This blog was reposted with permission from the Center for Nonprofit Excellence.
A year into the pandemic and we are feeling restless, tired, and maybe a little ragged. BUT there is also a sense of growing hope. The vaccination rollout seems to be gaining momentum in the country and recently President Biden signed the American Rescue Plan Act (ARPA) on March 11, 2021.
As part of the $1.9 trillion dollar package, the American Rescue Plan Act brings some relief to individuals, families, businesses, and nonprofits across the country in the form of unemployment benefits, stimulus checks, vaccines, and state/local aid.
What does it do for the nonprofit sector? The National Council of Nonprofits put together this helpful chart providing an analysis of key provisions of the American Rescue Plan Act. Below are some priorities we would like to highlight as part of nonprofit advocacy efforts nationwide:
- Paycheck Protection Program (PPP) Loans – The law adds $7.25 billion to the program and expanded eligibility requirements to nonprofits that operate at multiple locations and employ not more than 500 at each location. Submit your PPP applications before May 31, 2021. Here are the revisions to the PPP application if helpful.
- Shuttered Venue Operators Grant (SVOG) – Includes an additional $1.25 billion and allows for performing arts nonprofits to apply for funds under both the PPP and SVOG grant. Keep in mind, the SVOG would be reduced by the amount of any PPP loan. Applications opened early April. Eligibility requirements and more information can be found in this FAQ document.
To help with any questions you may have about the Paycheck Protection Program, here is a webinar recording and slides from an online session hosted by the Nonprofit Finance Fund along with a blog on relevant updates.
And of course, if CNE can be of any support, please do not hesitate to contact us.