The recently passed CARES Act enables volunteer departments with an IRC 501(c)(3) or IRC 501(c)(4) designation to apply for the Small Business Administration’s Economic Injury Disaster Loan. Nonprofits that apply can receive an advance of $10,000 within three days, which does not need to be paid back even if the organization is denied for the loan. Nonprofit volunteer departments that pay firefighters are also eligible for the Paycheck Protection Program. Learn more about these programs here.
Marcum LLP is hosting a webinar on April 6 at 1pm ET on How Your Nonprofit Organizations Can Get the Most from COVID-19 Legislation. They will review how nonprofits and foundations can take advantage of the various programs and provisions made available through the CARES Act, including the Economic Injury Disaster Loan, Paycheck Protection Program, and more. Learn more and register here.