Paycheck Protection Program (PPP Loan) Resources
On March 27, the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law, and it includes some significant new programs that impact nonprofits and churches. If your organization is seeing some disruption in your day-to-day operations, and fluctuation in giving levels, it is worth considering the Paycheck Protection Program if you have paid staff.
Both nonprofits and churches are eligible for the Paycheck Protection Program through the CARES Act, and it can help you keep paying your staff over the uncertainty of the next couple of months. In addition, if you maintain your staff and salary levels, it’s possible for a portion or the full amount of that loan to be forgiven.
Our own company went through the process with our local SBA bank, and we published the tools we used, and the step-by-step process in a series of articles. Our hope is it will help you identify if this is a good fit for your organization and show you the tools you need to take action.
Part 1: How Nonprofits and Churches Can Use The Paycheck Protection Program
Published: April 2, 2020
This overview discusses the new CARES Act that was signed into law to help small organizations that were impacted by the COVID-19. You can find details about the Paycheck Protection Program that is administered by the SBA, eligibility information, and a Excel calculator to help estimate the size of your PPP loan and loan forgiveness.
Part 2: How To Apply For A Paycheck Protection Program Loan
Published: April 6, 2020
Aplos has been working with our local bank to document the process so you know what to expect. Our local bank sent us their list of required items that you may need to collect as well when you apply for the Paycheck Protection Program.
Part 3: Track Your PPP Loan And Covered Expenses In Your Accounting
Published: April 20, 2020
It is important to ensure you track expenses correctly so you can apply for loan forgiveness. Here are a few things to keep in mind when you are tracking the loan in any bookkeeping system.
Part 4: The Paycheck Protection Program Flexibility Act Of 2020, Explained
Published: June 18, 2020
On June 5, Congress passed an amendment called the Paycheck Protection Program Flexibility Act of 2020 (PPPFA), which made several changes to the Paycheck Protection Program (PPP). These changes were meant to loosen restrictions on the PPP so terms are more favorable for borrowers, including a longer period for expenses to qualify for loan forgiveness and a lower percentage that is required to be spent on payroll costs.
