April 6, 2020 Nonprofits and the CARES Act
Financial Resources for Nonprofits
Community Foundation Sonoma County is responding to the current and continuing disaster with a commitment to helping to ensure our communities and their many wonderful nonprofit organizations remain resilient, sustainable and vibrant. We are dedicated to ensuring nonprofit agencies are supported as we navigate the uncertainty of today toward the hope of tomorrow.
There are numerous new federal and state resources for local nonprofits. If you are wondering where to start, we encourage you to explore. We’ve read through hundreds of articles and webinars to curate a concise list of CARES act and State resources relevant to how nonprofits can tap into available funding.
- SBA Economic Injury Disaster Loan (EIDL)– SBA EIDL loans are low-interest loans provided through the SBA disaster loan program to help businesses and homeowners recover from declared disasters. The CARES Act expands eligibility for access to EIDL loans and provides $10,000 forgivable loans available within 3 days of application. The EIDL application is live now and can be found here.
- Paycheck Protection Program Loans (PPP)– SBA 7A Loan Program for nonprofits with fewer than 500 employees. Organizations are eligible for as much as $2.5 million or 2.5 times their average monthly payroll costs (including wages, salaries, benefits including health and retirement, state taxes, rent/mortgage, and utilities, up to $100,000 per employee). The terms are favorable – as long as 2 years at 0.5% interest. The loans are forgivable if levels of employment are maintained for 8 weeks. Apply through your local bank beginning Friday, April 3, 2020, on a first come, first served basis, here. A sample of the application form can be found here.
- California Disaster Relief Loan Guarantee Program – provides financial relief to small businesses and eligible nonprofits with up to 750 employees that have been negatively impacted or experienced disruption by COVID-19.
Below are some helpful links to additional information about the programs that are available.
Overview of Resources for: