April 9, 2009
Unless you’ve been circling the earth on the International Space Station for the past six months, you know that President Barack Obama signed the 407-page American Recovery and Reinvestment Act (ARRA) of 2009, better known as the Stimulus Plan, into law on February 17.
We all know about the huge cost of the act – $787 billion dollars in spending (16) and tax and related provisions (7), the political wrangling before and after its passage and signing, and the large number of funding opportunities (34).
Nonprofits Need to Act Now
All stimulus funding is scheduled to expire in fiscal year 2011 – as stimulus funds are, as the name suggests, intended to be temporary, one-time injections of cash aimed at reviving the economy as quickly and efficiently as possible. The funds have been allocated to help people through the current economic meltdown and are not intended to morph into ongoing governmental assistance programs.