Nonprofit organizations can access numerous resources for assistance during the COVID19 pandemic.
The lists numerous federal and state resources.
ecf rapid response operating grants
Evanston-serving nonprofits facing significant financial challenge due to lost earned and/or fundraising revenue and/or increased expenses due to due to providing increased, new, or changed services in this crisis can apply for Operating Grants. Learn more about the funding priorities, funding parameters, qualifications, how to apply, deadlines and decision dates, and application questions.
federal programs and resources
The CARES Act (Coronavirus Aid, Relief, and Economic Security Act, S. 3548) has two opportunities through the Small Business Administration (SBA) for nonprofits: Economic Injury Disaster Loans (EIDL) and Payroll Protection Program (PPP). The National Council of Nonprofits chart lays out the purpose, terms, and other information you need to know about these opportunities.
If you need help, ECF contracted with Executive Service Corps (ESC) to provide assistance to Evanston-serving nonprofits in filling out Economic Injury Disaster Loan applications. An ESC consultant can help you complete the application via teleconference. and the ESC consultants will try to get back to you within one business day. For PPP loans, applications must be filed through a bank.
The Small Business Administration (SBA) offers (EIDL) to help small businesses meet working capital needs caused by a natural disaster. EIDL can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. These are loans to “keep business in business”. They are working capital loans to be used for payroll, fixed debts, and other bills that could be paid had the disaster not occurred.
An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue.
The loans are for up to 30 years with a 2.75% interest rate for nonprofits. Payments are deferred for at least a year.
•$10,000 advance will potentially be treated as a grant.
•Small Business Administration (SBA) is the loan processor, so organizations can and should apply directly .
The SBA is offering Paycheck Protection loans that may be forgiven.This is a nearly $350-billion program intended to provide American small businesses with eight weeks of cash-flow assistance through 100 percent federally guaranteed loans.
•This will cover up to 2½ months of payroll costs.
•Potential for the loan to be forgiven if the organization does not have more than a 25% salary reduction.
•The application is available on the . Individual banks are the loan processors. Evanston Community Bank & Trust and Evanston's Byline Bank application processes have opened, for current customers. If you have a relationship with another bank in Evanston, your usual banker may have the best advice for you on how to proceed.