There are two Loan Programs for Non-Profits
Emergency Injury Disaster Loan
Paycheck Protection Program
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Traditional SBA 7(a) Loan
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Request $10,000 advance
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Payable in three (3) business days
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Forgivable if you spend all the funds before June 30, 2020
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Must use funds for:
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Payroll (all areas of payroll, including taxes, employer-paid health benefits, sick leave, etc.)
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Rent or Mortgage Interest
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Utilities
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Must have employees or hire employees by June 30, 2020
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Any funds not spent by June 30, 2020, will be converted to a traditional loan
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Interest rates estimated to be 4% - 10%
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Requirements:
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EIN/Social Security Number
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90-Day Budget Plan
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2.5x Monthly Payroll Expenses
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Liability Schedule (list of expenses)
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Profit and Loss Schedule
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Idea of Revenue to Repay Loan
Benefits
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No Credit Check
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No Guarantor or Collateral Need
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Simple Application
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Can Apply for Both Loans