Tag: shored

Many Groups Are Still Struggling But Federal Support Has Shored Up Nonprofits During The Coronavirus Pandemic
CULTURE

Many Groups Are Still Struggling But Federal Support Has Shored Up Nonprofits During The Coronavirus Pandemic

More than 60% of nonprofit social services, arts and culture organizations obtained Paycheck Protection Program loans during the first nine months of the COVID-19 pandemic. These very low-interest loans for small businesses and nonprofits turn into grants that don’t need to be paid back as long as borrowers meet certain conditions, such as using at least 60% of the money to pay their employees. Even so, almost 50% of nonprofits providing social services, such as food banks and shelters for people experiencing homelessness, still had to scale back their work and cut staff because of inadequate funding. Almost 80% of arts and culture groups, including everything from big museums to small schools that teach children to speak Mongolian, faced the same problems. Also, about 15% of the nonprofi...