The novel Coronavirus, also known as COVID-19, has significantly impacted our lives economically, socially, and physically. Many nonprofits are responding to this global pandemic directly, providing services to clients that have been affected by this disease. Other nonprofits are looking at financial, staffing, and other challenges as communities shelter in place, donors shift their funding priorities, and all levels of government begin response and recovery planning in the wake of COVID-19.
Carriage House has put together a resource list for nonprofits here in Pinellas country as well as helpful information to navigate this constantly changing situation. We will continue to update it as more resources and information become available.
Financial Resources for Nonprofits in Pinellas County
Economic Injury Disaster Loan for Non-Profits
The Small Business Administration (SBA) will work directly with state Governors to provide targeted, low-interest loans to small businesses and nonprofits that have been severely impacted by the Coronavirus (COVID-19). The SBA’s Economic Injury Disaster Loan program provides small businesses with working capital loans of up to $2 million that can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing.
Details
- Eligibility: As of March 23, small businesses and nonprofits in every state can apply.
- Amount: Recipients are eligible for loans of up to $2M.
- Permitted Uses: Loans may be used to cover accounts payable, debts, payroll and other bills the coronavirus has affected your ability to pay.
- Terms: These loans carry an interest rate of 2.75% for nonprofits. Terms are determined on a case-by-case basis, based upon each borrower’s ability to repay, but go up to a maximum of 30 years.
For more information on how to apply for this low-interest loan, click here: https://covid19relief.sba.gov/#/
SBA 7(a) Paycheck Protection Program
Under the CARES Act stimulus bill, you can access up to 2.5 months of payroll expenses in loans. Much of the loan is forgivable if the organization keeps staff on payroll during the loan period. This, in essence, turns a portion of the loan into a general operations grant. The total loan fund is expected to be $349B, and loans will be given out on a first-come, first-served basis. If you are interested, you will have to move fast, as we estimate that there are over 4 million eligible organizations. Application details are expected on the SBA website early next week once the bill is signed.
Details
- Eligibility: 501(c)3 nonprofits with 500 or fewer employees are eligible, regardless of whether the organization qualifies as a small business under the normal SBA standards. Recipients do not have to certify that they are unable to obtain credit elsewhere.
- Loan Period: Loans are intended to cover expenses incurred during the period from February 15, 2020 to June 30, 2020, although a future stimulus package could extend the program beyond June.
- Amount: Recipients are eligible for a loan of up to 2.5 times the organization’s average monthly payroll (with pay capped at $100K per employee), up to a maximum of $10M.
- Permitted Uses: Payroll support (up to $100K per person), benefits, paid sick leave, mortgage payments, rent payments, and debt servicing.
- Terms: Maximum interest rate of 4% and a maximum repayment term of 10 years; principal and interest are deferred for up to a year and all borrower fees are waived.
- Loan Forgiveness: Nonprofits are eligible for loan forgiveness for the amount spent during the first 8 weeks of the loan on payroll costs, interest payment on mortgage, rent, and utilities. The portion of these expenses that is eligible for forgiveness depends on the percentage by which you reduced FTE staff and/or salaries (relative to a comparable period in 2019). (The specific mechanics of this comparison are not yet defined.)
- Lenders: Loans are made directly through local 7(a) lending institutions and are guaranteed by the SBA. No personal or collateral guarantee is required.
How to Apply
- You will apply directly with local lenders. SBA is expected to release application instructions early next week.
Foundation for a Healthy St. Petersburg Funded Partners
The Foundation for a Healthy St. Pete is working with its funded partners to provide flexibility in funding use in response to COVID-19. If you are a funded partner, it’s important to get in touch with them to work on a plan to use the funding for your needs as your nonprofit faces the challenges of COVID-19. They are also supporting the Tampa Bay Disaster Response Fund to help with response efforts. They are working to put together a fund to address:
- Disease mitigation of the most vulnerable based on race and condition
- Support nonprofit response, recovery, and resilience
- Seek to secure employment of the most vulnerably employed due to race and condition
For more information about the work they are doing specific to COVID-19, click here: https://healthystpete.foundation/covid-19/
United Way Suncoast
The United Way Suncoast is now accepting applications from any eligible non-profit human services organization serving people in Hillsborough, Pinellas, Manatee, Sarasota and DeSoto counties, with an emphasis on the ALICE population. There are also resources for individuals and families on the website as well. For more information about the funding opportunity and eligibility, click here: https://unitedwaysuncoast.org/what-we-do/community-investment-opportunities/
Florida Department of Economic Opportunity Short-Term Employee Compensation
The Short-Time Compensation program is a voluntary employer program designed to help employers maintain their staff by reducing the weekly working hours during temporary slowdowns instead of temporarily laying off employees. If your employer establishes a Short-Time Compensation Plan and you meet the qualifications to file a reemployment assistance claim in the state of Florida, you will receive a partial reemployment check to supplement your reduced paycheck. To find out more about this program for your nonprofit staff, please visit:
Informational Resources for Nonprofits
St. Petersburg Foundation COVID-19 Response Initiative
The St. Petersburg Foundation has put together a list of resources in the Tampa Bay Area. These resources include their needs survey, jobs board, careers page, and a resource page that links to the Council of Foundation’s Pledge of Action. They are also asking that other funders pledge to help establish a crisis fund. The Foundation is also taking donations to create their own local crisis response fund where 100% of donations will go toward unemployed individuals and nonprofit organizations in the area. For more information, click here: https://stpete.foundation/
Financial & Informational Resources from National Organizations
Kresge Foundation Resources
The Kresge Foundation, based in Detroit, Michigan, has compiled a comprehensive list of national, state, and regional resources for nonprofits. They have broken their resources down by issue areas which include Arts, Education, Human Services, the Environment, etc. For more information about this list of great resources, click here: https://kresge.org/news/live-updates-covid-19-resources-our-partners-and-community
National Council of Nonprofits: Nonprofits & COVID-19
The National Council of Nonprofits has created an extensive information page for nonprofits looking to navigate this evolving situation. They discuss next steps for nonprofit, how it may impact them, how to prepare their organization and staff and now have an analysis of the stimulus package for nonprofits looking for assistance. They will be updating this page regularly with the latest information and resources that nonprofits can use to prepare and respond. For more information about how your nonprofit can prepare itself, click here: https://www.councilofnonprofits.org/nonprofits-and-coronavirus-covid-19
The Chronicle of Philanthropy | Responding to the Coronavirus Outbreak: Resources to Help Nonprofits
This is another great resource for nonprofits looking for emergency funding, guidance on how to conduct operations in the midst of this pandemic, and tips on how to conduct business remotely and using technology. For more information, click here: https://www.philanthropy.com/article/Responding-to-the-Coronavirus/248231
TechSoup | Technology Resources for Nonprofits Impacted by COVID-19
In difficult times, the world turns to civil society for support. At TechSoup, they committed to equipping your nonprofit with the technology resources you need to meet your mission, serve your community, and support your staff. For more information about how to host virtual meetings, continue your work remotely, and other technology resources to help support your mission, click here: https://page.techsoup.org/covid-19-resources
Financial Resources for Artists
Gobioff Foundation
The Gobioff Foundation has a list of local resources for artists and arts organizations For more information, please click here: https://www.gobioff-foundation.org/?fbclid=IwAR1xtK-T224OKJOF2EXL-RIvUOFaBqTYDvMSn6zwB6_J8MLH_MzZD7BTv6Q
I Care if You Listen | National Artist Resources
I Care if You Listen has put together an up-to-date list of resources that provide emergency funding for artists. They are constantly adding more resources as they become available. For more information, click here: https://www.icareifyoulisten.com/2020/03/covid-19-emergency-funding-artist-resources/
Pinellas Community Foundation
The Pinellas Arts Community Relief Fund provides rapid response awards to meet the urgent needs, and provide immediate financial relief to Pinellas County artists, arts organizations and creative businesses who have been impacted by an emergency situation/disaster we are facing, and, should the need arise and the resources be available, for future emergency situations as well.
With events, performances, and conferences canceled, the hospitality industry closure, growing travel restrictions, significant health threats, cross-sector lay-offs, and social distancing recommendations, Pinellas County artists, arts organizations and small creative businesses are facing severe career disruption and loss. These unrestricted cash awards are intended to support artists, arts organizations and creative businesses with (but not limited to):
- Lost wages and earnings;
- Loss from event, performance, and conference cancellations and school / community-based education closures; or from expected commissions, sales, or other opportunities due to the emergency situation/related economic downturn;
- Medical expenses;
- Bridge support to unemployment, food stamps;
- Rent and mortgage payments, food, utilities, and other living expenses
For more information, click here: https://pinellascf.org/pinellasartsrelief/?fbclid=IwAR2jJvw61k2mHwh7J0H44sBxYUD4GvEuCnRJXaGaQaHLYXMzL3OLldIl5R4
Understanding the Needs of Nonprofits in the Area
Funders in the area are trying to better understand the needs of nonprofits in the area. The Community Foundation of Tampa Bay and the newly created St. Petersburg Foundation have surveys available for nonprofit organizations to collect that information. To participate in the surveys of both organizations, please click the links below:
- Community Foundation of Tampa Bay — Nonprofit Needs Request: https://cftampabay.org/news/covid-19/
- St. Petersburg Foundation Survey for Nonprofits: https://stpete.foundation/questionnaire/
- Social Venture Partners Tampa Bay COVID-19 Impact Tool: https://tampabay.svpcares.org/?mc_cid=491425270d&mc_eid=8320cfffcd
Carriage House is here to help you identify and apply for grants, connect you with funders, and help you navigate the impacts of COVID-19 on your organization and mission.
Jenna, Linsey & Olivia
