Financial Resources Your Organization Can Take Advantage of Right Now
In these unprecedented times the SKC team continues to operate from our home offices providing the mission critical services you need. While it can be more challenging working remotely (as many of you know), we are committed to you and your needs. Today, and every week until this crisis abates, the SKC team in partnership with our Board of Directors are providing updates that will help you and your organization navigate this time.
The flow of information we receive each day in this new world is nearing break-neck pace. While we are trying to pay attention to all the important contributions being presented in the digital space, we recognize how challenging this must be for all nonprofits. SKC strives to provide our partners in the nonprofit community with the best available knowledge and resources to ensure that you have the necessary information to navigate these extraordinary times. This, and future COVID-19 informational emails will be organized by local, state, and federal resources as well as just good information that we hope will address some of the concerns you may have as you navigate the massive influx of information.
Our topic today focuses on several financial resources that you and your organization can take advantage of right now.
Kansas City Regional COVID-19 Response and Recovery Fund
Where can I learn more info: https://www.growyourgiving.org/covid
A coalition of charitable, business and government partners has joined together to create this fund to address the needs of the Kansas City region’s most vulnerable communities affected by the pandemic. The Greater Kansas City Community Foundation is housing the fund, which will collect donations to make grants to nonprofit organizations that have experience supporting impacted communities – particularly those that are disproportionately affected by the global pandemic and its economic consequences. The Fund will support charitable organizations to both maintain their operations and increase their capacity to serve those most impacted by COVID-19. Additional grants will be released on a rolling basis as fundraising continues and needs are identified.
Who is eligible
The fund will prioritize community-based organizations serving the greater Kansas City region. This includes the following counties in Kansas: Johnson, Leavenworth, Miami, Wyandotte and the following counties in Missouri: Cass, Clay, Jackson, Platte and Ray.
How to apply
Apply online at gkccf.kimbia.com/covid
How to donate
Donate online at this website: app.mobilecause.com/f/2pqv/n
U.S. Small Business Association (SBA) Economic Injury Disaster Loan Program
Where can I learn more info: disasterloan.sba.gov/ela/
The U.S. Small Business Association (SBA) is now offering low interest rate loans of up to $2 million for nonprofits to help cover operational issues caused by the COVID-19 virus. The SBA will coordinate with each state’s Governor to submit the request for Economic Injury Disaster Loan assistance, both Kansas and Missouri are eligible states for this relief program. These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate for eligible nonprofits is 2.75%, with repayment options ranging up to 30 years.
Who is eligible
Nonprofits in Kansas and Missouri are eligible for this program. Fact sheets, as well as a general business resources handout can be found for each state here: Kansas and Missouri
How to apply
go to this link and follow the instructions provided: disasterloan.sba.gov/apply-for-disaster-loan/
You can check your application status by
calling 1-800-659-2955 (TTY/TDD: 1-800-877-8339) or emailing firstname.lastname@example.org
COVID-19 Relief/Aid Packages signed into law by Congress
The U.S. Congress has been moving quickly this month to address the COVID-19 pandemic. There have been two bills passed: the Coronavirus Preparedness and Response Supplemental Appropriations Act on March 6th and the Families First Coronavirus Act on March 18th. These first two bills focused on government funding around COVID-19 testing, paid leave for employees, and various other measures to reduce the spread of the virus. The House has just passed another stimulus bill today that will provide even more support for individual tax payers, large and small businesses, and government agencies.
Some of the more significant takeaways from the first two bills are changes to telehealth restrictions and employee/employer benefits surrounding paid leave. Medicare providers are now able to offer telehealth services to beneficiaries regardless of whether the beneficiary is in a rural community. The FFCRA is also requiring certain employers to offer paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. Covered employers include certain public employers and private employers with fewer than 500 employees. Covered employers qualify for dollar-for-dollar reimbursement through tax credits for all qualifying wages paid under the FFCRA. The Polsinelli Law Firm also has a great write up on what has transpired so far, and what changes to the Tax Law are most crucial for businesses and nonprofits. SKC will provide a detailed description of the benefits of these three Federal legislative actions in our next weekly email brief. For more information on each bill, see our links provided below.
- A summary of the Coronavirus Preparedness and Response Supplemental Appropriations Act can be found here.
- A summary of the Families First Coronavirus Response Act can be found here.
- More info on tax law changes from Polsinelli can be found here.
Other Great Resources
Nonprofit Connect Coronavirus Resources for Kansas City Nonprofits
ThinkHR is offering a webinar on COVID-19 Updates and Employer FAQs. The webinar is on Tuesday March 31st, at 1:00 pm Central (2:00 pm Eastern). You can Register here.
What Nonprofit Board Members Should Be Doing Right Now to Address the COVID-19 Situation, article by BoardSource.
If you need help with any of these resources please do not hesitate to reach out to us.
Finally, as each day brings new challenges and obstacles, remember to be good to one another. Support KC has spent the last twenty years working shoulder to shoulder with our partners in the nonprofit community to ensure we all stay ‘mission focused’. Let us not forget that message as our community needs us now more than ever. Support KC is here for you and your organization as you face new challenges and obstacles in the face of this pandemic. We can achieve anything if we work together. Support KC remains open (remotely) and accessible via our office phone number or by reaching out directly to your point of contact.