Colorado Funding Updates in Response to COVID-19
Pikes Peak Community Foundation:
- Emergency Fund has raised $490,000 in El Paso County and $57,000 in Teller County as of 3/30
- Total amount requested: $2.8M by 50 organizations in El Paso County. Approximately $2.3M in unmet needs (mostly in rent assistance, general operations, and offsetting event cancellations).
- Immediate 3-month payout SBA loans with 3-year notes of increasing interest rates (Year One: 0%; Year Two: 1%; Year Three: 2%)
- Raising $5M in the fund
Other Funding Updates:
- Pikes Peak United Way (PPUW) – Substantial increase in 211 calls focusing on two top needs: food and rent/utility relief. 211 is fielding calls on behalf of El Paso and Teller Counties Dept of Health.
- State Relief Fund: $7.5M raised in the state fund; The granting guidelines include a $25,000 upward limit on grants and an anticipated 2-week turnaround on requests. The fund has received 4500 donations, 40 applications, and 435 registrants.
- El Pomar: El Pomar has allocated $500,000/$1M to a statewide emergency assistance fund. Their focus is on food, rent and utility assistance statewide. So far they have given $150,000 in the Pikes Peak region and are sharing information with PPCF to coordinate efforts.
- CARES Act – Nonprofits can apply for loans to cover payroll, rent and utility costs. There is also funding for economic hardship, which may help with nonprofits that have had canceled events, etc. At this time, there doesn’t seem to be a need to provide loan guarantees for nonprofits for the CARES Act loans.