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 …
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 …
Yesterday’s launch of the Paycheck Protection Program (PPP) was a chaotic mess. More frequently than not, nonprofit executives and business owners were frustrated by their inability (at no fault of their own) to apply for PPP loans. PPP to Aid Distressed Nonprofits The PPP was approved by Congress last week to provide forgivable loans to …
Relief is on the way for nonprofits affected by the COVID-19 pandemic, including forgivable loans.
In the wake of the COVID-19 outbreak, federal and state governments have provided the country with several waves of relief for employers, including nonprofits, to help ease the burdens caused by the pandemic. New programs will affect nonprofit employers by imposing upon them new obligations towards their employees and by providing them with benefits to …
Nonprofits can now receive a refund of Parking Taxes paid in 2017 and 2018. The 2017 Tax Cuts and Jobs Act imposed the so-called “Parking Tax” on nonprofits. The Parking Tax required nonprofits to pay a new form of unrelated business income tax (“UBIT”) on amounts they incurred for providing transportation and parking benefits to …
