Practical Help for Nonprofits During the COVID-19 Pandemic

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Many nonprofits are at the forefront of the COVID-19 pandemic crisis. Unprecedented challenges have left many scrambling for ways to mitigate the effect on their clients as well as on the viability of their organizations. As a leading Microsoft ERP partner for nonprofit organizations, we understand how nonprofit accounting departments are struggling to adapt to the current business landscape in the midst of this pandemic.

Our partners at Jitasa, a leading provider of accounting solutions and services, have developed a comprehensive collection of COVID-19 relief resources for nonprofits. You can read more about these resources on Jitasa’s website, but here’s our summary.  We hope the suggestions will help your nonprofit organization weather the storm.

1. The Payment Protection Plan

Are you wondering if your nonprofit qualifies for a Small Business Association (SBA) loan?  You’ll find information about eligibility, maximum amount available, interest rates, term lengths, and, importantly, the time it will take to process your request. There is a FAQ section concerning loan forgiveness and how payments will affect your taxable income.

2. The Payment Protection Program calculators

Calculating maximum loan amounts can be tricky. You’ll be considering

  • salary, wage, commission, or similar compensation
  • payment of cash tip or equivalent
  • payment for vacation, parental, family, medical, or sick leave
  • allowance for dismissal or separation
  • payment required for the provisions of group health care benefits, including insurance premiums
  • payment of any retirement benefit
  • payment of state or local tax assessed on the compensation of the employee

You’ll need to know who is eligible and, equally important, who is not eligible for compensation and how much. Jitasa has removed much of the guesswork by providing a series of calculators that walk you through the process.

3. SBA Economic Injury Disaster Loan program

The Technicalities of the SBA Economic Injury Disaster Loan program might leave you a bit overwhelmed. Fortunately, the folks at Jitasa have broken it down for you on this SBA disaster loan resources for nonprofits page. Here you’ll find FAQs addressing eligibility, loan terms, and how the loan application process works. You can read about the requirements and, if you like, schedule a complimentary conference with one of Jitasa’s experts.

4. Families First Corona Virus Response Act

The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020, and took effect on April 2, 2020. It provides for paid sick and family leave during the COVID-19 pandemic. Tax credits are being offered by the IRS to offset these additional costs to nonprofit organizations.

Read the FAQs and get the details you’ll need to help your nonprofit benefit from this program.

At BroadPoint, we provide Microsoft Dynamics ERP and CRM solutions for our nonprofit and other clients. And we’re here to support them in any way we can. We hope to continue sharing valuable resources as we all navigate the COVID-19 crisis.

Please contact us if you have questions or if we can provide assistance with Microsoft Dynamics 365 Business Central.

By BroadPoint, Inc.,

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