A Note from MUW Regarding the CARES Act:
A major financial resource known as the Corona Virus Stimulus and Cares Act was enacted by the U.S. Congress on March 27, 2020. It is an economic recovery bill that provides $2.2 trillion to provide relief for small and mid-size businesses, including for-profits and 501©(3) non-profits, and significant individual and family direct payments. Each organization should carefully consider which elements meet its needs. Please do not let any lack of familiarity with the U.S. Small Business Administration (SBA) put you off from pursuing any of the benefits identified. There are likely people among your organization’s supporters who are more familiar with the SBA and can help you. If you have a relationship with a bank, your bank may be very helpful to you. The Monadnock United Way has been learning about the financial benefits for non-profit organizations contained in the Act and will continue to update htis page to provide you with resources and information pertaining to the CARES Act.
- The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides significant funding for governments, businesses, hospitals, schools, and social support programs, among many other things. Please use the following link to view key provisions of sector-wide interest to charitable nonprofit organizations, including charitable giving incentives: https://www.councilofnonprofits.org/trends-policy-issues/initial-analysis-of-the-coronavirus-aid-relief-and-economic-security-act-cares.
- The Savings Bank of Walpole is offering information related to the Small Business Administration's Economic Injury Disaster Loan (EIDL) program, which provides small businesses with working capital loans of up to $2 million that can provide vital economic support to help overcome the temporary loss of revenue they are experiencing. As part of the "CARES Act," EIDL applicants could qualify for an emergency grant of up to $10,000, whether they are approved for the loan, or not. Funds will be made available within three days of a successful application, and this grant/loan advance will not have to be repaid. Please use the following link for more information and to access the application https://www.walpolebank.com/business-update-covid-19/.
- The Coronavirus Aid, Relief, and Economic Security Act CARES Act (Pub. L. 116-136) defined a number of programs that charitable nonprofits will be eligible to apply for. The chart that follows provides information on those loan options, eligibility criteria, terms, and application information. This chart is neither financial nor legal advice for any specific organization. It is an analysis of the new law before any rules or regulations. Please click here to view a list of loans (including the Payroll Protection Program, Expanded EIDL and Emergency Grants, and the Mid-Size Loan Program) that are available for nonprofits in the CARES Act.
- The National Council of Nonprofits hosted a webinar entitled "Federal Coronavirus Relief Bills - What do They mean for Nonprofits?" The recording of that webinar can be accessed by clicking here.
- The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. Please click here for more information regarding employer paid leave requirements and applicable tax credits.
- The NH Center for nonprofits is partnering with the New Hampshire Charitable Foundation and the experts at Spectrum Nonprofit Services to provide one-on-one help for nonprofits on the items listed below. To access this guidance click here to get to their Coronavirus Resource Page and then select "Request One-on-One COVID-19 Support" to fill out a brief survey which will provide information about your current situation in order to help their staff identify the most relevant resources and support.
Understanding your current financial health
Cash flow projections and contingency planning
Assistance in understanding and evaluating loan or grant options
Dual bottom-line analysis to help you make strategic decisions informed by finances and mission
Financial analysis to determine true program costs and projections