March 27, 2020
During this crisis, we plan to send weekly updates to keep our community informed. This second edition of our weekly update covers these topics:
- Nonprofit Needs List is now online
- Giving incentive for our donor advised fund holders and family foundations
- Congress passes $2 trillion CARES Act relief bill, which includes provisions for nonprofits
- SVP launches new resource for nonprofits
- Non-coronavirus-related work continues
March 27, 2020
This message went out today from Community Foundation of Tampa Bay President and CEO Marlene Spalten:
I hope this email finds you healthy and safe after another challenging week for all.
I want to share the following information that I received this evening from the Schusterman Family Foundation about two time-sensitive economic assistance opportunities for nonprofits. Both are available through the federal government’s Small Business Administration (SBA) department and could significantly offset financial hardship due to COVID-19 over the next few months. I encourage you to consider these opportunities rapidly as both funds will go fast.
SBA 7(a) Paycheck Protection Program: Under the CARES Act stimulus bill, you can access up to 2.5 months of payroll expenses in loans. Much of the loan is forgivable if the organization keeps staff on payroll during the loan period. This, in essence, turns a portion of the loan into a general operations grant. The total loan fund is expected to be $349B, and loans will be given out on a first-come, first-served basis. If you are interested, you will have to move fast, as we estimate that there are over 4 million eligible organizations. Application details are expected on the SBA website early next week.
SBA Economic Injury Disaster Loans: EID loans offering up to $2M in assistance are also now available to nonprofits to help overcome temporary loss in revenue caused by COVID-19. The interest rate is 2.75%, with repayment terms of up to 30 years. The application is straightforward and can be completed online. However, please note that this loan does not include forgiveness provision, unlike the 7(a) program. Organizations cannot receive both, unless the loan applications are for different purposes (i.e. personnel and rent costs for 7(a) and other operating expenses for EIDL). The pot of money for this program is also much smaller, so we recommend looking into the 7(a) loans first.
March 25, 2020
NONPROFIT NEEDS REQUEST FORM NOW AVAILABLE
This message went out to nonprofits today from Jesse Coraggio, VP, Community Impact:
Dear nonprofit friends and partners,
We are in an unprecedented time. Our society’s most needy now have less options than ever as they struggle to survive. We know that you, as one of the community’s important nonprofit organizations, are finding it very difficult to address all the current needs.
Our Community Impact team has developed a Nonprofit Needs Request Form, so that we can systematically catalog needs relayed to us by our community nonprofit partners. The form is now accessible on the front page of our website or at https://cftampabay.org/nonprofitneed/.
This is not a competitive grant process. It is an innovative way to share specific needs with us, our fundholders (who granted over $20 million to nonprofits last fiscal year) as well as other philanthropists in the Tampa Bay community. If your submitted request is matched with a donation, we will notify you and transmit funds to address your request as quickly as possible.
If you have any technical questions about the process, please contact Jessica Scites at firstname.lastname@example.org.
Thank you for all your hard work in the Tampa Bay Community during this crisis. Stay safe and healthy during this difficult time.
March 20, 2020
During this crisis, we plan to send weekly updates to keep our community informed. This first edition of our weekly update covers these topics:
- Tampa Bay Rapid Response Fund Activated
- Endowment benefits in hands of nonprofits
- Community Impact, Philanthropy teams mobilizing to match gifts with needs
- Keeping on top of developments
March 17, 2020
When a crisis, natural disaster or emergency impacts the Tampa Bay area, our donors, partners, corporations and residents immediately look for a way to help their neighbors in need. The Tampa Bay Rapid Response Fund, founded by the Community Foundation of Tampa Bay in March 2020 in the midst of the CORVID-19 pandemic, is a trusted, reliable way to contribute whenever our community is threatened.
Money from the fund can be deployed without delay to community-based organizations at the frontlines of an emergency or natural disaster. In any crisis, the nonprofit organizations most immediately impacted are those who work with our area’s most vulnerable people and families.
March 13, 2020
Update for fundholders, partners and friends
In this time of crisis, when conditions are changing rapidly and information can feel overwhelming, we are grateful to be part of a caring, generous and resilient community. Your immediate health and safety, as always, is our top priority. Because our mission is to strengthen and sustain the Tampa Bay community, we also are concerned about the health and safety of the nonprofits who serve our most vulnerable citizens.
We recognize the strain that the uncertainty and demands of this crisis place on you personally and on our local nonprofits, families and businesses. Please know that we are closely monitoring the situation and stand with you in service to our community.
Be prepared and informed
For updates and health and safety resources, you can monitor these sites:
- The Centers for Disease Control
- The Florida Department of Health and your local Health Department
- Your local county and/or city government sites
Help if you can
The nonprofit organizations most immediately impacted are those who work with our area’s most vulnerable people and families. Those include:
- Food pantries and food distribution agencies
- Services to the elderly
- Community health centers
- Homeless shelters
- Child-care providers
All our nonprofits are being affected because of increased demand for services, fundraiser cancellations, loss of revenue from closures and other factors. If you planned to make a donation or support a fundraiser soon or if you can give an additional amount now, we encourage you to consider doing so right away.
As specific needs in our community become clear, we will share those updates with you. If you work with or for a nonprofit that sees an increased demand for services or is significantly impacted by COVID-19, please let us know.
If you have questions about ways to give, please contact Sheila Kinman, Senior VP, Philanthropy.
Our offices are operating remotely. We have postponed events and limited contact based on the CDC’s recommendations for social distancing. Our phones (813.282.1975) continue to be answered from 8:30 a.m. to 5 p.m. Monday through Friday, and our staff remains accessible by phone and email.
- FUNDHOLDER GRANTS: We are processing grant requests submitted by our fundholders as normal. Fundholders can make grant requests through our Donor Portal. If you need help accessing the portal, please contact Patti Strippoli.
- ENDOWMENTS: In the next week, we will mail checks to the nonprofits that benefit from endowments held at the Community Foundation. These checks contain the support the nonprofits receive twice a year from those endowments. If you have questions about the endowment distributions, please contact Kory Burkley, CFO.
- INVESTMENTS: Our investment strategies have always been crafted for the long-term to better weather volatility in the markets. While our investments have been impacted in the past few days, our strategies have significantly protected our investments so far. In collaboration with our Investment Committee and investment consultants, we continue to monitor the financial markets. If you have questions about our investments, please contact Kory Burkley, CFO.
As always, we value your commitment to serving our community. And we pledge to remain your trusted partner in philanthropy, especially in this challenging time. Please feel free to reach out if you have questions, suggestions or comments.