Nonprofits are a key part of the U.S. economy — collectively, the third biggest employer by sector. And when the nonprofit sector is healthy and functioning, it benefits the for-profit sector as well. A recently published report found that nonprofits contribute more than $77 billion annually to the New York City economy — more than 9 percent of the city's total economic output.

But as we all know, the COVID-19 pandemic has dealt a devastating blow to the U.S. economy, and millions of Americans are suffering — especially Black and Latinx Americans. Despite the many challenges they face, nonprofits are stepping up to fill the gaps. Food banks are distributing 38 percent more food than they did in 2019. Charities are providing computers to students who need them. Unemployed Americans, many of them well aware of the kind of assistance ordinary Americans need and are not receiving, have founded nonprofits to bring volunteers together to meet those needs.

While there has been amazing progress on the vaccine development front, the crisis is likely to drag on for months and the outlook for additional federal assistance is uncertain. Complicating the situation, many of the newest nonprofits aren't eligible for support via the federal Paycheck Protection Program or other government programs. Business leaders can debate the extent of their ethical responsibilities, but in a crisis, putting aside any concerns they may have and doing the socially responsible thing almost always works to their advantage. All the more reason, then, for businesses and individuals to step up at this critical moment and support nonprofits that are being buffeted by the pandemic.

Read the full article about why businesses need to help nonprofits by Brian Davis at PhilanTopic.