Received: from nobody by stodi.digitalkingdom.org with local (Exim 4.92) (envelope-from ) id 1joTfT-0005Mz-JW for lojban-newreal@lojban.org; Thu, 25 Jun 2020 08:19:59 -0700 Received: from mta7.cpro20.com ([216.24.226.7]:62274) by stodi.digitalkingdom.org with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from ) id 1joTfQ-0005LN-Uf for lojban@lojban.org; Thu, 25 Jun 2020 08:19:58 -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=NcPDGPFoCO2xxU23b3mGIArch6oxsCshOlr7m2nP6ug=; b=cHp74tkmCuKw/O5DhARMSH5nrYykaPrR/APdRn9XdoKiHL5uZjHIq+CRAuT1K03II0/lueyr6pJr JM7VQL/YcELqLQRDo9bR0LLvvxvVUgJB6d9arka+AuRZaCWKd1FCdHbJ4Cm5oFAotZVLBXkueBXX NgF/wXeVNMAP2Y9VVAU= Received: by mta7.cpro20.com id huj09o2l5s47 for ; Thu, 25 Jun 2020 11:16:55 -0400 (envelope-from ) List-Unsubscribe: X-Campaign-Shard: 1 Bounces-To: bounce_qwhnav_gmnhvtit_o@cpro20.com Message-ID: <1593098145859.44453850.126510356.29719122258@backend.cpro20.com> X-Campaign: 44453850/126510356/29719122258 Errors-To: bounce_qwhnav_gmnhvtit_o@cpro20.com Date: Thu, 25 Jun 2020 11:16:55 -0400 Subject: $46,154 Per Employee - PPP Nonprofit Loan Forgiveness To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="----=_Part_1024341390.1593097172801" X-Spam-Score: -1.6 (-) X-Spam_score: -1.6 X-Spam_score_int: -15 X-Spam_bar: - ------=_Part_1024341390.1593097172801 Content-Type: text/plain;charset=UTF-8 Nonprofit Execs & Board Members, your Nonprofit is Now Eligible for $46,154 Per Employee Loan Forgiveness PLUS THE NEWLY ISSUED PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ (Because of your important work with Charitable Organizations) Dear Nonprofit Execs & Colleagues In Service, $46,154 Per Employee – PPP Nonprofit Loan Forgiveness is Inside Charity’s overview of next steps for nonprofits seeking PPP Loan Forgiveness. The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020, P.L. 116-142, which became law June 5. Congress passed the Paycheck Protection Flexibility Act to make it easier for small businesses and other PPP borrowers to qualify for full loan forgiveness. Among the changes in the act are an expansion of the “covered period” for loan forgiveness to 24 weeks from eight weeks, a reduction of the proportion of proceeds that must be spent on payroll costs to 60% from 75%, and the establishment of a safe harbor for businesses that have been unable to return to the level of business activity they had before the COVID-19 pandemic due to compliance with health and safety guidelines for slowing the spread of the virus. The revised PPP Loan Forgiveness Application and instructions include a number of notable items. Among them are: Safe harbors for excluding salary and hourly wage reductions and reductions in the number of employees (full-time equivalents) from loan forgiveness reductions can be applied as of the date the loan forgiveness application is submitted. Borrowers don’t have to wait until Dec. 31 to apply for forgiveness to use the safe harbors. Borrowers that received loans before June 5 can choose between using the original eight-week covered period or the new 24-week covered period. The EZ PPP Loan Forgiveness Application requires fewer calculations and less documentation than the full application. The EZ application can be used by borrowers that: The SBA issued rules Tuesday night for determining payroll costs and owner compensation in calculating PPP loan forgiveness under the new 24-week covered period. The Paycheck Protection Flexibility Act tripled the duration during which PPP recipients could spend the funds and still qualify for loan forgiveness — a span of time called the covered period. The interim final rule adjusts and adds to previous guidance for calculating loan forgiveness under the original eight-week covered period. The PPP allows loan forgiveness for payroll costs — including salary, wages, and tips — for up to $100,000 annualized per employee, or $15,385 per individual over the eight-week period. The new interim final rule establishes the 24-week maximum for full loan forgiveness at $46,154 per individual. $46,154 Per Employee IS HUGE...VISIT HERE FOR ENTIRE ARTICLE Inside Charity is pleased to report that over 200,000 executives, staff, board members, ministry leaders and volunteers rely on Inside Charity for their nonprofit news. We're 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 You are subscribed to this email as lojban@lojban.org. Click here to modify your preferences http://trk.cpro20.com/form?23bk0k--11cug-dnhzxhu8&sl=y&t=1&ac=g62g or unsubscribe http://trk.cpro20.com/form?23bk0k--11cug-dnhzxhu8&sl=y&t=5&ac=g62g. ------=_Part_1024341390.1593097172801 Content-Type: text/html;charset=UTF-8
(Because of your important work with Charitable Organizations)                                                 

Nonprofit Execs & Board Members, Your Nonprofit is Now Eligible for $46,154 Per Employee Loan Forgiveness

PLUS THE NEWLY ISSUED PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ
(Because of your important work with Charitable Organizations)

VISIT HERE or Press Ben Franklin Below For Entire Article

emailheaderic.jpg


Dear Nonprofit Execs & Colleagues In Service,

The U.S. Small Business Administration (SBA), in consultation with Treasury, released Wednesday a revised loan forgiveness application for the Paycheck Protection Program (PPP). The SBA also unveiled a new EZ application for forgiveness of PPP loans. The applications reflect changes to the PPP made by the Paycheck Protection Flexibility Act of 2020.

Congress passed the Paycheck Protection Flexibility Act to make it easier for small businesses and other PPP borrowers to qualify for full loan forgiveness. Among the changes in the act are an expansion of the “covered period” for loan forgiveness to 24 weeks from eight weeks, a reduction of the proportion of proceeds that must be spent on payroll costs to 60% from 75%, and the establishment of a safe harbor for businesses that have been unable to return to the level of business activity they had before the COVID-19 pandemic due to compliance with health and safety guidelines for slowing the spread of the virus.

The revised PPP Loan Forgiveness Application and instructions include a number of notable items. Among them are:

Safe harbors for excluding salary and hourly wage reductions and reductions in the number of employees (full-time equivalents) from loan forgiveness reductions can be applied as of the date the loan forgiveness application is submitted. Borrowers don’t have to wait until Dec. 31 to apply for forgiveness to use the safe harbors.

Borrowers that received loans before June 5 can choose between using the original eight-week covered period or the new 24-week covered period.

The EZ PPP Loan Forgiveness Application requires fewer calculations and less documentation than the full application. The EZ application can be used by borrowers that:

The SBA issued rules Tuesday night for determining payroll costs and owner compensation in calculating PPP loan forgiveness under the new 24-week covered period.

The Paycheck Protection Flexibility Act tripled the duration during which PPP recipients could spend the funds and still qualify for loan forgiveness — a span of time called the covered period. The interim final rule adjusts and adds to previous guidance for calculating loan forgiveness under the original eight-week covered period.

The PPP allows loan forgiveness for payroll costs — including salary, wages, and tips — for up to $100,000 annualized per employee, or $15,385 per individual over the eight-week period. The new interim final rule establishes the 24-week maximum for full loan forgiveness at $46,154 per individual. $46,154 Per Employee IS HUGE...VISIT HERE FOR ENTIRE ARTICLE


Inside Charity is pleased to report that over 200,000 executives, staff, board members, ministry leaders and volunteers rely on Inside Charity for their nonprofit news. We're 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


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