New From EveryLibrary: “Nonprofit Libraries and the CARES Act”

From the Guide:

The CARES Act contains several new financial supports that could be used by 501(c)3 nonprofit libraries in the face of the Coronavirus economic slowdown. These new provisions are administered by the SBA and are intended to help nonprofits (as corporations) make payroll, pay the rent or mortgage, and meet other obligations for 2.5 months and up to $10 million. Key programs are structured as “forgivable loans” which turn into grants if certain criteria are met. They focus on supporting the non-profit sector, so libraries with a nonprofit corporate structure would be wise to understand the programs and access this federal funding if needed.

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While the CARES Act (passed March 27) contains a number of provisions for state and local government, 501c3 nonprofit libraries have a specific set of financial reliefs that don’t come through those government focused provisions. Nonprofit libraries are eligible for financial relief not because they are libraries but because they are nonprofit corporations.

The guide contains more information and links to several online resources. You’ll also learn about an upcoming EveryLibrary/Friends of the Dallas Public Library webinar (April 7th) that will, “provide advice and guidance on the ‘business side’ of running a mission-driven library aligned nonprofit in the current crisis.”

Direct to “Nonprofit Libraries and the CARES Act”

Filed under: Funding, Libraries, News, Public Libraries