Faith is a pillar of hope, and for many Americans it has been a powerful reason for their continued success during these challenging times. The Administration, along with SBA Administrator Jovita Carranza and other SBA leaders, recognized the need to support faith-based organizations and have clarified their ability to participate in the Paycheck Protection and Economic Injury Disaster Loan Programs.
Faith-based organizations may apply regardless of their religious identity or activities, and will be considered to the extent they are eligible as outlined in the CARES Act as passed by Congress, signed into law by President Trump, and implemented by the Paycheck Protection Act Interim Final Rule.
“During this global pandemic the SBA stands behind every business, non-profit and faith-based organization,” said SBA Regional Administrator Ashley D. Bell. “We recognize the importance of keeping staff employed and keeping businesses and organizations operational as we push through these difficult times.”
Frequently Asked Questions
- The Paycheck Protection Program (PPP) is designed to keep small business staff employed and provide small businesses with capital through lending institutions, with support from the SBA. The PPP’s maximum loan amount is $10 million with a fixed 1% interest rate and maturity of two years. SBA will forgive the portion of loan proceeds used for payroll costs and other designated operating expenses for up to eight weeks provided at least 75% of loan proceeds are used for payroll costs.
Paycheck Protection Program Information: www.SBA.gov/paycheckprotection
To Find a PPP Lender: www.sba.gov/paycheckprotection/find
(or contact your local SBA District Office for a current list of SBA lenders participating in the program here)
- The Economic Injury Disaster Loan (EIDL) program provides qualifying small businesses and non-profits with working capital up to $2 million with low interest rates and terms extending up to 30 years and includes an advance payment portion.
Economic Injury Disaster Loan Program Information is here.