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RACF offers some clarity on SBA pandemic-relief program
RACF offers some clarity on SBA pandemic-relief program
As many small businesses and nonprofit organizations wait to hear whether their applications to the Small Business Administration’s pandemic-relief programs succeeded before the money ran out Thursday, the Rochester Area Community Foundation has an update.
Relying on information from U.S. Sen. Kirstin Gillibrand, D-N.Y., the foundation shared these bits of information about the status of applications to the Payroll Protection Program and the Economic Injury Disaster Loan program:
- Applicants who applied through a lender and received an SBA set-aside number have been approved for a loan, even if the money has not been disbursed yet.
- Applicants who applied and received initial approval from the lender, but don’t have an SBA set-aside number yet, should check with the lender on the loan’s status.
- For applicants who submitted an application but didn’t receive any communication about approval back from the lender, the application has not gone through and is too late for this round of funding.
RACF’s Simeon Bannister said the foundation issued the advisory primarily with nonprofits in mind, as the philanthropic organization helps channel donations supporting these organizations.
“We help the helpers,” he said.
Working with other community foundations around the country, RACF has urged lawmakers to include nonprofits in this and future funding programs, he said. Other lending programs and additional funding for the SBA programs are under consideration.
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