By Richard W. Lewis, CPA, CFE, and Amy Rybar Menefee, CPA, CFE, Business Assurance & Advisory Services Partners | Not-for-Profit Team
Financial Tool Available for Not-for-Profit Organizations Experiencing Economic Injury
The Coronavirus pandemic has driven not-for-profit organizations, businesses and the economy into challenging and uncertain times. The federal and state governments are working to provide relief for organizations and businesses that are being negatively impacted. If your not-for-profit organization is suffering economic injury as a result of COVID-19, we want to make you aware of a financial tool provided by the U.S. Small Business Administration that may be helpful in obtaining liquidity.
SBA Loans for Nonprofits
To be eligible, your organization needs to be located in a designated disaster loan relief location and have been unable to obtain credit elsewhere. On March 18, 2020, Governor Northam sent a disaster declaration for numerous cities and counties in Virginia. This list is expected to grow as the coronavirus pandemic continues. For more information about the loan, qualifying areas, and application information, see our article, SBA Disaster Loans: A Financial Tool for Obtaining Liquidity.
If you have any questions about this program or would like to talk about other concerns in this changed economy, please contact your not-for-profit client service team member or Email | Call: 804.747.0000. We are here to listen and provide sound advice.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.