Released by Inside Charity …
The Senate has passed the PPP Health Care Enhancement Act, also known as the “COVID-19 3.5” relief package. The $484 billion package, which is expected to pass in the House of Representatives today was originally designed to be a $250 billion stop-gap measure.
New funding for nonprofits and small businesses will include $310 billion to replenish the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), a loan initiative aimed at helping charities and small businesses weather the economic fallout from the COVID-19 response. Of this amount, $60 billion would be set aside for smaller lending institutions such as credit unions and other community-based real financial institutions, with the goal of reaching underbanked businesses.
The package would also appropriate an additional $50 billion for SBA’s Disaster Loans Program Account and $10 billion for Emergency Economic Injury Disaster GRANTS, while increasing the authorization level for the emergency economic grants from $10 billion to $20 billion. SBA would also receive more than $2 billion to cover salaries and expenses for federal employees. The remaining $75 billion is allocated for hospitals, healthcare and enhance COVID-19 testing. Here’s the complete breakdown: VISIT HERE TO READ ENTIRE ARTICLE
Inside Charity is pleased to report that over 400 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process.
We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We’re in direct contact with the Small Business Association (SBA) and Internal Revenue Service (IRS) to provide you real-time updates you need to access CARE Act funding as soon as possible.