On Tuesday, April 7, the Chronicle of Philanthropy held a webinar entitled The Stimulus Bill and Nonprofits: Answers to Your Questions for organizations trying to navigate the huge new and bolstered federal lending programs in the recently-signed Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
America Forward Senior Advisor Lee Foley participated in the webinar as a panelist alongside Allison Grayson, Director, Policy Development and Analysis at Independent Sector, and Peter Fissinger, President and Chief Executive Officer at Campbell & Company.
The full recording of the webinar and transcript can be accessed HERE. Below, please find our high-level map of the key parts of the conversation by topic area:
- Minutes 4:30-10:30: Lee Foley discusses the features of the two new Small Business Administration lending programs for small businesses and nonprofits – the “Economic Injury Disaster Loans (EIDL)” program and the “Paycheck Protection Program” (PPP)
- Minutes 13:49-17:50: Peter Fissinger discusses the key charitable deduction in the CARES Act and strategies nonprofits can use to engage donors around it (and navigate the crisis more broadly)
- Minutes 18:16-21:50: Lee Foley discusses a key feature of the PPP that allows nonprofits and small businesses to convert their loans very nearly into grants by taking key steps to retain staff and pay administrative costs.
- Minutes 26:18-28:57: Allison Grayson discusses some of the challenges nonprofits have already been confronting in accessing SBA loans, and how to potentially navigate them.
- 30:00-60:00: Detailed QA with all three panelists (more than 300 questions were submitted)
The webinar was one of many recent efforts to keep nonprofits apprised of the details of fast-moving legislation and programs related to COVID-19 relief and recovery. To learn more about the SBA lending programs mentioned above and access key documents and materials, please read our recent blog post New COVID SBA Lending Program Information and Resources for Nonprofits. To access information about other features of the CARES Act that will affect nonprofits across the country, read America Forward’s 3/31 op-ed in the Chronicle of Philanthropy entitled What Nonprofits Should Know About the $2.2 Trillion Federal Covid-19 Aid.
Stay tuned for additional updates on policy affected nonprofits in the midst of the COVID-19 crisis.
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