An important opportunity for our nonprofit partners regarding the CARES Act!
The Coronavirus Aid, Relief, and Economic Security (CARES) Act has allocated $350 billion to help small businesses and nonprofits keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to eligible organizations.
Three things to know:
- You are eligible if you are 501(c)(3) with fewer than 500 employees.
- These loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
- There are limited funds available, so don’t wait to take action!
Steps you can take today:
- Contact your local lender NOW to find out if they’re an SBA lender, to get guidance, and to “get on the list.” In the Oshkosh area, Associated Bank, Nicolet Bank, U.S. Bank, Verve Credit Union and Community First Credit Union are SBA lenders.
- Check Small Business Association website regularly for updates.
- Use U.S. Chamber of Commerce checklist and calculator to determine eligibility.
Other useful COVID-19 resources:
- NPLACE (www.nplace.org) is a free resource helping nonprofits connect with peers, experts, and volunteers to help answer questions across all topics, from human resources to legal to technology. To help nonprofits navigate the current crisis and connect with each other, they created a group specific to the COVID-19 Response.
- IT Forward (www.itforward.org) has launched several free resources to help nonprofits answer tech questions and quickly remote-enable their workforce through the crisis.
- The Nonprofit Quarterly article “How Nonprofits Can Utilize the New Federal Laws Dealing with COVID-19” shares insights about how nonprofits might utilize the new federal legislation relating to coronavirus to advance their missions.