Time-sensitive: SBA Paycheck Protection Prgm-Nonprofits

SBA-Paycheck Protection Program: 
https://www.coronavirus.gov/smallbusiness/

The Small Business Administration’s Paycheck Protection Program (PPP) provides potentially forgivable loans for 501(c)(3) nonprofits with 500 or fewer employees at 2.5 times your average monthly payroll for up to $10M. SBA will forgive loans if all employees are kept on the payroll for eight weeks after the loan originates and the money is used for payroll, rent, mortgage interest, or utilities. Eligible nonprofits must have their materials ready when the first come-first served application process opens on Friday April 3rd.

Below are a few resources with additional information about applying for the PPP.  

FMA’s Payroll Protection Toolbox, which includes a PPP calculator, template for board resolution to authorize the loan, and a script for talking to your bank about PPP. https://fmaonline.net/ppptoolbox/

Independent Sector’s resources for organizations that want to apply for funds: https://independentsector.org/resource/caresact/

National Council of Nonprofits’ Analysis of the Coronavirus Aid, Relieve, and Economic Security Act (CARES Act): https://www.councilofnonprofits.org/trends-policy-issues/initial-analysis-of-the...

National Council of Nonprofit’s webinar recording (Mar. 31) “Federal Coronavirus Relief Bills: What Do They Mean for Nonprofits?” https://www.youtube.com/watch?v=2yTDrfAdQVM