Nonprofit Resources
SBA Issues Guidance on Student Workers and PPP Loan Eligibility
May 7, 2020 - The SBA has provided guidance on whether higher education institutions can include student workers when determining the number of employees for purposes of PPP eligibility.
SBA Provides Answer on Foreign Workers and Employee Counts for PPP Loans
May 7, 2020 - The SBA has issued a FAQ that provides clarification on how foreign workers affect the employee computation for PPP loan eligibility.
PPP Loan Good Faith Certification: Now What?
May 4, 2020 - This article provides a framework for analyzing the PPP loan good faith certification requirement and how your organization can assess and document your decision to sign off on the certification during the loan application process.
Employee Retention Credit Overview
April 29, 2020 - Now that Paycheck Protection Program applications are in full swing, attention is turning to other benefits provided by the CARES Act. This includes a new benefit called the Employee Retention Credit (ERC).
Treasury Dept. Says PPP Loan Amounts Over $2 Million Will Be Audited*
April 29, 2020 - U.S. Treasury Secretary Steven Mnuchin announced that the Small Business Administration will audit* Paycheck Protection Program loan amounts over $2 million to verify economic need before the loans are forgiven.
Accounting for Paycheck Protection Program Proceeds
April 27, 2020 - Many nonprofit organizations are asking about the proper accounting for Paycheck Protection Program (PPP) proceeds. Here's what to know.
SBA Provides FAQs on Calculating Payroll Costs for PPP Loans
April 24, 2020 - The Small Business Administration (SBA) has released guidance to help businesses and organizations calculate their payroll costs when determining the amount of a Paycheck Protection Program (PPP) loan they can apply for.
Watch for These Errors When Filing for COVID-19-Related Employer Credits
April 23, 2020 - The IRS is warning employers to watch out for these common mistakes when filing Form 7200, Advance Payment of Employer Credits Due to COVID-19.
Substantial Presence Test Relief for Certain Eligible Non-Resident Aliens
April 22, 2020 - The IRS has granted relief from the “number of days requirement” applicable in the “substantial presence test” to certain non-resident alien individuals who will be in the U.S. in 2020 for more days than anticipated due to travel restrictions arising from the COVID-19 pandemic.
Preparing for Paycheck Protection Program Loan Forgiveness
April 22, 2020 - If your nonprofit applied for and received a loan through the Paycheck Protection Program (PPP), it’s important to take immediate steps to ensure the funds are correctly handled and tracked during the next eight weeks.