Coronavirus Emergency Loans Guide and Checklist for Small Businesses and Nonprofits

09/16/2020 ASAE Action Alert:  The deadline to join our community sign-on letter is extended to Friday, September 25. Add your organization today. The letter calls on Congress to expand eligibility under the PPP to include 501(c)(6) organizations.  See full announcement

09/08/2020 ASAE Action Alert: New Sign On Letter to urge Congress to pass relief legislation and include 501(c)(6) nonprofit organizations in the Paycheck Protection Program (PPP).

08/04/2020 ASAE: Senate Proposal Would Expand PPP to 501(c)(6) Organizations

07/10/2020 ASAE: New Covid Relief Legislation

04/21//2020 ASAE: Association Advocacy in COVID-19: The CARES Act and Future Legistlation - SLIDE DECK

Coronavirus Aid, Relief and Economic Security (CARES) Act

The Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans (EIDL) were passed as part of the CARES Act. President Trump signed these loans and grant programs, which amounted to $360 billion and were part of the $2.2 trillion CARES Act on March 27.

The Paycheck Protection Program (PPP), which enables businesses to obtain up to $10 million in loans that are 100 percent forgivable if they do not lay off any employees or if they rehire employees they’ve already laid off. These loans are through your lender and the application can be found HERE.

Employee Retention Tax Credit, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit).

Economic Injury Disaster Loan & Grant  (EIDL), which includes a $10,000 grant that businesses can apply for and which they do not need to pay back. The rest of the EIDL loan, which caps out at $2 million, is not forgivable but can be more flexible than PPP in the types of expenses it covers. These loans are through the Small Business Administration and the application can be found HERE.

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