Thursday, June 20, 2024

Opportunities for Nonprofits and Individuals – Congress Replenishes Paycheck Protection Program and SBA Emergency Loans

Please see the notice below from the Americans for the Arts Action Fund regarding the availability of additional federal funds available through the Coronavirus Aid,  Relief, and Economic Security (CARES) Act’s Paycheck Protection Program (PPP). Nonprofits and self-employed individuals can access $60 billion of these PPP funds reserved for community banks to process loans for smaller groups. The SBA’s Emergency Injury Disaster Loan (EIDL) program was also replenished with $10 billion being allocated to give “advances” of up to $10,000 to companies and nonprofits with fewer than 500 employees. Details and additional resources are  below.

Congress Replenishes Paycheck Protection with $310 Billion and SBA Emergency Loans with $60 Billion

Congress completed passage of additional funding for CARES Act legislation by replenishing the popular Paycheck Protection Program (PPP) with an additional $310 billion. I am very pleased to report that $60 billion of these PPP funds are being reserved for community banks to process loans for smaller groups, like nonprofits and self-employed gig workers. These new supplemental funds will also be administered on a first-come, first served process. If you’ve already applied, then your application is in the queue, but if you haven’t applied yet, please do immediately. The Small Business Administration reports that 39,670 nonprofit and commercial groups and gig workers representing the “arts, entertainment, and recreation sector” have already been awarded $4.9 billion in PPP funds in the first round of CARES Act.

Congress also replenished the SBA’s Emergency Injury Disaster Loan (EIDL) program with an additional $60 billion, of which $10 billion will be specifically allocated to give “advances” of up to $10,000 (based on $1,000 per employee) to companies and nonprofits with fewer than 500 employees, and to self-employed gig workers. The “advance” payments do not have to be repaid.

Here are some resources to assist you:

1. Office Hours with Nina – I have extended my daily zoom office hours through May 15th to help artists and arts groups navigate the application process for PPP, EIDL, Pandemic Unemployment Compensation (PUC), and grant applications to the federal cultural agencies.  Please drop-in to ask questions, to listen to your peers, and to share your success stories.
2. CARES Act Table of Federal Arts Funding Opportunities – I’ve broken down the CARES Act so you can determine which funding opportunities apply to you, whether you represent a nonprofit organization, a governmental agency, a commercial arts company, a self-employed gig worker, or just a taxpayer. The table is regularly updated and links to helpful FAQs are listed on the last page.
3. Upcoming Webinar on May 4th @ 2:00-3:15 pm ET – Americans for the Arts and the Arts Action Fund will be hosting a webinar (registration details to come) to cover the following:
o Local success stories and best practices on securing CARES Act funding

o Findings from the three active surveys that we’re currently conducting on the impact of COVID-19 on the arts. By the way, it’s still not too late to participate in these surveys:

o Customized walk-through of the incredibly comprehensive and soon-to-go-live updated web pages of the Americans for the Arts Coronavirus Resource and Response Center 2.0.

Thank you for everything you do to support the arts. Apply now for CARES Act funds and, if you can, please consider making a contribution to the Arts Action Fund!

Nina Ozlu Tunceli
Executive Director

 

The most reliable way to contact us continues to be through email. You can find a staff directory at  https://www.miamidadearts.org/about/staff-councils.

Please check the County’s web site for more COVID-19 information and for regular updates:  miamidade.gov/coronavirus.

To view a comprehensive list of all the previous updates on COVID-19 click here.



Originally published at https://miamidadearts.org/news/opportunities-nonprofits-and-individuals-congress-replenishes-paycheck-protection-program-and

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