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): The last day the SBA will accept and approve PPP loans is August 8.

 

Nonprofits with less than 500 employees qualify for this new SBA program. 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.

July 6 Update from the SBA: The SBA resumed accepting Paycheck Protection Program applications from participating lenders on Monday, July 6, 2020, at 9:00 am EDT.

Other CARES Act resources:

Finance

Sources of Financing

Financial Management & Planning

Strategy

Governance

Other

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