We know the effects of COVID-19 are far reaching and our nonprofit members are struggling to deliver on their missions. Many organizations with a “not for profit” classification were left out of the recent CAREs Act. This includes 501c(6) organizations and many others.
We wanted you to know that there are still some resources available to your nonprofit organization through the Economic Injury Disaster Loans & Emergency Economic Injury Grants.
The Boise Metro Chamber would like to share information to inform you about the loans and grants, and to help you determine if you are eligible.
These Small Business Administration grants provide an emergency advance of up to $10,000 to small businesses and most private non-profits harmed by the COVID-19 pandemic.
To access the advance, you must first apply for an Economic Injury Disaster Loan
(EIDL) and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to:
Your organization could be eligible for an EIDL loan worth up to $2 million with a low interest rate.
Guidelines for Determining Non-Profit Eligibility
Entities are eligible with an effective ruling letter from the IRS, granting tax exemption under sections 501(c), (d), or (e) of the Internal Revenue Code of 1954, or if you can provide satisfactory evidence from the State that the non-revenue producing organization or entity is a non-profit one organized or doing business under State law.
You are likely not eligible if:
The 501 (non-profit) is principally engaged in teaching, instructing, counseling, or indoctrinating religion or religious beliefs, whether in a religious or secular setting, or primarily engaged in political or lobbying activities is not eligible to receive an EIDL. Primarily, means that political action or lobbying activities make up the majority of your organization’s efforts.
If you are uncertain whether you qualify, please consult with legal counsel to determine whether your organization meets program criteria.
Consider contacting the Boise SBA District Office at 208-334-9004, if you have questions or need a resource when applying for SBA EIDLs.
For up to date information on COVID-19, please visit our COVID-19 Updates page.
Leave a Reply.