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 qualified for this  SBA program. The Paycheck Protection Program provided potentially forgivable loans for nonprofits at 2.5 times their average monthly payroll for up to $10 million. Nonprofits applied 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.

The Paycheck Protection Program (PPP) closed at the end of August 8, 2020. As such, SBA is no longer accepting PPP applications from participating lenders.

Other CARES Act resources:

  • Counties across Minnesota received CARES Act dollars funding from the federal government through allocations made by Governor Walz. Some counties have made those dollars available to small businesses, including nonprofits. Check with your county to see what relief is available

Finance

Sources of Financing

Financial Management & Planning

Strategy

Governance

Other

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