Independent Sector Asks Financial Orgs to Prioritize Nonprofits Under Coronavirus Stimulus Package

During this time of unprecedented need, it’s more crucial than ever for nonprofit organizations to receive the support they need to continue moving their missions forward. While the passing of the Coronavirus, Aid, Relief and Economic Security (CARES) Act offers some assistance, the Independent Sector, a national nonpartisan membership organization representing nonprofits, is asking financial organizations to prioritize nonprofits in the distribution of SBA 7(a) loans.

In a letter to American Bankers Association and Bank Policy Institute, the Independent Sector is calling on organizations that administer and directly impact recipients of SBA 7(a) loans to prioritize nonprofits as recipients. Because nonprofits play a tremendous role in supporting our society in a time of economic crisis, it’s evermore important to give nonprofits the support they need in a time when charitable giving is decreasing.

The CARES Act offers programs that nonprofits can especially benefit from — the Paycheck Protection Program, Economic Injury Disaster Loans and the Coronavirus Economic Stabilization Act Program.

“Nonprofits play an indispensable role in meeting the needs of our communities and supporting our economy in times of crisis. Even as this public health crisis has shut down vast portions of our economy, nonprofit organizations continue to serve on the frontlines to meet a wide range of needs in our communities, from providing meals to families, to offering emergency child care, to identifying emergency financial support for those who’ve lost their jobs in recent weeks,” Dan Cardinali, president and CEO of the Independent Sector, said in the letter.

To read the full letter from the Independent Sector, click here.