A second stimulus package passed a month ago, with the hopes of helping the American people. However, President Biden has proposed another round of Stimulus, including much-needed help to Americans, small businesses, and states. But what can non-profit organizations look forward to from this new proposed 1.9 trillion stimulus package? Well, let’s talk about what we know so far.
The Third Stimulus Package May Help Nonprofits Help Others
Included in this grant program are several things that may help. This includes a $3 billion economic development fund that will allow for nonprofits to be able to obtain loans. Also, several parts of the package are focused on improving the conditions of people. This includes those who struggle with hunger, housing, and basic necessities. That may take the pressure off of nonprofits who have been trying to fill these gaps among those in distress. All of these conditions have gotten worse during the COVID-19 pandemic, causing nonprofits to have to expand in providing services.
The grants included in this economic development fund will be able to be used for: “initiatives that support bottom-up economic development and enable good-paying jobs.” This will include “state and local government entities, tribal institutions, institutions of higher education, and nonprofits.”
In the stimulus package, there is also a $35 billion small-business lending program that nonprofits will participate in. This will be administered through the Small Business Association. This program will use $35 billion in government funds that will generate as much as $175 billion in both low-interest loans and venture capital for certain purposes. These will go towards those small-businesses (and nonprofits) that: “innovate, create, and maintain jobs, build wealth, and provide the essential goods and services that communities depend on.”
In addition to that, because the government is proposing $350 billion in emergency funding for state and local governments, this will help. The reason being that this will prevent the government from cutting funds they award to charity due to a deficit. Many of these funds go to charities that contract with nonprofits doing work on the ground.
GrantNews Will Keep You Updated On Talks of Stimulus
This is what we know so far about this 3rd stimulus package. As more information comes out, and any amendments are made, we will keep you updated on what is in the plan for nonprofits. For now, feel free to look through all of our categories on GrantWatch.com to find grants to meet your specific program or initiative funding nonprofit needs. We have several categories including Community Services, Quality of Life, Economic Development & COVID-19 relief.
If you have any questions about these or any other grant categories, feel free to reach out to our amazing customer service team at 561-249-4219. We’re always happy to help in any we can.