New COVID-19 Resources for Nonprofits, Churches & Higher Ed
“Your love, Lord, reaches to the heavens, your faithfulness to the skies.”
– Psalm 36:5
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:
- Next steps for PPP loan good faith certification. The Small Business Administration (SBA) plans to audit recipients of Paycheck Protection Program (PPP) loans of more than $2 million. This article provides a framework for analyzing the PPP loan good faith certification requirement and how your organization can assess and document your decision to sign off on the certification during the loan application process.
- The SBA provided several PPP loan clarifications.
- On May 5, the SBA said that if organizations return PPP loan funds by May 14, 2020, it will deem the loan application to have been filed in good faith. This is an extension of the original May 7 due date. The SBA also clarified whether loan proceeds are subject to the Uniform Guidance single audit requirements. Read more.
- The SBA continues to update its PPP loan FAQs, and a recent addition provides clarification on how foreign workers affect the employee computation for PPP loan eligibility. Learn more here.
- The SBA has also provided guidance on whether higher education institutions can include student workers when determining the number of employees for purposes of PPP eligibility. We explain in this blog post.
- Join us for free webcasts.
- Tuesday, May 12 – Partner Stan Reiff and Nathan Artt, Principal and Founder of Ministry Solutions, will provide critical insights and next steps during our “Create Your COVID-19 Financial Recovery Plan Now” webcast for churches.
- Tuesday, May 19 – Join Stan Reiff for a Horizons Stewardship webinar on “Cash Flow Management, Budgeting, and Church Financial Strategies in 2020.” Learn more and register.
- Wednesday, May 20 – Partner and Tax Counsel Ted Batson will lead a Church Law & Tax webinar on “Our Church Got a PPP Loan—Now What?” Register here.
- Introducing a new Facebook Live series for churches. “Insights” is a shortcast offering financial, governance, and other guidance for church leaders in under five minutes. Join us on our Facebook page next Thursday, May 14, at 12:00 p.m. ET as Partner Rob Faulk discusses “How to Get Your Attendees to Contribute Online.”
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