As you know, the initial pool of CARES Act relief funding dried up almost instantly after its release – with a large number of nonprofits unable to secure any of it.
On April 23, Congress allocated an additional $370 billion in relief funds for nonprofits and small businesses. To coincide with the new funding, Independent Sector has launched a new CARES Act Chatbot – using AI technology – to help you quickly and more efficiently answer pressing questions and apply for relief programs.
Here are the highlights of the new funding:
- $310 billion for Paycheck Protection Program with $60 billion set aside for small banks
- $60 billion for Emergency Economic Injury Disaster Loans (EIDL)
Plus:
- $75 billion for hospitals (including rural hospitals)
- $25 billion for coronavirus testing split between the states and several federal agencies (including $750 million for tribes)
The process for accessing the additional funding remains the same, and we’re hopeful that the decision to support smaller lending institutions will help ease the application process for nonprofit organizations.
While the new funding still needs to be signed by the White House, and we expect that to happen imminently, you can get started on your application right away.
To learn more, visit the IS CARES Act resource. The chatbot will open automatically when you arrive.
