As a result of COVID-19 and its economic impact, below is a summary of two available programs to our members and other small business owners through the Small Business Administration (SBA).
These are exceptional programs available to our organizations at an extremely important time.
ECONOMIC INJURY DISASTER LOANS AND LOAN ADVANCE
Provides small business owners and private non-profits (under sections 501(c), (d), or (e)) in all U.S. states, Washington D.C. eligibility for an Economic Injury Disaster Loan advance of up to $10,000
Advance funds available within 3 days of a successful application
Loan advance will NOT need to be repaid
Provides working capital loans to help small businesses overcome the temporary loss of revenue
The interest rate is2.75% for non-profits; 3.75% for small businesses
Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay