On March 27, the President signed into law the historic $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the pandemic our world is facing. In addition to providing individual citizens with financial assistance, direct payments, and other benefits, this wide-reaching bill will provide vital economic relief for small businesses, nonprofit organizations, and independent contractors.
To support our many nonprofit and small business partners, we previously compiled highlights of available resources within the bill that would help those in need.
On March 31, the Treasury Department released an information sheet that provides updates and clarification to the Paycheck Protection Program (PPP), a provision within the CARES Act that authorizes up to $349 billion in forgivable loans to small businesses, including nonprofits and independent contractors, to help pay their employees during the COVID-19 pandemic. To read the full information sheet, click here.
Paycheck Protection Program Highlights
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and certain expenses through existing SBA lenders. Independent contractors and self-employed individuals will be eligible to apply for these loans starting April 10, 2020. Those interested in utilizing the PPP can apply through any existing SBA lender or through any federally insured credit union or depository institution. Be sure to visit the SBA website for a list of approved lenders.
All businesses with 500 or fewer employees can apply, including nonprofits, veterans organizations, tribal businesses, sole proprietorships, self-employed individuals, and independent contractors. Some businesses with more than 500 employees are eligible, based on SBA guidelines.
Click below to read the full Paycheck Protection Program Fact Sheet:
Click below to download the Paycheck Protection Program Application:
Current COVID-19 Resources & Upcoming Webinars
We will continue to provide updated links to upcoming informational webinars and resources hosted and compiled by our industry partners. We hope these continue to provide useful guidance to groups and businesses in need.
The CARES Act: What You Need to Know - Webinar 4/6
Hosted by CohnReznick
The United States government has been working swiftly to enact legislation and put in place parameters to help our citizens get through this trying time as we look toward our new normal. However, with all this new legislation comes thousands of questions, and concerns, that beg for answers – with one key piece being how will the Coronavirus Aid, Relief, and Economic Security (CARES) Act impact me?
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COVID-19 Resources
Novogradac & Company
Novogradac & Company is maintaining a compendium of available resources for the affordable housing, community development, and renewable energy communities. This includes in-depth discussions on emerging legislation, congressional correspondences, and federal guidance in response to the COVID-19 pandemic. | Read More
CDFA COVID-19 Resource Center
Council of Development Finance Agencies
Development finance has always been at the forefront of recovering from natural disasters and economic challenges. The CDFA COVID-19 Resource Center is a collection of financing programs and resources to address disaster relief and recovery. CDFA developed this COVID-19 Resource Center to serve as a central hub of everything the development finance world is doing to mitigate the impacts of COVID-19. | Read More
Main Street Resources
Main Street America
Our friends at Main Street America is compiling existing resources, opportunities, and community response examples to help Main Street districts during the crisis. They are maintaining lists of local, statewide, and federal funding programs to help local businesses and communities in neaweed. | Read More
We're In This Together
National Trust for Historic Preservation
Our friends at the National Trust for Historic Preservation have created a list of ways to virtually enjoy the beautiful historic places across the country, ideas to support local businesses that have been impacted by the pandemic, and even curated playlists to enjoy while your find a new daily routine. | Read More