On April 13, we sent a letter on behalf of the charitable community to the Small Business Administration (SBA) asking the agency to release data detailing the distribution of loans to nonprofit and for-profit entities.
As many of you are intimately aware right now, the SBA is administering the loans designated in the recent CARES Act to provide COVID-19 economic relief to nonprofits and small businesses.
We know the application process has been inconsistent – and, for many nonprofits with limited banking relationships, this loan application process has been challenging. There is also real concern that charities, particularly those that are led by people of color or serve tribal communities or communities of color, may find themselves shut out of the process to secure financial resources that are critical to their very survival.
The data we are requesting from the SBA would provide a clear breakdown of loan awards for nonprofits versus for-profit entities, and it would help us uncover the most pressing and immediate needs for the sector.
I encourage you to read the letter to the SBA and add your organization’s name by 11:59 pm PT on Friday, April 17, 2020.
Even as this request goes to the SBA, Independent Sector will continue to advocate on your behalf to increase funds available through the CARES Act and ensure the passage of additional policy solutions to ensure our organizations and communities do not continue to suffer in this crisis.
We sincerely thank all the organizations and leaders who have stepped up to share their stories and support our advocacy efforts.
