The COVID-19 pandemic, is causing economic and daily-life disruption unlike any we have seen in decades before. The spread of the COVID-19 is forcing many not-for-profits to cancel their fundraising events locally, nationally, and internationally. Compounding the matter, investment market performance and downward volatility are weighing on potential donors’ ability to support not-for-profit organizations into the future. As a result, not-for-profit executives and governance boards alike are now being tasked with assessing the impact these cancellations will have on their operations, and more importantly, seeking alternative means to sustain and deliver on their programmatic missions within the community during this time.
In response to the pandemic, several emergency relief funds and other public support vehicles have been created to aid not-for-profits in carrying out their missions, especially for those most impacted by COVID-19. Low interest rate loans are available to not-for-profit organizations through the United States Small Business Administration under the Economic Injury Disaster Loan program to help alleviate economic injury caused by COVID-19. In addition, various grants and funds have recently been established in various states to aid not-for-profits to continue to serve their communities. The following is a brief synopsis and hyperlink to a few:
- Boston Foundation - The COVID-19 Response Fund: Awarding one-time operating grants on a rolling basis to nonprofits whose operations are in support of seniors, children, immigrants, workers, and other vulnerable populations that have been stressed by the outbreak. The Fund is designed to be adaptable in its goals and focus, which will evolve as community members and nonprofits in our region share their needs.
- Boston Resiliency Fund: The emerging priorities of the Boston Resiliency Fund are to provide food for children and seniors, technology for remote learning for students, and support to first responders and healthcare workers in the City of Boston.
- Rhode Island Foundation COVID-19 Response Fund: Awarding grants in the range of $10,000 to $75,000 to support nonprofit organizations providing direct assistance to Rhode Islanders with financial need or demonstrable hardship resulting from COVID-19.
Tri-State Area (NY, NJ, CT)
- The NYC COVID-19 Response & Impact Fund: Created to support New York City-based social services and arts and cultural organizations that have been affected by the health and economic effects of the current coronavirus public health crisis. The fund will provide $75 million in grants and interest-free loans to small and mid-size NYC-based nonprofits to help them respond to emerging needs, cover losses associated with the disruption of their operations, and help them continue their critical work.
- The Hartford Foundation for Public Giving: The COVID-19 Response Fund: Designed to provide flexible resources to organizations throughout the region that serve residents who are disproportionately impacted by coronavirus and the economic consequences of the outbreak. The Fund is designed to complement the work of federal, state, and municipal government efforts and expand local capacity to address all aspects of the outbreak as efficiently as possible.
- Philadelphia Foundation COVID-19 Fund: Providing grants to organizations with a track record of serving at-risk populations such as seniors, people with disabilities, and those who are experiencing homeless or are economically disadvantaged, in order to continue community safety nets and help with preparedness and protection, access to accurate current information, and available services during the pandemic.
Greater Washington Region (DC, MD, VA)
- Greater Washington Community Foundation: COVID-19 Emergency Response Fund: Designed to support emergency preparedness and response efforts, and to help mitigate the impact on disproportionately affected communities in our region. The fund will be focused on addressing lost wages, relief for small business workers, expanding access to medical services, and meeting the unique needs of people experiencing homelessness, among other needs.
- Maryland Small Business COVID-19 Emergency Relief Fund: The $50 million fund will provide grants up to $10,000 for businesses and nonprofits with up to 50 employees. Grant assistance is intended to provide interim relief complementing actions with its bank, business interruption insurance, and financial partners.
- The Community Foundation for Northern Virginia COVID-19 Response Fund: The Fund’s focus will be to help communities who are disproportionately impacted by the virus and its economic consequences. The Fund is designed to complement the work of public health officials, as COVID-19 is a public health issue, and as such, funding decisions will be made in consultation with them across our entire service area in Northern Virginia.
- California Endowment: Urgent Funding Response to COVID-19: Grants totaling $5 million are being commissioned to support public health efforts and the immediate social and health services needs of highly vulnerable Californians, including farm workers/day laborers, the homeless, and undocumented individuals.
Citrin Cooperman remains committed to ensuring we do our part to keep you up-to-date on the latest information available during these difficult times. Please reach out to your dedicated Citrin Cooperman Not-For-Profit Practice team at any time, as we are ready and able to assist you and your organization.