We continue to closely monitor the third COVID-19 stimulus package for its impact on our industry. Things are moving at a rapid pace in D.C., with negotiations taking place as we speak. As I reported Friday, there is the potential that the small business interruption loans could benefit our industry. We cannot be sure at this time which entities within our organizations may qualify to benefit from this program. We have learned that there are efforts to limit the loan program to 501(c)(3) nonprofit entities. Therefore, we are working expeditiously with our team in D.C. to advocate for the inclusion of 501(c)(6) and (c)(7) organizations. We cannot be sure whether we will ultimately be able to impact this legislation in a meaningful way, but please know that we are working tirelessly on your behalf. We will keep you posted.
Additionally, the linked letter from the NIC and National Panhellenic Conference was delivered to Senate Majority Leader Mitch McConnell on Monday afternoon (March 23) urging Congress to include 501(c)(6) and (c)(7) nonprofit organizations as part of the Paycheck Protection Program in the CARES Act.
IMPORTANT: Time is very limited. If you have direct connections to Leader McConnell or other Congressional leaders, please forward the linked letter along to them.
For additional information, contact NIC General Counsel Clark Brown.