The Member Splash platform is used by both non-profit and for-profit entities. We want to highlight some important news regarding financial programs that are being put in place in response to the Global Coronavirus Pandemic.
Help for Non-Profits
Many of our Member Splash community are nonprofit organizations operating on very tight budgets. So as we experience the global coronavirus pandemic that limits social interaction, many clubs’ very existence may be at risk. We’re hearing from many of our customers that they certainly expect to have a delayed opening in 2020 – or worse – clubs may not open at all for the summer season.
So while the news is painful, Federal, State, and Local agencies are increasingly implementing plans to assist small nonprofits. Recently the National Council of Nonprofits established a Covid-19 resource page that has a wealth of information that may prove vital to your organization.
They also recently conducted a webinar discussing the impact of Federal Coronavirus Relief Bills for Nonprofits. A recorded version of that presentation is posted on their main Covid-19 resource page. It includes analysis of the Families First Coronavirus Response Act and an initial analysis of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). We strongly urge you to review and take advantage of the programs that include support for non-profits.
Help for For-Profit Small Businesses
The U.S. Chamber of Commerce has pulled together a wealth of informational resources and guidance for small business that are now forced to address the impacts of the coronavirus. In particular, their Combating the Coronavirus page serves as a focal point for resources and guidance for small businesses.
Of particular note are:
- Coronavirus Small Business Guide – This publication delivers the latest resources, advice and information to help small businesses navigate this challenging time, including financial aid guides, best practices, links to webinars and townhalls.
- Guide to Small Business Emergency Loans (PPP) – The CARES Act allocated $350 billion to help small firms keep workers employed. Called the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans that can be forgiven if borrowers maintain or restore payrolls.
- Guide to Small Business Economic Injury Disaster Loans (EIDL) – The CARES Act expanded the SBA’s long-standing Economic Injury Disaster Loan Program (EIDL), which includes additional loan programs and $10,000 emergency grants. Check eligibility, calculate borrowing limits, and apply using this guide.
Your Member Splash Team
As your trusted partner, Member Splash will continue to be here for you. And as always, if you care to share your experience with aid and loan programs – please include them in comments to this post.
Thank you all, and please stay safe.