Getting Financial Help

Owned by Ashleigh Briggs (Deactivated)
Last updated: Apr 01, 2020
5 min read

We know that educational organizations are having a rough time right now.

As organizations like yours gauge the impact of this disruption, financial assistance is being made available to help. Fortunately, economic relief efforts are underway that may be able to help your program manage the current crisis. 

Note: Nonprofit organizations should remember that they are also often, for a good reason, considered small businesses and are often eligible for business assistance from many organizations. Similarly, for-profit businesses should remember that they may be eligible for grant funds and loans (some of which may be forgiven.) If it seems an appropriate match for your program, we suggest that you explore it.


Many kinds of assistance are being made available, including grants and loans, donations, free services, and for some, insurance.

Grants and Loans

Grants and loans both provide funds to help your organization find some financial stability.

We sometimes think that grants are for nonprofits, and loans are for businesses, but it's not that cut and dry. There are loans and grants available for almost any program affected by the COVID19 crisis. If an opportunity seems to be a good match for your program, we suggest that you explore it. 

Who May Be Eligible? 

Nonprofits are often considered small businesses and are likely eligible for business assistance. Similarly, for-profit companies may be eligible for grant funds and loans even if they had not been in the past.  And if you're self-employed, providing classes as a business owner, independent contractor, or freelancer, there are also programs for you, including the grant and loan opportunities previously mentioned.

Grants

You’re probably familiar with grants —financial awards which help to fund specific projects. Grants usually require an application and often have strict guidelines. Grants usually require a report to prove that the funds were appropriately spent. In answer to the pandemic, opportunities have been created by thousands of grant-making organizations.

  • Search for “COVID-19 education grants” to see what’s available.

  • Check with companies you’re doing business with to see if they have any relief efforts (for example, we created the COVID-19 Education Relief Fund to help our most heavily affected customers). 

Loans

Loans are standard in the private sector, especially for businesses aiming to make a profit. You may be able to use a loan to stabilize your organization, and some loans are being forgiven if used for specific purposes. Several have a rapid turn-around to meet the current need. 

We encourage any organization that produces a paid service to look into support for businesses right now. Even if you don’t immediately think of your nonprofit or educational program that way, you're still likely to benefit from small business relief services. 

  • Your local SBA can help you identify programs that can help you financially.

  • Paycheck Protection Program helps businesses – including eligible non-profits and self-employed individuals and independent contractors  – get a loan to cover payroll for several weeks. Under certain conditions, the loan can be entirely forgiven. 

  • Economic Injury Disaster Loans and Loan Advance provides low-interest loans to small business owners in all U.S. states and territories affected by COVID-19.

  • State-specific resources are being updated by the United States Chamber of Commerce Foundation.

Wherever you live, it is absolutely worth checking to see if there's something available to help you.

Funds for Educational Organizations

At the moment, the majority of focus appears to be on private sector businesses and nonprofit organizations. Immediate relief is available for individuals with student loans.

However, the federal government has included an Education Stabilization Fund in its relief package, which will be rolled out over 18 months. The expected allocation funds is too complex to summarize here, but it provides for colleges, universities, and municipal school systems. (You can read more on what about the bill at edsource.org.) 

In the meantime, many private businesses have been creating in-kind gifts of services or financial assistance to help educators. The website techforlearners.org has been created to monitor and collect offers like these. From free conferencing tools to online libraries and classes, your program may benefit from some of the offers listed. 

Insurance Policies

If you had insurance as of January 2020, your insurance company might be able to give you some relief if you have appropriate coverage. With that in mind, it is important to check with your insurance provider to see if you may have some protection from losses.

Check your policies and contact your insurance provider to see if you had “event” or “business disruption” coverage for your program. Policies like these insure event-related revenue and expenses in the event of a cancellation that you can’t control (sometimes this is referred to as “all-cause” coverage.) Policies that include this coverage are often complicated. Still, if you’re covered, it will help to reduce the effect of the disruption. 

Help from Your Supporters

Your customers, friends, and family are often your best supporters. They are usually invested in your success too! 

If your program is a nonprofit, you’re probably already comfortable asking for help to support your program’s mission and ensure its ongoing financial health. Even in times like this, people are generous when they can be, so it’s worth asking if you need help.

For-profit businesses and individuals can also ask for donations, though they are not tax-deductible for the giver. Consult your tax professional to understand how gifts may affect your specific financial situation.

A few thoughts:

  • Sell gift certificates or gift cards for future classes (at a discount if you need to).

  • Create and sell merchandise you can sell at a profit to your supporters.

  • Ask those with canceled classes to consider donating the cost of the class (which prevents you from having to process a refund).

  • Set up a crowdfunding website, like GoFundMe.

  • Create a virtual tip jar if you’re offering temporary free content online.

  • Check the list at Charities.org for additional ideas for fundraising in the time of COVID19.

Many people are striving to contribute positively to their communities in meaningful ways while isolated. If you only get help if you ask. 

So What Are My Options? 

We recognize that CourseStorm users teach, well, everything! We can’t cover everything, but we can give you a little direction relevant to many of our programs.

Small businesses (of all kinds!) 

  • Connect with the SBA for loans and grants.

  • Plan for the future by reaching out to the SBDC or SCORE. 

  • Depending on your business, you may qualify for other opportunities, so plan to spend a little time researching on your own. 

Arts organizations 

Workforce development programs 

Youth programs

  • While summer holds many unknowns, the American Camp Association is providing some resources which include webinars, including what national relief may be helpful for camp providers. 

  • Connect with your local SBA to see if you are eligible for business loans or grants. 

  • Search for grants specific to your area of programming: religious, arts, sports, etc. and apply to all which you fit.

Educational Institutions

  • Stay tuned into your state’s allocations and distribution of federal funds by monitoring the Department of Education.

  • Reach out to your vendors and see if they are offering free tools or software you can use while you need it.

  • Search sites like techforlearners.org that are collecting product offers.

Sole-practitioners / Instructors

  • Check with your state bureau of unemployment. Many states are making unemployment funds available for people who were previously not covered by unemployment insurance.