Following the enactment of the Coronavirus Aid Relief and Economic Security (CARES) Act, the largest emergency aid package in U.S. history, the Jewish Federations of North America (JFNA) has announced a national program to help Jewish nonprofits access financial support made possible through the legislation.
While large companies, such as airlines, are set to receive $500 billion in loans and other investments, small businesses and nonprofits, including those that receive Medicaid funding, would receive $349 billion in forgivable loans from the Small Business Administration (SBA). This would include $10 billion through the SBA’s Economic Injury Disaster Loans (EIDL); nonprofits and small businesses with no more than 500 employees would be eligible.
JFNA is also helping small businesses and nonprofits access the SBA’s Paycheck Protection Program, which provides loans intended to help small businesses keep workers employed amid the pandemic and economic downturn.
“The Paycheck Protection Program is an unprecedented resource in helping to ensure that Jewish Federations, community centers, synagogues, Jewish day schools, Jewish Family Service agencies and others are able to continue their critical work to help vulnerable populations and safeguard Jewish life across America,” said JFNA president and CEO Eric Fingerhut in a statement. “We are grateful for this opportunity and strongly urge all Jewish organizations to apply.”
On Sunday, more than 17,000 people joined information webinars on the loans. JFNA hosted another webinar on Monday afternoon for Jewish organizations interested in learning more about eligibility and application requirements. Participants were advised on how to calculate potential loan amounts and how to best prepare to apply for a loan.
JFNA has also set up a national resource bank of professionals and volunteers who can assist nonprofits with the process. Interested organizations can contact the JFNA SBA loan hotline at 212-284-6625 or email questions to: SBALoans@JewishFederations.org.
