COVID-19 Resources for Nonprofits

In addition to the below resources, Propel Nonprofits is providing no-cost technical assistance to nonprofits in the Upper Midwest as it relates to finance, strategy, and governance questions or concerns. Whether you need to revise your cash flow projections, a sounding board as you strategize next steps, or guidance as a board member on how you can be most supportive, don’t hesitate to reach out to any of our staff. We’ll be revising and updating the below list of resources in the weeks to come.

Small Business Administration’s Paycheck Protection Program (PPP)

Nonprofits with less than 500 employees qualified for this  SBA program. The Paycheck Protection Program provides potentially forgivable loans for nonprofits at 2.5 times their average monthly payroll for up to $10 million. Nonprofits should apply through their bank. This program was designed to be streamlined with the goal of helping nonprofits retain their employees; there’s no penalty for a “good enough” application.

In a May 6, 2021 article in the Star Tribune, it reported, “The Small Business Administration said Wednesday [May 5] that the Paycheck Protection Program has been exhausted.… The program, which has run out of cash and refunded by Congress twice before, was scheduled to expire May 31. It’s not yet known if lawmakers will approve another round of funding…. The SBA said in a statement it will continue to fund applications that have been approved. New applications made through Community Financial Institutions, which are financial lenders that serve underserved communities, would also be funded.”

Finance

Sources of Financing

Financial Management & Planning

Strategy

Governance

Other

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