HOW SMALL BUSINESS ADMINISTRATION PARTICIPATES IN PAYCHECK PROTECTION CORONAVIRUS AID! (2750 hits)
For Immediate Release From Small Business Administration!
SBA Clarifies Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs
SBA Administrator Jovita Carranza announced that SBA issued guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the Paycheck Protection Program and the Economic Injury Disaster Loan program, without restrictions based on their religious identity or activities, to the extent they meet the eligibility criteria outlined in the CARES Act that was passed by Congress, signed into law by President Trump, and implemented by the Paycheck Protection Act Interim Final Rule.
“Following the passage of the emergency economic relief assistance, the Administration and Congress acted to ensure that small businesses and non-profits alike have access to critical funds to keep their workers paid and employed,” said Carranza. “Faith-based organizations have always provided critical social services for people in need, and SBA will make clear that these organizations may access this emergency capital.”
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Beware of Scams and Fraud Schemes
The Office of Inspector General recognizes that we are facing unprecedented times and is alerting the public about potential fraud schemes related to economic stimulus programs offered by the U.S. Small Business Administration in response to the Novel Coronavirus Pandemic (COVID-19). The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest financial assistance bill to date, includes provisions to help small businesses. Fraudsters have already begun targeting small business owners during these economically difficult times. Be on the lookout for grant fraud, loan fraud, and phishing.
Join Small Business Majority and SCORE for a national webinar covering the new loan programs made available by the CARES Act, resources related to COVID-19 and policy recommendations to bolster small business owners right now.
