Non-Profits

main street lending program

Main Street Lending Program Is Now Available to Nonprofits

July 22, 2020

Not-for-profit organizations can now apply for loans under the Main Street Lending Program. Previously only available to for-profit businesses with more than 100 employees, the $600 billion program offers low-interest loans with relatively relaxed repayment terms. A Main Street loan may be an option if your organization needs funding to keep operating during this challenging time.…

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ppp loan

Paycheck Protection Program Application Window Extended

July 7, 2020

On July 4, President Trump signed the “PPP Extension Act”, a bill to re-open the application window for the Paycheck Protection Program (PPP). The new deadline to apply for a PPP loan is August 8, 2020. The additional five weeks gives small businesses the opportunity to apply for relief through the federal loan program. The…

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PPP loan

Paycheck Protection Program Early Loan Forgiveness

June 25, 2020

Small businesses that have received Paycheck Protection Program (PPP) loans may apply for early loan forgiveness before the 24-week or 8-week covered period ends if the borrower has used all the loan proceeds for which the borrower is requesting forgiveness. But it comes with a caveat. According to the US Small Business Association and Treasury’s…

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ppp loan forgiveness application

Updated Paycheck Protection Program Loan Forgiveness Applications Released

June 18, 2020

Updated Paycheck Protection Program (PPP) Loan Forgiveness Applications have been released by the US Small Business Association and Treasury Department in an effort to make the process easier for borrowers as well as reflect the changes from the recent passage of the Paycheck Protection Program Flexibility Act. Two versions of the Loan Forgiveness Applications are…

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Leave-Based Donation Programs

Guidance on Leave-Based Donation Programs

June 12, 2020

The IRS issued Notice 2020-46 which provides guidance for employers that offer leave-based donation programs to aid victims of the Coronavirus pandemic. Under these programs, employees may elect to relinquish vacation days, sick days, or personal leave in exchange for cash donations the employer makes to eligible charities that help victims of the pandemic. The…

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PPP

Paycheck Protection Program Flexibility Act: What Small Businesses Need to Know

June 8, 2020

A new bill that provides flexibility for the Paycheck Protection Program (PPP) was signed by President Trump on June 5, 2020. The Paycheck Protection Program Flexibility Act includes several changes to help small businesses that have received PPP loans. Here are highlights of the Paycheck Protection Program Flexibility Act. Extension of the covered period from…

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