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.

CARES Act: What Nonprofits Need to Know

Small Business Administration’s Paycheck Protection Program (PPP)

Nonprofits with less than 500 employees qualify for this new SBA program and we encourage you to apply if this would be helpful for your organization. The Paycheck Protection Program provides potentially forgivable loans for nonprofits at 2.5 times your average monthly payroll for up to $10 million. Nonprofits apply through their bank. This program is designed to be streamlined with the goal of helping nonprofits retain their employees; there’s no penalty for a “good enough” application.  If you’re interested, reach out to your nonprofit’s bank asap and check in with your board; it’s in your interest to apply quickly. Applications open on April 3.

April 3 Update: Banks are working quickly to incorporate the final regulations from the SBA before they start accepting applications. To keep apprised of the latest rules with the Paycheck Protection Program, go to www.sunrisebanks.com or www.sba.gov.


Other CARES Act resources:

Finance

Small Business Administration’s Paycheck Protection Program (PPP)

Other Sources of Financing

Financial Management & Planning

Strategy

Governance

Other

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