Our friends at the Southwestern Small Business Development Center (SBDC) put together this helpful summary for nonprofits interested in financial assistance during COVID-19:
“Accessing the various funds made available such as the Economic Injury Disaster Loan (EIDL) and the Paycheck Protection Program (PPP) can be challenging. This is no less true for non-profit organizations. Both funds were accessible to non-profits and soon will be again. Once the House votes to approve the new package and that package is signed by the President, there will be funds available in both programs.
To access the EIDL, nonprofits need to apply through the SBAs application site.
The PPP is only accessible through a qualified SBA 7(a) lender. The first step in this process is to check and see if your bank is a qualified lender. If they are then check to see if they are pre-accepting applications for the PPP. If so, work with the bank’s commercial lender to apply or get on a waiting list. If your bank is not a qualified lender you can either try to find another lender that is and is accepting applications from non-clients or try one of these lenders:
If additional support is needed, organizations are welcome to call us – we would be happy to help!”
– Dr. John P. Bacon, Executive Director – Southwestern Small Business Development Center (SBDC)
541.888.7182 / 1988 Newmark, Coos Bay, OR 97420
Thank you, John!