COVID-19 Nonprofit ResourcesMarch 26, 2020
BUSINESS CONTINUITY/DISASTER RECOVERY PREPAREDNESS CHECKLIST
The evolving threat of the coronavirus (COVID-19) is placing business continuity planning efforts on top of mind. Organizations need to balance how they safeguard and keep their employees safe while mitigating the risk of adverse financial and operational effects. Ongoing assessment of threats and risks is key to maintaining the most up-to-date plans, and testing and maintenance are essential to validate strategies and assumptions and identify any gaps in business continuity planning.
Marks Paneth’s Business Continuity/Disaster Recovery Preparedness Checklist, developed by Melissa Ouari, Senior Manager in the firm’s Technology Services Group, provides concrete actions organizations can take to minimize disruption and respond to crises like the coronavirus outbreak more effectively.
NYC EMPLOYEE RETENTION GRANT PROGRAM
New York City is offering small businesses and nonprofits with fewer than five employees a grant to cover 40% of payroll costs for two months to help retain employees. For up-to-date information from the NYC Department of Health on this quickly evolving situation, please visit www.nyc.gov/coronavirus. For best business practices and updates on financial assistance, please visit https://www1.nyc.gov/site/sbs/businesses/covid19-business-financial-assistance.page. You may also contact your relationship partner at Marks Paneth with questions or to discuss further.
SBA DISASTER ASSISTANCE LOANS
The Small Business Association (SBA) has announced that it will be offering disaster assistance loans for small businesses, including nonprofits, impacted by the coronavirus. These business 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 nonprofits is 2.75%.
For more information, please visit https://www.sba.gov/about-sba/sba-newsroom/press-releases-media-advisories/sba-provide-disaster-assistance-loans-small-businesses-impacted-coronavirus-covid-19 or contact your Marks Paneth relationship partner.
For updates and guidance on the COVID-19 outbreak, please visit Marks Paneth’s Pandemic Resource Center.