Nonprofit organizations can access numerous resources for assistance during the COVID-19 pandemic.
Updated August 30, 2020
The City of Evanston website lists numerous federal and state resources.
ecf rapid response operating grants
Evanston-serving nonprofits facing significant financial challenge due to lost earned and/or fundraising revenue and/or increased expenses due to providing increased, new, or changed services in this crisis can apply for Operating Grants. Learn more about the Operating Grant funding priorities, funding parameters, qualifications, how to apply, deadlines and decision dates, and application questions.
federal programs and resources
Beginning in mid-July 2020, the Federal Reserve opened its Main Street Lending Program to nonprofit organizations, expanding the existing program intended to help businesses weather the coronavirus crisis.
The CARES Act (Coronavirus Aid, Relief, and Economic Security Act, S. 3548) included two opportunities through the Small Business Administration (SBA) for nonprofits: Economic Injury Disaster Loans (EIDL) and Payroll Protection Program (PPP).The Payroll Protection Program application period ended in early August 2020. EIDL are still available.
main street lending program
The Federal Reserve has expanded its Main Street Lending Program to include nonprofit organizations. Eligible organizations must have at least 10 employees. Nonprofit organizations will be able to obtain loans of at least $250,000 and up to $300 million.
Eligible organizations must have at least 60% non-donation revenue from 2017 to 2019. The organization’s 2019 operating margin must be at least 2%. Eligible organizations must have been in operation at least five years and have less than $3 billion in endowment.
The program is administered by the Federal Reserve Bank of Boston, which has released this useful summary. Applicants must work with a qualified lender, a list of whom can be found on the Federal Reserve website.
The Small Business Administration (SBA) offers Economic Injury Disaster Loans (EIDL) to help small businesses meet working capital needs caused by a natural disaster. EIDL can provide up to $2 million of financial assistance (actual loan amounts are based on amount of economic injury) to small businesses or private, non-profit organizations that suffer substantial economic injury as a result of the declared disaster, regardless of whether the applicant sustained physical damage. These are loans to “keep business in business”. They are working capital loans to be used for payroll, fixed debts, and other bills that could be paid had the disaster not occurred.
An EIDL can help you meet necessary financial obligations that your business or private, non-profit organization could have met had the disaster not occurred. It provides relief from economic injury caused directly by the disaster and permits you to maintain a reasonable working capital position during the period affected by the disaster. EIDLs do not replace lost sales or revenue.
The loans are for up to 30 years with a 2.75% interest rate for nonprofits. Payments are deferred for at least a year.
•$10,000 advance will potentially be treated as a grant.
•Small Business Administration (SBA) is the loan processor, so organizations can and should apply directly online.
If you need help, ECF contracted with Executive Service Corps (ESC) to help Evanston-serving nonprofits in filling out Economic Injury Disaster Loan applications. An ESC consultant can help you complete the application via teleconference. Further information is available on the EIDL FAQ document. Sign up for ESC assistance.