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Recent Posts by Jake McDonald

Where Things Stand with the Paycheck Protection Program
Posted by Jake McDonald on Mon, Jun 7, 2021 @ 11:33 AM

The window of opportunity to take advantage of the Paycheck Protection Program (PPP) has closed, but considerations for the program, particularly around its most appealing benefit, remain.

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Topics: tax, NFP, COVID19, COVID-19, CARES Act, Coronavirus Aid, Relief, and Economic Security Act, Paycheck Protection Program, PPP, PPP Loan, SBA, Small Business Administration, PPP Loan Forgiveness

Small Businesses Granted Priority for Remaining PPP2 Funds
Posted by Jake McDonald on Fri, Feb 26, 2021 @ 09:42 AM

On February 22, the White House announced changes to the Paycheck Protection Program that give exclusive access to certain small businesses.

Year-end legislation provided additional funding and an extension of the Small Business Administration’s Paycheck Protection Program (PPP) for the first quarter of 2021. Effective February 24, the Biden-Harris administration is instituting a 14-day holding period on new PPP applications (sometimes referred to as PPP2 loans) for businesses with 20 or more employees. The goal of the hold is to lessen the PPP competition for small businesses and sole proprietorships that may have had difficulty accessing the federal funds previously.

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Topics: Election, COVID-19, CARES Act, Paycheck Protection Program, PPP, PPP Loan, SBA, PPP Loan Forgiveness, PPP2

Your Questions on PPP2 and PPP Loan Forgiveness Answered
Posted by Jake McDonald on Fri, Jan 29, 2021 @ 04:43 PM

The Paycheck Protection Program (PPP) while popular, left borrowers and lenders with a great deal of questions. Incremental guidelines from the Small Business Administration (SBA) that is administering the federal funds for COVID-19 relief, the IRS, and most significantly, Congress, have answered some of the most pertinent, but the need for further clarification on provisions remain. Some of the most significant questions involve how loan recipients can have their PPP (or if they access the new funding, PPP2) loans forgiven and what proof of documentation may suffice for those loans to be eligible for forgiveness. Keep in mind that the original rules and guidelines of the PPP are in place unless otherwise revised.

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Topics: not-for-profit, NFP, COVID-19, PPP, SBA, PPP Loan Forgiveness, FTE, Covered Period, PPP2, gross revenue, corporate, eligible expenses, payroll, partial loan forgiveness

Loan Necessity Guidance Issued for Not-For-Profit Organizations
Posted by Jake McDonald on Tue, Dec 1, 2020 @ 09:37 AM

A key deadline for organizations that received a Paycheck Protection Program (PPP) loan is fast approaching. The PPP has a safe harbor for bringing back Full Time Equivalent (FTE) headcount that is measured on Dec. 31, 2020. Employee headcount is vital to determining PPP loan forgiveness applicability since the purpose of the COVID-19 stimulus program was to help organizations retain their employees. Organizations looking to take advantage of the safe harbor will have to be mindful of their FTE numbers, particularly when completing their PPP loan forgiveness application, which also has stringent timeline guidance. PPP loan forgiveness applications must be submitted to the PPP lender within 10 months of the end of the Covered Period (an 8-week or 24-week tracking period of the PPP loan).

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Topics: not-for-profit, NFP, COVID-19, PPP, OSHA, SBA, PPPFA, PPP Loan Forgiveness, Loan Necessity Questionnaire, FTE, Full Time Equivalent, Covered Period, CDC, DHHS

Liquidity Concerns Troubling Your Not-For-Profit? Consider the Main Street Lending Program
Posted by Jake McDonald on Mon, Aug 3, 2020 @ 11:33 AM

On July 17, the Federal Reserve Board officially expanded its Main Street Lending Program to make it easier for not-for-profit organizations to access its low-interest loan facilities. Organizations that do not qualify for the Paycheck Protection Program or that do not have an existing lending relationship may have been squeezed out of the federal relief efforts designed to offset the disruption from the COVID-19 pandemic. Proposed changes to the Main Street Lending Program (MSLP), announced in June, were more or less approved, with a few additional adjustments to minimum number of employees and rules surrounding donations.

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Topics: not-for-profit, NFP, COVID-19, Main Street Lending Program, Nonprofit New Loans, Nonprofit Expanded Loans

Federal Reserve Considers Expanding Main Street to Not-For-Profits
Posted by Jake McDonald on Fri, Jun 26, 2020 @ 02:53 PM

As part of its recent review of the CARES Act loan programs, the Federal Reserve is evaluating whether to expand its Main Street loan facilities to include not-for-profit organizations. The lending program is designed to provide low-interest, government-backed loans with fewer lender requirements for organizations financially affected by the COVID-19 pandemic.

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Topics: not-for-profit, NFP, COVID-19, CARES Act, Main Street Lending Program, Main Street Priority Loan Facility, Main Street Expanded Loan Facility, Main Street New Loan Facility

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