Weekly Update 4/14/2020

Colorado Funding Updates in Response to COVID-19

 

PPCF:

Emergency Fund
  • PPCF Emergency Relief Fund will provide support for basic needs through 4/30. PPCF is now working with grants committee and a subgroup of funders to identify the function and role of PPCF and Emergency Relief Fund past 4/30.
  • Emergency Fund has raised $1,026,000 in El Paso County and Teller County and has granted out about $649,000 as of 4/13
  • Total amount requested:  $3M+ with more of a transition of funding for operations versus emergency relief.
  • Grants have ranged from $1700 to $63,000 with a median ask for about $10-15k
  • PPCF will be working with the local SBA office to track how much in loans are going into nonprofit communities.
  • Through an equity lens (ensuring availability of resources to large, medium and small nonprofits), we are concerned that grassroots organizations will not be able to receive the government funds they need. Colorado Nonprofit Association just launched an assistance program to help small nonprofits to apply.
  • PPCF and Exponential Impact have created 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. Currently, there is $2M raised and the loan fund has already received over 516 applications.
  • 60 Companies have been funded
  • Review team are focused on geographic and industry diversity
  • Please share this opportunity for investment with your networks to help raise more money for this fund.

Other Funding Updates:
  • FEMA – Has expanded their emergency relief to include community organizations that are legally required to provide services during the current emergency. The local Office of Emergency Management has been a wonderful partner to the nonprofit community and is working to encourage as many organizations as possible to learn about funding. Our local OEM also worked with the state coordinating agency and has provided the guidance that foundations CAN provide bridge loans/PRIs to organizations during the ~75 day waiting period to receive FEMA reimbursement. FEMA typically will fund up to 75% of the cost of emergency services.
  • Pikes Peak United Way (PPUW)  –  211 reported that their primary needs in the community continue to be rent assistance and access to food. United Way partnered with Care and Share on a drive-thru food distribution site and over 1000 cars came to receive boxes of food.
  • 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. The first deadline is 4/4 and the first round of grants will be awarded on 4/15.
  • COVID19 Emergency Hunger Relief Fund – $1.6M raised
  • Colorado Emergency Childcare Child Care Collaboration – State enacted to provide reimbursement for child care for all essential workers through May 17. Thus, there isn’t a direct need for funding emergency child care. Many organizations providing child care are still seeking financial assistance.
  • El Pomar: El Pomar has allocated  $1M to a statewide emergency assistance fund. They are looking at the emergency fund for animal-specific fund (Hamburg Fund is restricted to animal needs), and potentially activating a second round of funding. They have awarded $750,000 of their statewide emergency funds.