Advocates Worry Nonprofits Won’t Qualify for New Lending Program

Advocates Worry Nonprofits Won’t Qualify for New Lending Program

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Nonprofits were hoping they would be eligible for loans backed by the program. However, the Federal Reserve was silent on whether nonprofits could participate, said David Thompson, vice president for public policy at the National Council of Nonprofits.

"Several law firms say yes; House Speaker Nancy Pelosi says no," Thompson said.

The council and other advocates for nonprofits are pressing the Treasury Department to create a similar loan program dedicated specifically to nonprofits.

The council sent a letter to the Federal Reserve calling on the Fed and the Treasury to announce their intentions in terms of more help for nonprofits as soon as possible "to stem the furloughs of nonprofit employees while the needs for their services are growing exponentially."

Source Name: 
The Chronicle of Philanthropy
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