A few weeks ago, when the Payroll Protection Loan Program was passed by Congress, nonprofits across the nation heaved a sigh of relief. Not only were these SBA loans forgivable, but this was the first SBA loan program that nonprofits could apply for. It seemed like the answer to a lot of organizations current dilemmas.
And then a rush of businesses and nonprofits sought to apply – clogging up the very narrow SBA pipeline. Consequently, hundreds of thousands of nonprofits sought to apply but did not get their loans funded – it’s devastating for our sector.
And, if your organization’s loan didn’t get funded, it’s devastating for your organization. But whether or not your nonprofit received a PPP loan, this episode will:
- Help you assemble your team to navigate the COVID 19 financial crisis
- Provide actionable ways to cut expenses without harming staff
- Offer successful ideas for raising money quickly
- Prepare you reorganization to successfully getting a PPP loan when the fund is reauthorized
This episode will also be serialized this week on the Successful Nonprofits blog.
Listen to the Episode Here!
Harvard Business Review: Nonprofit Fundraising in the Age of Coronavirus
Stanford Social Innovation Review: Outrun the Recession
NonProfit Quarterly Article: Deconstructing the (Not-So-Great) Nonprofit Recession
Chad Wolver’s video about approaching your board now: https://lnkd.in/gTiq4Ek
(7:23) Know your burn rate and cash flow projections
(10:00 ) Actionable ideas for cutting your expenses without harming staff
(18:00) Your staff might make more money from unemployment if you furloughed them now
(23:00) Generate cash and raise more money fast
(38:35) Prepare your organization to apply for the Paycheck Protection Program when it’s refunded