New COVID-19 Resources for Nonprofits, Churches & Higher Ed
For we live by faith, not by sight. – 2 Corinthians 5:7
Visit the COVID-19 Resources section of our site often for the latest resources. We’re updating the site continually as new information becomes available.
During this time of rapid change, each Thursday we will send a recap of the latest COVID-19 resources and information.
Here is what’s new this week:
- Now is the time to start preparing for Paycheck Protection Program (PPP) loan forgiveness. If your organization received PPP funds, it’s important to take immediate steps to ensure the funds are correctly handled and tracked during the next eight weeks.
- Prepare for PPP loan forgiveness with this article outlining the steps to take.
- Join Partner Stan Reiff for a Horizons Stewardship webinar on “How to Use SBA/PPP Loan Funds and Forgiveness Strategies” at 11 a.m. EDT tomorrow, April 24.
- See how giving at your church compares. We surveyed churches of all sizes across the U.S. to gauge the impact of COVID-19 on giving. Download the CapinCrouse 2020 Impact of COVID-19 on Church Giving report to see the results.
- International mission agencies face unique CARES Act considerations. Check out this article on mission agencies and PPP loans.
- The IRS has provided updates and guidance on a number of topics:
- If your organization sponsors a 403(b) retirement plan with provisions that fail to meet Internal Revenue Code (IRC) Section 403(b) requirements, the deadline for self-correction has been extended to June 30, 2020.
- The IRS is warning employers to watch out for these common errors when completing Form 7220, Advance Payment of Employer Credits Due to COVID-19.
- Organizations that did not apply for or receive a PPP loan may be eligible to claim the benefits of the Employee Retention Credit. Here are some FAQs from the IRS.
- The IRS has granted relief from the “number of days requirement” applicable in the “substantial presence test” to certain non-resident alien individuals. Learn more.
- Newly released Rev. Proc. 2020-27 waives the time requirements for certain individuals eligible for the foreign earned income exclusion.
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