PPP final interim rules provide further guidance and some surprises
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By Alan Gassman, contributor, Forbes
Last Friday night the SBA gave new weekend plans to those of us who advise borrowers and banks on how to plan for and understand the PPP loan forgiveness rules and process.
The new Interim Final Rules consist of 26 pages that build upon what we learned from the Loan Forgiveness Application and Instructions, which cleared up several items, and resulted in several questions, and now some have been answered. A second set of Interim Final Rules, also released on May 22nd and consisting of 19 pages, provide guidance with respect to the SBA loan review process as well as borrower and lender responsibilities associated therewith.
Taking the 26 pages of double-spaced regulatory language that was issued last Friday page by page, and including things we already knew or thought we knew, I noted the following:
1. Time is of the essence. The Interim Final Rules indicate that the first PPP loans were disbursed after April 3rd, so many borrowers are already in their 6th week of spending to facilitate forgiveness, and certainly in need of this guidance, which presumably can be relied upon by borrowers and lenders to determine forgiveness amounts for Loan Forgiveness Applications that are filed before the rules change again!
For additional information, click
here.
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Senate Democrats introduce bill to boost nonprofit workforce as Covid-19 crushes resources
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By Yelena Dzhanova, news associate, CNBC
A group of Senate Democrats introduced legislation to provide grants to nonprofits to bolster hiring efforts as their resources dwindle amid the ongoing coronavirus pandemic.
The bill, introduced by Sens. Amy Klobuchar of Minnesota, Brian Schatz of Hawaii, Ron Wyden of Oregon and Sherrod Brown of Ohio, is meant to equip nonprofits with a strong workforce that can continue to provide essential services to vulnerable Americans.
Nonprofits will be able to apply directly for the grants through the Treasury Department, according to a press release from Klobuchar’s office announcing the bill, which is called WORK NOW, or the Work Opportunities and Resources to Keep Nonprofit Organizations Well Act. The hope is the grants will allow nonprofits to retain their workforce or provide jobs for newly unemployed people.
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CICF commits to not returning to ‘business as usual’ after COVID-19
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By Brian Payne, president/CEO, and Gregory F. Hahn, chair, Central Indiana Community Foundation
One year ago, you heard us pledge our commitment to this community. Central Indiana Community Foundation, The Indianapolis Foundation, Hamilton County Community Foundation, and Women’s Fund of Central Indiana came together and pledged to mobilize people, ideas and investments to make this a community where all individuals have the equitable opportunity to reach their full potential—no matter place, race or identity. That is our mission. And it has never been more critical than right now.
The uncertainty and vulnerability that has weighed on all of us for weeks have been an everyday reality for many residents, neighborhoods and communities in Central Indiana for generations.
We recognize the uniquely destructive impact that the COVID-19 pandemic is having on residents already made vulnerable by business as usual in an unfair and unjust system. We refuse to return to business as usual after this moment has passed.
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Goshen College has hired
Jason Martin as executive director of the Merry Lea Environmental Learning Center. He previously served as senior project manager and ecologist for Kleenco Maintenance and Construction in Alexandria.
– Inside Indiana Business
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Tenel Hawn has been promoted to chief financial officer at Passages Inc. in Columbia City. She has served the organization for 25 years, most recently as controller. She has also worked in accounting and as administrative assistant.
– Inside Indiana Business
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KIPP Indy Public Schools has hired
Myke Spencer as managing director of business operations. He previously served as managing director of development at Teach For America Indianapolis.
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The ArtMix board of directors announced
Brittany (Britt) Sutton as its president and CEO. Most recently, Sutton was Central Indiana Chapter at the American Red Cross’s executive director.
– Leadership Search conducted by Charitable Advisors
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The
Indiana United Ways have created a survey to learn more about needs in the nonprofit sector in the wake of the COVID-19 crisis. To access the survey, click
here.
Nominations are being accepted for the
Indiana Historical Society Movers and Shakers awards. The awards recognize outstanding individuals and organizations whose efforts have enriched the lives of others by conveying awareness and appreciation of Indiana’s history on local, regional and statewide levels. Nominations must be postmarked by July 3. More information,
here.
Indianapolis-based
Nine13sports is using its trucks to deliver thousands of pounds of food to those in need. CEO Tom Hanley says the effort is in partnership with Gleaners Food Bank, Second Helpings and Indy Hunger Network.
Read more.
Child Advocates has surpassed its Future Voices Campaign fundraising goal by raising $32,975 toward a $20,000. The campaign, started April 16 in response to COVID-19 and the surge of children who will enter the system as a result, will help recruit more CASA volunteers, provide technology for virtual court visits and provide support resources.
Indianapolis Public Schools and
Junior Achievement of Central Indiana have created a program designed to meet the critical needs of high school students. The Focus on the Future program includes an interactive online curriculum and activities related to career exploration and work readiness.
Learn more.
Indiana nonprofit organizations are the beneficiaries of literacy grants from the
Dollar General Literacy Foundation. The foundation announced $143,000 in grants which will support summer, family and adult literacy programs in Indiana. To learn more and see the recipients, click
here.
COVID-19 funds awarded
AWS Foundation awarded eleven Northeast Indiana nonprofit disability service providers with emergency operating grants totaling $550,000.
Read more.
The
Duke Energy Foundation announced $200,000 in grants to Indiana economic development organizations offering crisis relief to small businesses in the state.
Learn more.
With support from
Lilly Endowment Inc, United Way of Central Indiana awarded more than $525,000 in grants to 48 community-based organizations to support technology upgrades and enhancements to continue effective operations and virtual programming to serve the community.
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Questions about PPP loan forgiveness? IFF in partnership with Fiscal Management Associates (FMA) is hosting clinics -- May 27 or May 28 at 4 p.m. (3 p.m. CT) -- to help nonprofits that have received PPP loans understand how to manage their PPP funds and navigate the SBA’s loan forgiveness process, including the newly released Forgiveness Application form.
Shifting your fundraising strategy and programs virtually webinar on May 28 at 1:00 p.m. (ET). Join to discuss how to pivot your fundraising strategy and programs virtually, considerations to take when moving your programming online, considering the type of virtual platform, the goals and how to deliver the service. Cost: free.
Register.
Building a case for support: Key trends and tips webinar on May 28 at 2:00 p.m. (EDT). Cut through the noise and make your mission shine through an inundated news cycle. Join to learn how to develop your case for support and leverage your volunteers to ensure your organization doesn’t lose focus or funding in a noisy year. Cost: free.
Register.
Leadership Indianapolis: Self-care isn’t selfish on June 2 from 1:00 to 2:30 p.m. This candid conversation with yogi, world-traveler and former nonprofit president Cassie Stockamp and Jay Chaudhary, director of the Division of Mental Health and Addictions at Indiana Family and Social Services Administration, will center on practical self-care techniques and resources available to you. Cost: free.
Register.
The Indianapolis Arts Commission’s latest webinar --
From the field: Reopening plans and best practices is available on-demand. Panelists shared reopening plans and best practices from the field that can help inform peers and decision-makers throughout the state.
View it here.
Listen to the
Fundraising during recessions podcast from IU Lilly Family School of Philanthropy.
Listen here.
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A look at myriad ways funders can support the well-being and mental health of often understaffed and under-resourced grantees and help foster healthier individuals and organizations.
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To learn about each sponsor's nonprofit services, click on its logo.
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