First and foremost, there is A LOT of misinformation circulating about the CARES Act. We recommend ONLY trusting government websites for information. Before you head down the rabbit hole we've already traveled, here are the basic facts and links you need:
Small Business Administration
Relief funding is being administered by the Small Business Administration INCLUDING funds for nonprofits. While local SBA offices typically do not service not-for-profit entities, in a disaster declaration, they do. Everything you need is on the SBA website.
It is possible to spend hours reading all of the information on the SBA site pertaining to COVID-19 Relief (we have). Our recommendation is to go straight to the APPLICATION PORTAL and complete the streamlined process application immediately. Once the application is complete, SBA will contact you directly to let you know which programs you qualify for and how to proceed.
Once you have pulled together all of the information you'll need, the application takes less than 30 minutes to complete. Here's what you will want to have ready:
- Legal Name of your organization
- Employer Identification Number (EIN)
- Gross Revenue for the 12 Months Prior to January 31, 2020
- Cost of Goods Sold for the 12 Months Prior to January 31, 2020 (for most nonprofits, unless a portion of your revenue comes from a retail operation, this will be zero)
- Non-Profit Cost of Operation for the Twelve (12) Months Prior to January 31, 2020
- Contact Information: Address, Phone Number, Email
- Date of Incorporation
- Number of Employees as of January 31, 2020
- Banking Information: Bank, Account Number, and Routing Number
If you have questions about any of the items above, JOIN OUR WEBINAR and we'll be glad to assist you.
NO ONE should be charging you for assistance with this process.