The Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) expands nonprofits’ access to critical federal loan and grant programs as part of its approximately $2 trillion aid package addressing the COVID-19 economic fallout. The Small Business Administration (SBA) will run multiple programs that broaden access to loans—some of which are partially forgivable—and provide emergency cash grants:
- Economic Injury Disaster Loans (EIDLs) up to $2 million, and emergency cash grants up to $10,000 for private nonprofit organizations
- Paycheck Protection Program loans (PPP loans) to support smaller-size nonprofits and veterans’ organizations in making payroll and other essential payments during the COVID-19 crisis
Many of our lodges fall within the guidelines to receive financial assistance through the Economic Injury Disaster Loans (EIDL) program, and in some cases, it may be worth checking with your local financial institution whether the Paycheck Protection Program applies to your lodge. Please click here for additional information and recommendations from Moose International’s Legal Department.