Received: from nobody by stodi.digitalkingdom.org with local (Exim 4.92) (envelope-from ) id 1jagkZ-0005Wr-Lv for lojban-newreal@lojban.org; Mon, 18 May 2020 07:28:15 -0700 Received: from mta7.cpro20.com ([216.24.226.7]:45573) by stodi.digitalkingdom.org with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from ) id 1jagkX-0005VE-3F for lojban@lojban.org; Mon, 18 May 2020 07:28:15 -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=PthmQKG/uoB+RBGr1in64Gub7Lhnaxn4dqAR9kbLkjw=; b=bzStRCsOi4TPIvDTZw4JeHHLI0V+py/ArQFZ93iGpr77JaRwNSPxNUAKiubZefWjEc/xJ6uxQvxy RoWdVBQOuM4iObilVfhdYp4A6MulNSWqbhwuZQzKkpdgNSAca4MsDNYhmfthAhKO1UlaAidqno6E QDgoqMXi3RXMxvbUauI= Received: by mta7.cpro20.com id hoadnq2l5s49 for ; Mon, 18 May 2020 10:27:55 -0400 (envelope-from ) List-Unsubscribe: X-Campaign-Shard: 1 Bounces-To: bounce_qjccfm_gmnhvtit_o@cpro20.com Message-ID: <1589811885712.43604665.122454275.29719122258@backend.cpro20.com> X-Campaign: 43604665/122454275/29719122258 Errors-To: bounce_qjccfm_gmnhvtit_o@cpro20.com Date: Mon, 18 May 2020 10:27:55 -0400 Subject: PPP Loan Forgiveness Application, Template And Video for Nonprofits - May 18, 2020 To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_528615713.1589811667110" X-Spam-Score: -0.4 (/) X-Spam_score: -0.4 X-Spam_score_int: -3 X-Spam_bar: / ------=_Part_528615713.1589811667110 Content-Type: text/plain;charset=UTF-8 Nonprofit Execs, PPP Loan Forgiveness Application, Template & Video is Now Online - May 18, 2020 (Because of your important work with Charitable Organizations) Dear Nonprofit Execs & Colleagues In Service, PPP Loan Forgiveness Application, Template & Video for Nonprofits provides charitable execs clarification and the tools they need to turn a portion (or all) of their PPP Loan into a grant. Produced over the weekend by the team at QuickBooks University and reviewed by INSIDE CHARITY these utilities make sense of what is arguably the next important step nonprofits face as they navigate the CARES Act. Here’s three important tools you can download at INSIDE CHARITY: #1 PPP Loan Forgiveness Application (.pdf) #2 PPP Loan Forgiveness Tracking Template (.xls) #3 PPP Loan Forgiveness Video Update (.mp4) As we shared with you on Saturday, the SBA issued the Loan Forgiveness Application on May 15th that will be used by PPP borrowers to determine and report how much of their PPP loan will be forgiven. Most readers know that the Payroll Protection Program loans are extended based upon 2½ months of payroll, health insurance and retirement plan expenses, and are forgiven based generally on the same expenses plus certain interest, rent and utility expenditures that are made in the first eight weeks following the date that the first loan proceeds are received, subject to dozens of rules, many of which are ambiguous or uncertain. The Application and Instructions are not without issues, but they resolve a number of calculations and substantive questions that we have been hoping to have answered. Business owners and their advisors have been spending significant time determining how these rules can help their businesses to survive, and what gray areas or loopholes might help to make up for the borrower unfriendly aspects of the program. The most notable items addressed in the Application and Instructions are as follows: 1. Payroll Paid After the Eighth Week. Payroll expenses do not have to be both “paid and incurred” in the exact eight week period (56 days) that begins on the day that the first loan proceeds are received. By the language of the CARES Act, and the regulations and FAQs issued by the SBA, only payroll that was actually paid during the eight weeks for services actually rendered by employees, plus applicable PTO used during that eight weeks, were going to be forgiven. The Alternative Payroll Covered Period, if elected, will begin on the first day of the borrower’s first pay period following the date that they receive their first PPP loan dollars, and will end on the 56th day thereafter. This assumes that all borrowers pay their employees in full on the last day of each pay period. VISIT HERE TO READ ENTIRE ARTICLE Inside Charity is pleased to report that over 750 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 financial experts at the SBA to provide you real-time updates you need to navigate CARE Act funding. 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?20wmbn--11cug-dnhzxhu1&sl=y&t=1&ac=g62g or unsubscribe http://trk.cpro20.com/form?20wmbn--11cug-dnhzxhu1&sl=y&t=5&ac=g62g. ------=_Part_528615713.1589811667110 Content-Type: text/html;charset=UTF-8
(Because of your important work with Charitable Organizations)                                                 

Nonprofit Execs, PPP Loan Forgiveness Application, Template & Video Now Online - May 18

(Because of your important work with Charitable Organizations)

(Press Capitol Building Below To Download Application)

PPP Loan Forgiveness Application VIDEO EMAIL H.jpg

Dear Nonprofit Execs & Colleagues In Service,

PPP Loan Forgiveness Application, Template & Video for Nonprofits  provides charitable execs clarification and the tools they need to turn a portion (or all) of their PPP Loan into a grant. Produced over the weekend by the team at QuickBooks University and reviewed by INSIDE CHARITY these utilities make sense of what is arguably the next important step nonprofits face as they navigate the CARES Act. Here’s three important tools you can download at INSIDE CHARITY:

#1 PPP Loan Forgiveness Application (.pdf)

 #2 PPP Loan Forgiveness Tracking Template (.xls)

#3 PPP Loan Forgiveness Video Update (.mp4)

As we shared with you on Saturday, the SBA issued the Loan Forgiveness Application on May 15th that will be used by PPP borrowers to determine and report how much of their PPP loan will be forgiven.

Most readers know that the Payroll Protection Program loans are extended based upon 2½ months of payroll, health insurance and retirement plan expenses, and are forgiven based generally on the same expenses plus certain interest, rent and utility expenditures that are made in the first eight weeks following the date that the first loan proceeds are received, subject to dozens of rules, many of which are ambiguous or uncertain.

The Application and Instructions are not without issues, but they resolve a number of calculations and substantive questions that we have been hoping to have answered. Business owners and their advisors have been spending significant time determining how these rules can help their businesses to survive, and what gray areas or loopholes might help to make up for the borrower unfriendly aspects of the program.

The most notable items addressed in the Application and Instructions are as follows:

1. Payroll Paid After the Eighth Week. Payroll expenses do not have to be both “paid and incurred” in the exact eight week period (56 days) that begins on the day that the first loan proceeds are received.

By the language of the CARES Act, and the regulations and FAQs issued by the SBA, only payroll that was actually paid during the eight weeks for services actually rendered by employees, plus applicable PTO used during that eight weeks, were going to be forgiven.

The Alternative Payroll Covered Period, if elected, will begin on the first day of the borrower’s first pay period following the date that they receive their first PPP loan dollars, and will end on the 56th day thereafter. This assumes that all borrowers pay their employees in full on the last day of each pay period. VISIT HERE TO READ ENTIRE ARTICLE


Inside Charity is pleased to report that over 750 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 financial experts at the SBA to provide you real-time updates you need to navigate CARE Act funding.

VISIT HERE TO SUBSCRIBE

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


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