Nonprofit Financial Relief: A Complete List of Resources
Posted by Courtney Kang, Industry Marketing Lead
For most of the 1.3 million nonprofits in the U.S., the coronavirus has simultaneously heightened the need for their food, shelter, education and other social services while reducing their revenues.
Without an injection of funding, some of these organizations may have no choice but to pause or even shut down their operations, affecting not only their employees but also their community members.
In response, states, the federal government and foundations are working on solutions to ensure short-term relief, both in the form of cash and information. Here is an overview of some of the most trusted, comprehensive and practical nonprofit-specific resources available at this time, vetted by our industry experts.
Financial relief for nonprofits nationwide
If your nonprofit needs financial help, consider consulting the many thorough listings of aid opportunities from some of the industry’s major players. Our favorites include:
—Candid’s special COVID-19 page, which includes recently published requests for proposals from governments and organizations that are offering cash to nonprofits. The list features, for example, the State of Rhode Island’s $5 million grant program for local behavioral health nonprofits.
—Independent Sector’s COVID-19 page, which has a nonprofit-specific guide to applying for federal aid through the new Paycheck Protection Program.
—This list of tools and resources from the Nonprofit Finance Fund. A list of lists if you will, the page links to other pages that consolidate grants and loans for which you can apply.
State-specific financial aid for nonprofits
According to Community Foundation, some 250 community foundations in nearly every state have created relief funds to support locals affected by COVID-19, including nonprofits.
We highly recommend exploring Community Foundation’s state-by-state listing of available aid, which includes opportunities like:
–The OC Community Resilience Fund from the Orange County Community Foundation in California. The fund is deploying grants from $10,000 to $50,000 to community health clinics and nonprofits that are serving vulnerable communities.
–The $75 million NYC COVID-19 Response & Impact Fund to support New York City-based social services and arts and cultural organizations whose revenue has been affected by the virus. Loans will range from $100,000 to $3 million.
–The Chicago Community Trust’s Chicago Community COVID-19 Response Fund, in partnership with the City of Chicago and United Way of Metro Chicago, which has earmarked more than $3.5 million and counting for nonprofits in the region. (Nonprofits can’t yet apply, but you can log your interest for when funds are released.)
Understanding The CARES Act for nonprofits
Like for-profit businesses, nonprofits are eligible to receive financial support through The CARES Act, the $2 trillion federal relief package. Understanding this legislation and other future laws will be critical to ensure your organization receives maximum relief.
These links explain the law as it relates to nonprofits:
—The NonProfit Times highlights seven ways The CARES Act can financially help nonprofits, including details on the Paycheck Protection Program and SBA Disaster Loans and their specific stipulations for tax-exempt organizations.
—Southern California Grantmakers also breaks down The CARES Act for nonprofits, as well as its implications for individuals like your employees.
–The National Council of Nonprofits has a video, slide deck and recommended reading about The CARES Act for nonprofits, as well as its own lists of state-by-state and overall financial aid and educational resources.
Learn about how NetSuite is helping nonprofits and how to Connect Dollars to Outcomes.