COVID-19

New SBA Guidance on the PPP Certification

The SBA this morning published a new frequently asked question (FAQ) about how the agency will review the required good-faith certification concerning the necessity of a loan request under the Paycheck Protection Program (PPP). Importantly,…

990 and Other Filing Deadlines Extended to July 15

Ordinarily, organizations are required to file the Form 990 on the 15th day of the 5th month following the end of their fiscal year. For tax-exempt organizations that operate on a fiscal year ending December…

SBA Extends “Safe Harbor” for PPP Loan Repayment

The SBA last night published a new frequently asked question (FAQ) on the Paycheck Protection Program (PPP), extending the safe harbor period to repay a PPP loan by one week, to May 14, 2020.  This…

SBA Guidance Addresses When a PPP Loan is “Necessary” and Announces Special Review of Loans Exceeding $2 Million

Since our last update on the Paycheck Protection Program (PPP), the Small Business Administration (SBA) has published additional guidance about the PPP that may be of interest to those 501(c)(3) organizations who are considering applying…