Mr. Choudhury, our local SBA representative, asked us to share the message below. I am also including a link to Jeff Tenebaum's overview on our website here. Mr. Choudhury is happy to answer your questions personally. (Note: This is a different loan program than the 501c3-only paycheck protection program.)
U.S. Small Business Administration is offering economic injury disaster loans to nonprofits affected by the rapid spread of COVID-19. Most private nonprofits that have been financially affected since January 31st may qualify for working capital loans up to $2 million.
The interest rate is 2.75% and repayment terms are up to 30 years. These low-interest, long-term federal loans are for nonprofits to offset the adverse economic impact of the coronavirus pandemic.
If any nonprofit manager wants to start the loan application right now, he/she should visit this web-link: https://covid19relief.sba.gov/#/. In case of needing technical assistance, call 1-800-659-2955.
Sincerely,
Tamim Choudhury
Office of Disaster Assistance – Field Operations Center East
U.S. Small Business Administration
(800) 659-2955
FOCE-Region4-COVID@sba.gov