New COVID-19 Resources for Nonprofits, Churches & Higher Ed
“Now faith is confidence in what we hope for and assurance about what we do not see.” – Hebrews 11:1
Visit the COVID-19 Resources section of our site often for the latest resources. We’re updating the site continually as new information becomes available.
During this time of rapid change, each Thursday we will send a recap of the latest COVID-19 resources and information.
Here is what’s new this week:
- Accounting for Paycheck Protection Program (PPP) proceeds. Many nonprofits are asking about the proper accounting for PPP loan proceeds. Here’s what you need to know.
- The Treasury Department announced that the Small Business Administration (SBA) will audit PPP loan amounts over $2 million. The audits are intended to verify economic need before the loans are forgiven. Learn more.
- The SBA has approved the inclusion of the minister’s housing allowance in payroll costs for PPP loan purposes. The SBA also provided guidance regarding the determination of an employee’s principal place of residence. Read the details here.
- Further guidance on calculating payroll costs is available. The SBA released additional information to help organizations calculate their payroll costs when determining the amount of a PPP loan they can apply for. Access the FAQs.
- Is it safe to use Zoom for videoconferencing? Zoom has become very popular, but many cybersecurity concerns have started to surface. Learn the risks and steps to protect your organization.
- Learn about the Employee Retention Credit. Now that PPP applications are in full swing, attention is turning to other benefits provided by the CARES Act. This article answers some questions we’ve been receiving about the Employee Retention Credit.
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We continue to offer our prayers for you, our nation, and the world during this difficult time. We are here to help.
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