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.
The Paycheck Protection Program (PPP) is open until May 31, 2021, and available for nonprofits that did NOT receive a PPP loan in 2020. Second Draw PPP loans for nonprofits that meet the eligibility requirements are also available.
- Overview of the Economic Aid Act and PPP for nonprofits
- First Draw PPP Loans: for nonprofits who did not receive a PPP loan in 2020, this bill includes a new opportunity to apply. Contact your bank or read this overview from the SBA.
- Second Draw PPP Loans are available to some organizations who have previously received a PPP loan
- Shuttered Venue Operators Grant program details have been updated, including program details, a preliminary application checklist, and responses to frequently asked questions.
- PPP Loan Forgiveness (SBA)
- Paycheck Protection Program Loan Forgiveness FAQ
- Understanding PPP Loan Forgiveness (CFR USA)
- Toolbox from FMA with a PPP calculator, list of SBA lenders, script for talking with your lender, a board resolution template, and FAQs
Sources of Financing
- Community Benefit Financial Company Emergency Fund for short-term loans, lines of credit, and emergency grants (Otto Bremer Trust)
- Minnesota Council of Nonprofits’ Special Grants Directory lists local and national disaster relief funding (last updated May 20)
- Working capital loans for nonprofits: Contact any of Propel Nonprofits’ loan officers to discuss
Financial Management & Planning
- Cash flow
- Scenario Budget Planning Template & September 10 Webinar Recording with Kate Barr (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)
- No Business Continuity Plan? Take These 4 Steps (Nonprofit Risk Management Center)
- 8 Steps for Planning Your Emergency and Disaster Plan (Business Development Bank of Canada)
- Emergency Succession Plan Template for Executive Directors (Propel Nonprofits)
- 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)
- Governing In a Time of Crisis: 10 Action Items for Boards (Propel Nonprofits)
- COVID-19 resource lists for nonprofits
- 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? (community essays)
- Coronavirus Crisis Comms Triage Kit (The Communications Network)
- Health Updates & Recommendations