Nonprofits Struggle to Survive as Revenue Plummets Amid Coronavirus

Nonprofits Struggle to Survive as Revenue Plummets Amid Coronavirus

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Fundraisers are being postponed or canceled. Donations have fallen as much as 75%. Businesses and events that nonprofits operate to earn money, ranging from opera performances to autism therapy centers, have been shuttered. Layoffs have already begun.

"It's devastation," said Rick Cohen, chief operating officer for the National Council of Nonprofits, which represents thousands of groups across the country.

A coalition of more than 100 nonprofit groups appealed to Washington for help, requesting that $60 billion be earmarked specifically for them in the federal economic-rescue bill. In the bill that President Trump signed Friday, however, no money was earmarked specifically for the sector, though nonprofits would be eligible to apply for federal loans.

The lost revenue for nonprofits comes in many forms. The YMCA, with most of its facilities shut down, expects to lose $400 million in revenue in April alone among its 2,600 locations nationwide.

Source Name: 
The Wall Street Journal

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