The Small Business Administration has announced that all faith-based organizations impacted by the COVID-19 pandemic are eligible to participate in loans from the SBA. Rebecca Havely has more information…
All faith-based organizations, who have had to close because of the COVID-19 stay-at-home orders, are eligible to receive funds from the Paycheck Protection Program and the Economic Injury Disaster Loan program, as long as they meet the criteria outline in the CARES Act. The funds are meant to keep small business workers—and faith-based workers—employed. The Paycheck Protection Program’s maximum loan is $10 million with a fixed 1 percent interest rate for two years. The SBA will forgive loans that are used for payroll costs for up to eight weeks. The Economic Injury Disaster Loan program provides qualifying small businesses and non-profits with working capital of up to $2 million with low interest rates and terms extending up to 30 years. https://www.sba.gov/funding-programs/loans/coronavirus-relief-options
