Funds available for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) have been exhausted, according to a statement posted on April 16, 2020 on the Small Business Administration (SBA) Coronavirus Small Business and Loan Guidance page.
The notice on the SBA website states the following:
Lapse in Appropriations Notice: SBA is unable to accept new applications at this time for the Paycheck Protection Program or the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.
EIDL applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.
The SBA and Department of Treasury issued a joint statement on April 15, 2020, urging Congress to move forward to replenish the loan programs.
Congress has expressed a commitment to provide additional appropriations for one or both of these programs. However, Congress has not yet acted because Democratic and Republican leaders disagree on what issues should be addressed in the new appropriations bill. Negotiations are ongoing.
This blog, And God’s First, will be updated with new posts when additional information becomes available.
January 16, 2023 | Faith-based nonprofit organizations should recognize whether they are obligated to follow the requirements under the Fair Labor Standards Act (“FLSA”).
December 13, 2022 | Faith-based nonprofits will likely face more lawsuits and government actions challenging religious freedom after Congress passed the Respect for Marriage Act (RMA) repealing the Defense of Marriage Act of 1996. The RMA impacts faith-based organizations in two specific situations. Both relate to interactions between the faith-based organizations’ work and the state and federal government. The threats to faith-based organizations remain despite language in the RMA purporting to protect religious freedom. Both supporters and skeptics of the RMA agree that the RMA’s religious freedom language has no “meaningful effect.” Below are key questions and “known unknowns” related to the RMA’s impact on faith-based nonprofits.
November 22, 2022 | At first glance, the voting requirements in a nonprofit’s bylaws may not seem an exciting topic. Most nonprofits have not seriously considered their bylaws, perhaps because they have inherited old bylaws, copied the bylaws of another company, or even originated their bylaws from a quick internet search! If any of these scenarios applies to your organization, your organizations’ bylaws may include director voting requirements not tailor-made to your preferences or the specific needs of your organization.