Here's what you need to know about payroll for nonprofits

Key quotes:

• "In an independent survey, QuickBooks Payroll asked 1,000 employees over the age of 18 from businesses of all sizes throughout the country what they do when they get paid, how it makes them feel, how quickly they spend their earnings, and more."
• "Over 53% of employees said they get paid on Fridays, with the next most popular response being that their payday varies."
• "Around 1 in 5 employees are paid twice a month, with a similar proportion saying payday falls on different days every pay period."
• "Our survey found that, in general, employees are more concerned with pay than other employment factors like job satisfaction, benefits, living close to work, or how much they like their coworkers."
• "Over half (70%) of employees surveyed had high levels of confidence that their employers would give them a raise this year."
• "We found that among employees of very small businesses, confidence in the job market is generally lower, with only 38% expecting a raise this year."

Key quotes:

• "You can spend that money on several key expenses… This 7(a) loan money can be spent in many ways intended to keep your people paid and your business or organization afloat, including: · payroll and other wages, · continuation of group health care benefits while any employees you have are out on paid leave, · insurance premiums, · mortgage interest (not principal — that’s what negotiation is for), · rent, · utilities, and · interest on any other debt obligations that were incurred before the covered period."
• "So if (a) you think your uses could come from either pot, (b) time to get $$ into hand is truly of the essence, and (c) the SBA 7(a) process isn’t even up and running with the banks yet (or it is but you don’t mind filling out two separate loan applications), then starting with the advance grant request through the EIDL program and letting that amount be subtracted from a later potential 7(a) could be your best bet."

Key quotes:

• "The Paycheck Protection Program provides loans designed to help small businesses keep their workers on payroll."
• "To supplement these loans, Congress created Emergency Economic Injury Grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of successful application of an SBA Economic Injury Disaster Loan (EIDL)."
• "Partially — after successfully completing an application for the program, businesses can request a loan advance of up to $10,000."
• "These loans can provide vital economic support to small businesses to help overcome the temporary loss of revenue they are experiencing and can be a term loans or used to bridge the gap while applying for an Economic Injury Disaster an."
• "The Small Business Administration will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months."
• "7(a) loans are an affordable loan product of up to $5 million for borrowers who lack credit elsewhere and need access to versatile financing, providing short-term or long-term working capital and to purchase an existing business, refinance current business debt, or purchase furniture, fixtures and supplies."

Key quotes:

• "If there is a government closure of your facilities which results in an income loss, coverage will likely only apply if there is actual contamination or physical damage within a given radius of your location."
• "Furthermore, whether the presence of coronavirus at a given location will be considered direct physical damage will depend on the facts, the wording in your policies and the jurisdiction in which the event takes place and your policy is considered under."
• "Many commercial property policies include contingent business income coverage for financial losses resulting from disruptions to an organization’s customers or suppliers, usually requiring that the cause of damage to the customer or supplier be of a type covered with respect to their own property."
• "Some commercial package policies have a small sub-limit for cancellation of your own events or of third party conferences you are attending but these are typically small limits of $10,000-$25,000 and, again, many require actual damage or a specific government order to apply."