In July 2020, the U.S. Department of the Treasury and the U.S. Small Business Administration (SBA) released dozens of summary data files about organizations — nonprofit and for-profit — that received loans under the Paycheck Protection Program (PPP). Up to $669 billion in loans was made available through an application process for all entities with 500 or fewer employees (or that met other, more… Read more »
In the wake of COVID-19, there has been a lot of discussion — especially in the blogosphere — about foundations “digging deep” both by increasing annual spending and potentially spending down endowment assets. To some voices in philanthropy — including the Ford Foundation’s Hillary Pennington (Bell, 2020), Benjamin Soskis (2020) of HistPhil and the Urban Institute, and the Libra Foundation’s (2020) Crystal Hayling — the magnitude of the crisis demands considering all financial resources. Over 300 donors and grantmakers have now signed a joint letter asking Congress to temporarily raise minimum foundation payout levels and set a payout requirement for the first time for Donor Advised Funds (DAFs) to respond to the unprecedented need among nonprofits (Daniels, 2020).