Additional COVID-19 Funds Passed Senate

The Senate passed a nearly $5 billion relief package on April 21, 2020. We anticipate a vote on the bill as early as Thursday, April 23, but will keep you informed as things may change.

Last night we sent letters of support to Congressmen Simpson and Fulcher to encourage swift passage of the legislation. More than 225 nonprofits and community members signed onto our letters. Thank you! We are the voice of the sector, but our voice is louder when we take action together.

In the event that this bill passes and is signed into law by President Trump, remember our advice from last week when the PPP and EIDL (payroll protection and emergency injury disaster) programs ran out of funding:

1. If you have not yet applied, don’t panic. Complete the application and HAVE IT READY for when applications reopen. Contact your lender (give them grace and have patience!) to make sure you are ready to go. Don’t forget our helpful hints.
2. If you have applied, but not yet received the funds, don’t panic. Contact your lender (give them grace and have patience!) to get a status update on your application. If it was submitted, be patient. If it was not yet submitted, ask them for advice and guidance.  
3. If you have MORE THAN ONE PPP or EIDL application (we’ve been told that some people applied with multiple lenders!) please get a status update. If your application is submitted and your lender can give you some confidence about funding PLEASE CALL OTHER LENDERS TO CANCEL YOUR DUPLICATE APPLICATIONS.  
4. Remember - some nonprofits also may qualify for FEMA assistance. Make sure you check out information on this option in addition to SBA loan options. 
   

Here’s what we know about the 25 page bill as reported by CNN.com late yesterday:

• $310 billion is designated for the Payroll Protection Program (PPP)
  • $60 billion will be for smaller lenders including community financial institutions, small insured depositories and credit unions with less than $10 billion
• $50 billion for disaster recovery loans
• $10 million for grants under the EIDL program (emergency injury disaster loan)
• $75 billion for hospitals and health care providers
• $25 billion to facilitate and expand COVID-19 testing
  • for "necessary expenses to research, develop, validate, manufacture, purchase, administer and expand capacity for COVID-19 tests”
• $2.1 billion is included for additional salaries and expenses for the Small Business Administration
  

While there wasn’t state and local funding in this bill, leaders are expected to continue to push for more in a separate relief package in the near future. We will keep you informed as we learn more about future legislation and advocacy opportunities. 

We will issue an alert as soon as you are able to submit your application for either of these programs. Our advice is the same: don’t panic, just prepare.

In the meantime, be sure to check out our COVID-19 resource pages, as we continually update them online.

There are funds in nearly every region of Idaho that are currently accepting applications for grants. Innovia Foundation has set up COVID-19 Community Response And Recovery Funds in north and north central Idaho; the Idaho Community Foundation has a statewide (with regional funding)  COVID-19 Fund for Idaho; and Bank of Idaho, in partnership with Idaho National Laboratory, has the Community Commitment Fund in eastern Idaho. Many of our United Way partners are also involved in recovery funds so remember to reach out to your regional UW team for information.