Dear Volleyball Club Directors,
In these challenging times, we understand the significant impact that COVID-19 has had on all aspects of our lives. As we navigate through this together, we want to ensure that you, as volleyball club directors, are aware of potential resources that may be available to help your small businesses.
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At Alpinetgheep.com, we are dedicated to providing you with valuable information and support during this difficult period. While we are not directly affiliated with any specific programs, we feel it is important to share these resources with you as a service. Should you have any questions, we encourage you to reach out to the organizations responsible for offering and managing these initiatives.
Facebook Grants
Facebook is offering a remarkable $100 million in cash grants and ad credits to support eligible small businesses in over 30 countries. This program aims to help businesses, including volleyball clubs, maintain their workforce, cover operational costs, and connect with customers. If you believe your volleyball club meets the criteria, we encourage you to sign up for updates on the Facebook grants page.
Universal Deductions and Expanded Loans for Nonprofits
Congress is expected to pass a $2 trillion coronavirus bailout legislation, which includes a program allowing nonitemizers to deduct up to $300 in cash giving for the 2020 tax year. Additionally, smaller nonprofits may be eligible for loans of up to $10 million each. This legislation would also increase the cap on annual giving and offer guaranteed loans to nonprofits with fewer than 500 employees. We recommend visiting philanthropy.com for more details on this potential program.
Small Business Administration Disaster Assistance Loans
The Small Business Administration (SBA) is actively working with state governors to provide Disaster Assistance Loans for Small Businesses Impacted by Coronavirus. Many states have already launched Economic Injury Disaster Loan programs specifically designed to assist businesses affected by COVID-19. These working capital loans can be utilized to cover fixed debts, payroll, accounts payable, and other critical expenses. To learn more about eligibility and to apply for these loans, please visit the SBA Disaster Loan website.
SBA Disaster Assistance Loans Specifics
Eligible Entities
- Applicants must meet the SBA requirements as a small business subject to revenue and employee limits.
- Businesses directly affected by COVID-19.
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Ineligible Entities
- Agricultural Enterprises
- Religious Organizations
- Gambling Concerns
- Casinos & Racetracks
- Cannabis Industry
Loan Approval Criteria
- Credit History: Applicants must have a credit history acceptable to the SBA.
- Repayment: SBA must determine the applicant business’s ability to repay the loan.
How Much You Can Borrow
- Eligible entities may qualify for loans of up to $2 million.
- Interest rates for these disaster loans are 3.75 percent for small businesses and 2.75 percent for nonprofit organizations, with terms up to 30 years.
- Eligibility is based on the size and type of business, as well as its financial resources.
How the Funds Can Be Used
- These working capital loans may cover fixed debts, payroll, accounts payable, and other essential bills that were affected by the disaster.
- The loans are not intended to replace lost sales or profits or to fund expansion.
- Funds cannot be used to pay down long-term debts.
What is Needed to Apply
- Completed SBA loan application (SBA Form 5)
- Tax Information Authorization (IRS Form 4506T)
- Complete copies of the most recent Federal Income Tax Return
- Schedule of Liabilities (SBA Form 2202)
- Personal Financial Statement (SBA Form 413)
- Income, balance sheet, and cash flow documents
- Other information may be requested
Other Information That May Be Requested
- Complete copy of the most recent Federal income tax return for principals, general partners, or managing members, and affiliates
- Year-end profit-and-loss statement and balance sheet if the most recent Federal income tax return has not been filed
- Current year-to-date profit-and-loss statement
- Additional Filing Requirements (SBA Form 1368) providing monthly sales figures
How Soon Will Businesses Receive Money?
- Eligible businesses that submit complete loan packages can receive funds within three (3) weeks.
- Incomplete information and verification of collateral may cause delays in the approval process.
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How to Apply
- Applicants can apply online using the Electronic Loan Application (ELA) on the SBA’s secure website at https://disasterloan.sba.gov/ela.
- Paper loan applications can be downloaded from www.sba.gov/disaster. Completed applications should be mailed to the U.S. Small Business Administration, Processing and Disbursement Center, 14925 Kingsport Road, Fort Worth, TX 76155.
- For additional information and application forms, contact the SBA’s Customer Service Center at 800-659-2955 (800-877-8339 for the deaf and hard-of-hearing) or send an email to [email protected].
FAQs
Q: Can volleyball clubs apply for Facebook grants?
A: Yes, volleyball clubs may be eligible for the $100 million cash grants and ad credits offered by Facebook. Visit the Facebook grants page for updates and application information.
Q: How much can volleyball clubs borrow through SBA Disaster Assistance Loans?
A: Eligible volleyball clubs may qualify for loans of up to $2 million through the Small Business Administration (SBA) Disaster Assistance Loans program.
Q: What expenses can SBA Disaster Assistance Loans cover for volleyball clubs?
A: These loans can be utilized to cover fixed debts, payroll, accounts payable, and other critical bills that were affected by the COVID-19 pandemic.
Summary
In these trying times, it is crucial for volleyball club directors to be aware of the available resources to help sustain their businesses. Facebook grants, SBA Disaster Assistance Loans, and potential legislation regarding deductions and expanded loans for nonprofits are just a few options worth exploring. By taking advantage of these programs, volleyball clubs can navigate through this challenging period and emerge even stronger.
For more information and detailed application processes, please visit the respective websites or contact the organizations offering these programs. Remember, we are all in this together, and Alpinetgheep.com is here to support you every step of the way.
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Danh mục: Volleyball
