(March 30, 2020 / JNS) 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.
Support Jewish Journalism
with 2020 Vision
One of the most intriguing stories of the sudden Coronavirus crisis is the role of the internet. With individuals forced into home quarantine, most are turning further online for information, education and social interaction.
JNS's influence and readership are growing exponentially, and our positioning sets us apart. Most Jewish media are advocating increasingly biased progressive political and social agendas. JNS is providing more and more readers with a welcome alternative and an ideological home.
During this crisis, JNS continues working overtime. We are being relied upon to tell the story of this crisis as it affects Israel and the global Jewish community, and explain the extraordinary political developments taking place in parallel.
Our ability to thrive in 2020 and beyond depends on the generosity of committed readers and supporters. Monthly donations in particular go a long way in helping us sustain our operations. We greatly appreciate any contributions you can make during these challenging times. We thank you for your ongoing support and wish you blessings for good health and peace of mind.