New financial relief is available to nonprofits thanks to the Federal Reserve. As a result of the CARES Act, the Fed created the Main Street Lending Program (“MSLP”) to provide support to small and medium-sized businesses to offset financial devastation caused by the COVID-19 pandemic. At first, it was not available to nonprofits. However, on …
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 …
Nonprofits purport to serve advantaged communities. White-led nonprofits cannot earnestly do so until they reform the implicit bias in their hiring practices.
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 …
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 …
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 …
