SBA Loan and Employment Guidance

Hello friends and colleagues,

Thanks to the support of the Madison Community Foundation, over the past two days, Scholz Nonprofit Law has hosted several seminars on the Coronavirus Aid Relief and Economic Support Act (“CARES”), and related options for financial support and sustainability during these challenging times. If you want to listen to a recording of the seminar, see here.

We focused our seminar on two topics (i) SBA loan programs available to nonprofits, and (ii) employment challenges nonprofits are facing.

Jeff Femrite discussed (i) the SBA’s Paycheck Protection Program (“PPP”) loans (which may be totally forgiven if used properly), and (ii) Economic Injury Disaster Loans (“EIDLs”) (which may include a $10,000 emergency cash grant). He prepared a helpful checklist and guidance for applying for PPP and/or EIDL loans. Slides from his presentation can be found here.

Sarah Kissel outlined various requirements and opportunities under the CARES Act and the Families First Coronavirus Response Act (“FFCRA”). Slides from Sarah’s presentation are available here.

We continue to monitor developments on these and other issues affecting nonprofits during the crisis, and will send periodic updates. If you or colleagues want to receive our updates, make sure to sign up.

I hope you all are staying safe and sane. Thank you for your important work in these difficult times.

Best,
Melissa

Also see: COVID-19 Resources Page