COVID Financial Resources
There are low-interest loans and small grants available due to the pandemic. Nonprofits have navigated rough seas over the past 18 months. PPP Loans and CARES Act funding through the State’s COVID grants were a tremendous help. These opportunities have passed but you may be interested in a small COVID grant from the Alabama Power Foundation or an EIDL Loan through the Small Business Association (SBA).
If your organization addresses health and human service needs related to COVID, small grants are available from the Alabama Power Foundation’s ABC Trust Community Grant.
EIDL loans from the SBA must be used for operating expenses like payroll, rent/mortgage, utilities, and debt, and these loans must be paid back. For nonprofit organizations, the interest rate is 2.75%. The term is 30 years, and the first two years of payments are deferred although interest will still accrue. If you have questions please visit the Small Business Administration website or contact your accountant.