Allied Charities of Minnesota

ACM Update

02 Apr 2020 11:43 | Allen Lund (Administrator)

Members,

There are currently two primary plans for relief for small businesses (under 500 employees).  These plans appear to apply to at least some non-profit organizations, but please be aware that there are multiple exclusions.  Please consult a professional to guide you through the eligibility and application requirements.

One is the Covid-19 Economic Injury Disaster Loan. Here is a link to the application: https://covid19relief.sba.gov/#/  In response to the Coronavirus (COVID-19) pandemic, small business owners in all U.S. states, Washington D.C., and territories are eligible to apply for an Economic Injury Disaster Loan, with a forgivable advance of up to $10,000. The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing. The loan advance will provide economic relief to businesses that are currently experiencing a temporary loss of revenue. Funds will be made available within three days of a successful application. 

The second is the Paycheck Protection Plan, which consists of forgivable loans if the loan money is spent on payroll (less federal taxes), rent, utilities, or mortgage payments, and the business retains its employees or brings them back by June 30.  Applies to charitable groups (i.e. (c)(3)) and certain (c)(19) groups). This program is administered through SBA certified banks, of which there are about 1800 nationwide.  The US Treasury is attempting to expand the number of certified banks.  The loan covers up to 2.5 months of permitted payroll and related expenses.  Most banks are saying that they will have more information out in the next couple of days.  The application period starts Friday, April 3, 2020.   Link to the application is https://www.uschamber.com/report/covid-19-emergency-loans-small-business-guide

ACM is forwarding this to you as information only. ACM has no knowledge if your organization qualifies for either program, and is making no recommendation regarding the appropriateness of either program for your organization. More information can be found on the websites for the Small Business Administration and the Department of the US Treasury.  You can also contact your bank.

There has been no official reply in regards to the requests made by ACM of the Gambling Control Board and Department of Revenue regarding the relief requested last week. Unofficially we are being told that they are under consideration by the administration. As soon as any information is officially available it will be forwarded. 

Attached is the Jan-Mar GCB newsletter

Regards,

Al

2020-gn-janfebmar.pdf


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