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SBA Releases Revised PPP Loan Forgiveness Application and EZ Application

July 1, 2020 Posted by Kristen Anderson in Congress, COVID-19, Economic growth, Non-profits, Nonprofits

The Small Business Administration (SBA) released a revised, borrower-friendly PPP loan forgiveness application. The revised application implements the changes found in the PPP Flexibility Act of 2020. For more information about these changes, please see our blog post on the PPP Flexibility Act. In addition to the revised, full forgiveness application, the SBA also released …

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PPP Flexibility Act Eases Restrictions

June 9, 2020 Posted by Kristen Anderson in COVID-19, Non-profits, Nonprofits

On June 5, 2020, the President signed the PPP Flexibility Act into law, easing restrictions imposed by the CARES Act and the Small Business Administration (SBA). The CARES Act created the Paycheck Protection Program (PPP). The PPP assists small businesses, including nonprofits, with maintaining their payroll by providing forgivable loans. The details of the original …

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SBA Clarifies PPP Loan Review Rules, Brings Relief

May 27, 2020 Posted by Kristen Anderson in Congress, Non-profits, Nonprofits

The most recent guidance from the Small Business Administration (“SBA”) on the Payment Protection Program (“PPP”) clarifies various components of its anticipated PPP loan review process. In addition to releasing the forgiveness application, which includes forgiveness calculation worksheets, the SBA guidance explains the review process and provides clarity on some of the eligibility requirements that …

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SBA Releases PPP Loan Forgiveness Application

May 18, 2020 Posted by Kristen Anderson in COVID-19, Non-profits, Nonprofits

On May 15, 2020, the Small Business Administration (SBA) released its PPP loan forgiveness application and instructions providing guidance to PPP loan borrowers. The welcome instructions come more than six weeks after PPP loan applications were first accepted. The guidance strays from the original legislation (the CARES Act) in some parts and clarifies some of …

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Nonprofits Struggle with PPP Loans

May 13, 2020 Posted by Kristen Anderson in COVID-19, Non-profits, Nonprofits

Nonprofits have been struggling to successfully apply for PPP Loans under the Paycheck Protection Program (PPP). PPP is the government program that provides forgivable loans to small businesses that keep their employees. Whatever the reasons, nonprofits with 500 or fewer employees are encouraged to apply. As of this writing, $125 billion remains to be distributed. …

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