How nonprofits can apply for loans and other emergency benefits
Nonprofits interested in taking advantage of new emergency loans and other aid programs should get their papers in order, contact their local FDIC-insured bank, and prepare to move quickly, nonprofit policy experts say. The application process for many benefits opens Friday, April 3, 2020.
“Reaching out to the bank right now is really important,” said David Thompson, vice president for public policy for the Council of Nonprofits. “Because the program is administered through the banks, they are going to hear details before we are, so you may get a heads up faster.”
In particular, nonprofits should prepare documents related to employee pay and benefits.
Sandi McKinley, vice president of Nonprofit Finance Fund, a nonprofit community-development financial institution, said it was especially important for smaller nonprofits to have their ducks in a row.
“Larger organizations that are already well organized are going to be the ones poised and ready to apply,” said McKinley. “Many of the small organizations might not have the resources or the capacity to navigate the system, and we are really worried that could exacerbate some of the inequities of the sector.”
The following information on benefits available to nonprofits under the $2 trillion stimulus bill enacted March 27 was compiled from information provided by the National Council of Nonprofits, Independent Sector, the Small Business Administration, U.S. Chamber of Commerce Foundation, and other sources.