably face significant demand that is immediate. Perkins Coie can help respond to questions regarding the eligibility, in addition to advising on navigating these complex programs to deal with your organizationвЂ™s immediate cashflow needs (for example, the CARES Act contemplates the crisis money funds being made within three times of application).
PPP loans increase the SBAвЂ™s current 7(a) loan and guarantee system through the changes that are following
PPP loans are designed by approved lagenders which are SBA-certifiede.g., eligible banking institutions), and you will be available through June 30, 2020.