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.
- PPP Application Form
- Recorded 20-minute webinar (April 3) and Toolkit from FMA with a PPP calculator, list of SBA lenders, script for talking with your lender, and a board resolution template
- MCN + Propel Nonprofits free webinar on PPP: April 8 from 1-2 pm Central Time
Other CARES Act resources:
- Cutting Through the Jargon: How the CARES Act Works for Nonprofits by Tim Delaney, President & CEO of National Council of Nonprofits (Nonprofit Quarterly, March 30)
- CARES Act: How to Apply for Nonprofit Relief Funds (Independent Sector, March 30)
- Coronavirus Emergency Loans: Small Business Guide and Checklist (PDF prepared by the U.S. Chamber of Commerce)
- Loans Available for Nonprofits in the CARES Act & March 31 Webinar (National Council of Nonprofits)
- Understanding the Paycheck Protection Program by John Lettieri and Catherine Lyons + download this helpful Paycheck Protection Program chart (Economic Innovation Group)
- How Nonprofits Can Utilize the New Federal Laws Dealing with COVID-19 by Tim Delany, President & CEO of National Council of Nonprofits (Nonprofit Quarterly, March 26)
Finance
Small Business Administration’s Paycheck Protection Program (PPP)
Other Sources of Financing
- Community Benefit Financial Company Emergency Fund for short-term loans, lines of credit, and emergency grants (Otto Bremer Trust)
- Minnesota Disaster Response Fund application for community intermediaries to re-grant (Minnesota Council on Foundations)
- Continue to monitor other funding opportunities on MCF’s website
- Minnesota Council of Nonprofits’ Special Grant Directory lists local and national disaster relief funding (last updated March 23)
- Working capital loans for nonprofits: Contact any of Propel Nonprofits’ loan officers to discuss
- SBA Economic Injury Disaster Loans (EIDL)
- Up to $2 million with an interest rate of 2.75% for nonprofits
- May be used to pay fixed debts, payroll, accounts payable, and other bills
Financial Management & Planning
- Cash flow
- Cash flow management guide (Propel Nonprofits)
- Cash flow template (Propel Nonprofits)
- Cash flow webinar recording from March 24, 1-hour (Propel Nonprofits)
- Analyzing Financial Information Using Ratios (Propel Nonprofits)
- Sustainability to Survivability: 5 Nonprofit Finance Must-Do’s in the Time of COVID, by Steve Zimmerman, published by The Nonprofit Quarterly on March 19, 2020
- Planning Resources for Nonprofit Financial Management (Wallace Foundation)
- 2020 Nonprofit Finance & Sustainability Virtual Conference, April 14 & 21 (Propel Nonprofits & Minnesota Council of Nonprofits)
Strategy
- Business Continuity and Disaster Recovery Plan Template (Nonprofit New York)
- No Business Continuity Plan? Take These 4 Steps (Nonprofit Risk Management Center)
- 8 Steps for Planning for Planning Your Emergency and Disaster Plan (Business Development Bank of Canada)
- Emergency Succession Plan Template for Executive Directors (Propel Nonprofits)
Governance
- What Nonprofit Board Members Should Be Doing Right Now to Address the COVID-19 Situation (BoardSource)
- How Nonprofits and Board Members Can Respond to COVID-19 (BoardSource)
- Virtual Board Meetings (BoardSource) & How to Facilitate Effective Virtual Meetings (Beth Kantor)
Other
- COVID-19 resource lists for nonprofits
- Unemployment
- Sign up for Nilan Johnson Lewis e-newsletters for updates on Federal paid sick leave, FMLA, unemployment insurance, and other legal matters
- COVID-19 FAQs for Employers: Update on Temporary Closures, Layoffs, & Leaves of Absence (Nilan Johnson Lewis)
- Minnesota Nonprofits and COVID-19: Special Considerations for Unemployment Insurance (Nilan Johnson Lewis)
- How to apply for unemployment benefits (State of Minnesota)
- Support Community: Pollen – Are You Okay? (weekly virtual gatherings)
- Coronavirus Crisis Comms Triage Kit (The Communications Network)
- Health Updates & Recommendations