Received: from mta8.cpro20.com ([216.24.226.8]:58515) by stodi.digitalkingdom.org with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from ) id 1jX5bU-00040Y-QT for lojban@lojban.org; Fri, 08 May 2020 09:12:02 -0700 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; s=key1; d=cpro20.com; h=List-Unsubscribe:Message-ID:Date:Subject:To:From:Reply-To:MIME-Version: Content-Type; bh=K+LOsG1QEfFsH392xmM8NsKNuJtmXPkLlhaaZVUdvWg=; b=SwH0YWcI/VJWPTeHFM0LpPSlM6OxiCzRieG8aXncU+oOt/haIm95vKa1QLB44frp5x6SmmlAiHkD Lpdcwj97+v/1YBXtcutqiggE0YzCqFHh/mYqqAxXO5qcGDOtwUlejRf5phyT1434AiI3LfYM0nQw L6ymoEHrbb1CH9wWma0= Received: by mta8.cpro20.com id hmm2d42kcoo0 for ; Fri, 8 May 2020 12:11:30 -0400 (envelope-from ) List-Unsubscribe: X-Campaign-Shard: 1 Bounces-To: bounce_qeyyaw_gmnhvtit_o@cpro20.com Message-ID: <1588954212153.43396480.121083285.29719122258@backend.cpro20.com> X-Campaign: 43396480/121083285/29719122258 Errors-To: bounce_qeyyaw_gmnhvtit_o@cpro20.com Date: Fri, 8 May 2020 12:11:30 -0400 Subject: Huge Updates About PPP Loan Forgiveness To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_1260796079.1588953617978" X-Spam-Score: -1.7 (-) X-Spam_score: -1.7 X-Spam_score_int: -16 X-Spam_bar: - ------=_Part_1260796079.1588953617978 Content-Type: text/plain;charset=UTF-8 Nonprofit Execs, We've Learned More About PPP Loan Forgiveness - May 8, 2020 (Because of your important work with Charitable Organizations) Dear Nonprofit Execs & Colleagues In Service, Nonprofit PPP Loan Forgiveness UPDATE reveals new facts regarding the forthcoming PPP Loan forgiveness process. Unfortunately, the probability of actually receiving a PPP Loan has come to an end. The SBA announced today that as a result of an unprecedented crush of applications (and the rapid depletion of CARES Act funding allocated by Congress) that they have CLOSED their application portal and are drastically limiting the amounts of the remaining loans they have left to offer to nonprofits and small businesses. If your nonprofit is among those fortunate enough to have received a loan or loan advance your next major hurdle will be to ensure the amount you receive is actually forgiven. Here’s what can confirm so far: The CARES Act requires that you APPLY TO YOUR LENDER FOR LOAN FORGIVENESS at the end of the eight-week period following receipt of your loan. Your lender MUST make a decision on your application for forgiveness within 60 days. The IRS has ruled that any forgiven part of a PPP loan is exempt from being taxed as a “discharged debt.” This means you DO NOT have to declare the forgiven part of your loan as income when you file taxes for 2020. Your EIDL loan advance WILL be deducted from the forgivable part of any subsequent PPP loan you receive. To receive full forgiveness, you must retain (or rehire by June 30, 2020) all full-time equivalent employees (FTEEs) according to the baseline used to establish your loan, except for any fully documented instances in which an employee refuses the rehire offer. The amount forgiven will also be reduced in proportion to any reduction in employee salary or wages during the eight week forgiveness period greater than 25% of the average amount that employee made during the base period. Here's the single most important task you have to do TODAY: Secure a bookkeeper that understands all the details of The CARES Act, EIDL and PPP Loan programs VISIT HERE TO READ ENTIRE ARTICLE Inside Charity is pleased to report that over 600 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process. We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the Small Business Association (S.B.A) and Internal Reve-nue Service (I.R.S) to provide you real-time updates you need to access CARE Act funding as soon as possible. We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available. Warmly, James P. LaRose, CNE, CDE, CNC Senior Editor You are subscribed to this email as lojban@lojban.org. Click here to modify your preferences http://trk.cpro20.com/form?2038gl--11cug-dnhzxhu3&sl=y&t=1&ac=g62g or unsubscribe http://trk.cpro20.com/form?2038gl--11cug-dnhzxhu3&sl=y&t=5&ac=g62g. ------=_Part_1260796079.1588953617978 Content-Type: text/html;charset=UTF-8
(Because of your important work with Charitable Organizations)                                                 

Nonprofit Execs, Huge Updates Regarding PPP Loan Forgiveness - May 8, 2020

(Because of your important work with Charitable Organizations)

(Press Capitol Building Below To Read More)

Nonprofit PPP Loan Forgiveness UPDATE EMAIL HE.jpg

Dear Nonprofit Execs & Colleagues In Service,

Unfortunately, the probability of actually receiving a PPP Loan has come to an end. The SBA announced today that as a result of an unprecedented crush of applications (and the rapid depletion of CARES Act funding by Congress) that they have CLOSED their application portal and are drastically limiting the amounts of the remaining loans they have left to offer to nonprofits and small businesses. If your nonprofit is among those fortunate enough to have received a loan or loan advance your next major hurdle will be to ensure the amount you receive is actually forgiven.

Here’s what we can confirm so far:

1. The CARES Act requires that you APPLY TO YOUR ORIGINAL LENDER FOR LOAN FORGIVENESS at the end of the eight-week period following receipt of your loan. Your lender MUST make a decision on your application for forgiveness within 60 days.

2. The IRS has ruled that any forgiven part of a PPP loan is exempt from being taxed as a “discharged debt.” This means you DO NOT have to declare the forgiven part of your loan as income when you file taxes for 2020.

3. Your EIDL loan advance WILL be deducted from the forgivable part of any subsequent PPP loan you receive.

4. To receive full forgiveness, you must retain (or rehire by June 30, 2020) all full-time equivalent employees (FTEEs) according to the baseline used to establish your loan, except for any fully documented instances in which an employee refuses the rehire offer.

5. The amount forgiven will also be reduced in proportion to any reduction in employee salary or wages during the eight week forgiveness period greater than 25% of the average amount that employee made during the base period.

Here's the single most important task you have to do TODAY:

Secure a bookkeeper that understands all the details of The CARES Act, EIDL and PPP Loan programs VISIT HERE TO READ ENTIRE ARTICLE


Inside Charity is pleased to report that over 600 comments and questions have been recorded at Inside Charity by nonprofit executives, staff, board members, ministry leaders and volunteers over the past ten days. We grateful to everyone who has participated and want to encourage as many as people as possible to continue to share their experiences. Your written comments and contributions have helped your colleagues navigate this process.

We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the Small Busi-ness Association (S.B.A) and In-ternal Re-venue Service (I.R.S) to provide you real-time updates you need to access CARE Act funding as soon as possible.

SUBSCRIBE HERE TO STAY UP-TO-DATE.

We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available.

Warmly,

James P. LaRose, CNE, CDE, CNC

Senior Editor


You are subscribed to this email as lojban@lojban.org.
Click here to modify your preferences or unsubscribe.
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