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Board approval for SBA Paycheck Protection Program loans | KNN follow-up survey

This is SBA Paycheck Protection Program Loan week. This loan program is important for all nonprofits to consider for helping to close financial gaps from now until June 30. Forgivable PPP loans will be issued at 0.5% interest for two years, with the first payment deferred for six months. The goal is to help you make payroll for eight weeks with a loan that turns into a grant.

If you are just getting caught up, see the SBA loan resources we have compiled here.

We’ll say it again: Banks can start making these loans TOMORROW, FRIDAY, APRIL 3, and we expect funds to be depleted quickly.

Template Resolution: As part of your documentation, most if not all banks will require a board resolution approving the loan application. To keep you from having to draft a resolution yourself, we have posted a template board resolution here.

KNN Survey 2.0: Nonprofits across the Commonwealth
The Kentucky Nonprofit Network did one statewide survey of nonprofits and how the COVID-19 pandemic is affecting them. KNN is now seeking updates to this survey with fewer, more quantifiable questions to document nonprofits’ COVID-related loss of income and increase in expenses. Whether you participated in the first one or not, you can respond to this short (10-question) survey here.

Upcoming COVID-19 CEO Roundtables:
At 3 PM this Friday, April 3, we will have a special roundtable, “Self-Care in the Time of COVID-19”  presented by Kimberly May, an experienced Life and Wellness Coaching Specialist who also spoke at our CHANGEMAKERS Conference last October. She will offer an array of actionable advice on tending to yourself during these stressful times. You can register here.

At 2 pm on Thursday, February 9, will engage with the Washington-based Center for Disaster Philanthropy. This webinar will help both nonprofits and funders understand the current state of the COVID-19 pandemic’s impact on communities and needs for immediate response and recovery. We will address how to prioritize activities and funds, ideas for best practices for funders, and key areas of need. You can register here.

“The List”: CNPE continually curates its useful COVID-19 Nonprofit Resources List.

CNPE Self-Care Tip of the Day: Maybe you need something furry. Interacting with animals has been shown to lower blood pressure and decrease levels of the stress hormone cortisol. Other studies have found that animals can reduce loneliness, increase feelings of social support, and boost your mood; this might be the perfect time to get a pet. Check out the Kentucky Humane Society for adoptable pets. 

Hang in there. The next few weeks will be challenging, but we can do this together. Stay in touch with your board, and get your PPP loan application in ASAP.

My best,

Ann L. Coffey, CEO

The CNPE office is closed temporarily to help ensure everyone’s health. Our staff will be working remotely, though, and remain available to help members. Please don’t hesitate to contact us. CNPE Staff Contacts

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