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LUTZ BUSINESS INSIGHTS
SHOVEL-READY CAPITAL RECOVERY AND INVESTMENT ACT FOR NONPROFIT ORGANIZATIONS
The Shovel-Ready Capital Recovery and Investment Act (LB566) is currently pending approval from the Nebraska Legislature. This bill, if passed, intends to provide grants to qualified nonprofit organizations to assist with capital projects that were delayed due to COVID-19 and that will deliver a positive economic impact in the State of Nebraska.
WHAT ORGANIZATIONS QUALIFY?
To qualify, a nonprofit must be exempt from federal income taxes under section 501(c)(3), and be related to arts, culture, humanities, or athletics.
HOW CAN I USE THE GRANT?
Grants can be applied to the costs of land, engineering, architectural planning, contract services, construction, materials, and equipment required to build, expand, or develop new or existing facilities.
HOW MUCH IS THE GRANT?
The amount of any grant approved under this section shall be equal to the amount of funds to be supplied by the qualified nonprofit organization from private sources, subject to the following limitations:
- Capital projects with an estimated cost of less than $5 million, the grant will not exceed $1 million.
- Capital projects with an estimated cost of $5-25 million, the grant will not exceed $5 million.
- Capital projects with an estimated cost of $25-50 million, the grant will not exceed $10 million.
- Capital projects with an estimated cost of over $50 million, the grant will not exceed $15 million.
HOW DO I RECEIVE THE GRANT?
Each qualified nonprofit organization that receives a grant under LB566 shall secure the private funds through a written pledge or payment by December 31, 2021, and must begin construction on the capital project by June 30, 2022. Any organization that fails to meet the requirements must repay the grant funds received.
HOW IS THE GRANT FUNDED?
As of this writing, the draft form of the bill intends to appropriate $25 million of general funds and $75 million of federal funds allocated to the State of Nebraska from the American Rescue Plan Act of 2021.
WHEN CAN I APPLY?
If LB566 passes into law, qualified nonprofit organizations may apply for the grant starting July 1, 2021, through July 15, 2021. Applications will be considered in the order in which they are received.
If you have any questions, please contact your Lutz Representative. You can also find more information on the bill here.
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