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Our Flash Survey: PPP Loans Popular, but Funds Slow to Appear | Is your board on board?

On April 15, CNPE invited eNews readers (and our social media audience) to take a flash survey about nonprofits’ participation in emergency federal loan programs started under the CARES Act – the Paycheck Protection Plan and the Economic Injury Disaster Loan advance program. We closed the survey after 24 hours because this is such a fast-moving topic. (In fact, just hours after the survey launched, the SBA announced that it is no longer taking new applications because both loan programs are oversubscribed.)

The CARES Act authorized $349 billion in loan money. As of April 14, news sources reported that Kentucky small businesses (and nonprofits) had received $3.4 billion out of $248 billion then disbursed (1.4% of the total); based on that percentage, we estimate that Kentucky borrowers will get about $4.8 billion out of the $349 billion total.

Here are highlights of the survey, which had just over 200 respondents:

  • More than three in four respondents (78%) applied for PPP loans.
  • Among those who had not yet applied for a PPP loan, 38% intended to do so.
  • Only one in five respondents (21%) applied for EIDL advances.
  • Among respondents who had applied for either loan, only 23% had received their funding as of the time they responded to the survey.
  • Among respondents who had received their PPP money (and who did not respond with “N/A”), about 80% were confident that they were going to be able to use the funds appropriately to have their loans forgiven.

You can see a summary of the results, with charts, here.

Comments from survey participants were revealing, but are too long and disparate to summarize. We have compiled them here. We will be sharing these survey results with the philanthropic community and other stakeholders so they know what nonprofits are experiencing as they seek funding from all available sources. We thank all those who participated.

Is your board on board?
Next Tuesday, April 21, at 9:00 AM, our own Ed Cortas, Director of Consulting Services, will offer timely strategic advice on Board Engagement during a Crisis. Nonprofits obvi­ously benefit when their boards support and advise them actively in ordinary times. But in these extra­ordinary times, it’s imperative to keep boards informed and engaged. Ed’s many years of experience in nonprofit consulting inform his advice. In this 75-minute webinar, he will present specific ways that nonprofits’ senior leadership can – and should – be relying on their boards for guidance to both weather current challenges and position organizations for success once this storm has passed. Nonprofit directors and senior leaders will both benefit from this webinar. You can register here.

Delta Dental offering no-strings $10,000 grants to 501(c)(3) nonprofits
From now through April 30, 501(c)(3) nonprofits whose services benefit Kentuckians can apply to Delta Dental of Kentucky’s COVID-19 Emergency Fund for $10,000 grants. The grant funds are NOT restricted. Go to community.deltadentalky.com/Relief to apply. Details in this press release.

Upcoming free CEO Roundtable webinars

  • Next Thursday, April 23, at 2:00 PM, we are hosting a timely webinar on Fundraising in the Age of Coronavirus – How Nonprofits Can Navigate Turbulent Times. Our pre­senter, Bill Stanczykiewicz, a core faculty member of IUPUI’s Lilly School of Philanthropy will be offering advice on how to (a) make up for revenue lost due to cancellations (cancel­ing events, selling tickets, etc.); (b) empower and encourage your donors when they are afraid, too; and (c) keep fear and anxiety from overwhelming your organization’s future. Seats are going fast! You can register here.
  • On Tuesday, April 28, at 9:00 AM, you can get helpful tips on working remotely more effec­tively from IT guru Tucker Oldham from Advanced Business Solutions. No one knows how long remote work will be necessary – and it could even become a default mode for some of us. Tucker directs ABS’s technical account management, and he will discuss how using the right collaboration tools can boost your team’s efficiency – and effectiveness. He will reveal which tools are best for which users, which are safest, and which are cheapest. You can register here.

Thanks to our volunteer presenters and sponsors who make these free webinars possible.

Get your free consulting here: Remember that our stable of nonprofit consultants are offering all eNews readers (and not just CNPE members) one hour of free consulting time to help you work through some of the novel challenges you face today. Find details and a simple signup form here.

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

The Facebook Group: Join our new Nonprofit Community Connection Facebook Group to engage informally with other local nonprofits and the CNPE staff on issues you are either struggling with or have had some success with. Our group tagline is “Learning through crisis to build a better world.” We already have more than 150 members – please join us.

Eye chartCNPE Self-Care Tip of the Day: Your virtual eye doctor reminds you that eye strain is real, particularly if you are staring at a screen all day. The “20-20-20” rule is to take a break every 20 minutes to look at something at least 20 feet away for at least 20 seconds. Refocusing your eyes and blinking more often can help prevent Computer Vision Syndrome (yes, that’s a thing). Details here.

Hang in there. CNPE has your back. We want to help you take advantage of every resource that can help you through this unsettled time, whether you were able to secure PPP funds or not.

My best,

Ann L. Coffey, CEO

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

P.S. Tell a friend: If you know someone who might benefit from reading our e‑newsletter, they can sign up here (or at the bottom of our home page at www.CNPE.org).