84ºF

Feds to provide nonprofit organizations loans to alleviate pandemic’s impact

With charitable donations impacted by the COVID-19 pandemic, nonprofit organizations' liquidity is suffering.
With charitable donations impacted by the COVID-19 pandemic, nonprofit organizations' liquidity is suffering.

MIAMI – The federal government is providing loans with a 2.75% interest rate to nonprofit organizations impacted by the COVID-19 pandemic, according to The Miami-Dade Beacon Council, a public-private partnership focused on facilitating business growth.

The organizations can benefit from the Economic Injury Disaster Loans assistance declaration issued by the U.S. Small Business Administration, a federal government agency that provides support to entrepreneurs, according to James Kohnstamm, the Beacon Council’s executive vice president of economic development.

The agency’s Office of Disaster Assistance will be working with Gov. Ron DeSantis to provide the low-interest federal disaster loans. The program will offer up to $2 million in assistance as part of the bill signed by President Donald Trump, according to Jovita Carranza, the SBA administrator.

“These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact,” Carranza said in a statement.

Aside from DeSantis, the agency’s southeast regional office in Atlanta is also working with the governors of Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee.

For more information about the program, call the SBA disaster assistance customer service center at 1-800-659-2955 or e-mail disastercustomerservice@sba.gov.


About the Authors: