Received: from nobody by stodi.digitalkingdom.org with local (Exim 4.92) (envelope-from ) id 1ja3TR-0004ia-8m for lojban-newreal@lojban.org; Sat, 16 May 2020 13:31:57 -0700 Received: from mta6.cpro20.com ([216.24.226.6]:22552) by stodi.digitalkingdom.org with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from ) id 1ja3TO-0004ho-Ms for lojban@lojban.org; Sat, 16 May 2020 13:31:56 -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=HWv/fJDnq+ky+64AbnMCc4j9o/hiNbmRwP0YAV9naRA=; b=QxgQGrxlTB+Ijk4SaNI7/FmmhXInxob6jN6/N9gQkCzjRnTRG7duTGb8jdBxP0/krnywZGUcNpXq LpAed7IUIREE8AiA1H32truE6OWzhRYEqV02OLon/zYCsK0gRipc9zkBSUV0x5P+YRDxE6n5S1h4 VrAPUVK/tIL8QH6RvEw= Received: by mta6.cpro20.com id ho16ro2kcoon for ; Sat, 16 May 2020 16:30:58 -0400 (envelope-from ) List-Unsubscribe: X-Campaign-Shard: 1 Bounces-To: bounce_qinerg_gmnhvtit_o@cpro20.com Message-ID: <1589661024552.43592715.122262150.29719122258@backend.cpro20.com> X-Campaign: 43592715/122262150/29719122258 Errors-To: bounce_qinerg_gmnhvtit_o@cpro20.com Date: Sat, 16 May 2020 16:30:58 -0400 Subject: PPP Forgiveness Application Has Been Released - May 16, 2020 To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_1239007894.1589661000333" X-Spam-Score: -1.7 (-) X-Spam_score: -1.7 X-Spam_score_int: -16 X-Spam_bar: - ------=_Part_1239007894.1589661000333 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?20si2u--11cug-dnhzxhu2&sl=y&t=1&ac=g62g or unsubscribe http://trk.cpro20.com/form?20si2u--11cug-dnhzxhu2&sl=y&t=5&ac=g62g. ------=_Part_1239007894.1589661000333 Content-Type: text/html;charset=UTF-8
(Because of your important work with Charitable Organizations)                                                 

Nonprofit Execs, PPP Forgiveness Application is Now Online - May 16, 2020

(Because of your important work with Charitable Organizations)

(Press Capitol Building Below To Download Application)

PPP Loan Forgiveness Application EMAIL.jpg

Dear Nonprofit Execs & Colleagues In Service,

VISIT HERE TO DOWNLOAD PPP LOAN FORGIVENESS APPLICATION! Your nonprofit is expected to complete the application and submit it to your lender, who will ultimately be responsible for assessing forgiveness. The application requires that charities submit the forgiveness calculation form and an additional schedule. The process can be completed electronically. Notably, the form asks whether borrowers received a loan in excess of $2 million. Not only did the government indicate its plans to audit all loans over $2 million, but also charities receiving those loans will be required to show the money was necessary to keep operations running and they had limited access to other sources of liquidity.

The 11-page application document contains measures that will benefit charities, including an option that lets nonprofits calculate payroll costs using an “alternative” eight-week covered period that aligns with their regular payroll cycles. It also includes an exemption from the loan forgiveness reduction for borrowers who have made “a good-faith, written offer to rehire workers that was declined.”Charities will be able to count any payroll and eligible non-payroll expenses incurred — but not paid — during the covered period, as long as they are paid by the next regular payroll or billing date. There had been concerns that only expenses that were paid during the covered period would be allowed to count toward forgiveness. The agencies did not reduce a requirement that 75% of the borrowed funds be used for payroll. The stipulation was not written into in the language of the coronavirus stimulus package that created the $660 billion lending program. The SBA and Treasury added it in regulations implementing the program.The government said more guidance is forthcoming to assist both nonprofits and their lenders as they begin the process. 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.

VISIT HERE TO DOWNLOAD APPLICATION

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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