Successful Nonprofits: Payroll Protection Loan Wasn’t Funded, Now What?

Strategies necessary for your organization to survive COVID-19

Our PPP Loan Wasn’t Funded – Now What?

 

Strategies necessary for your organization to survive COVID-19

Our PPP Loan Wasn’t Funded – Now What?

 

by goldenburggroup

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!

Links

The Impact of the “Great Recession” on the Financial Resources of Nonprofit Organization (PDF)

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

Lendio: https://www.lendio.com/

Timestamps

(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

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