Nonprofits can defer paying SS taxes – half until year end, half until the end of 2022
We have been focusing on the federal loans made available under the CARES Act – PPP and EIDL loans. But a lesser-known CARES Act provision lets employers, including nonprofits, DEFER paying their portion of Social Security taxes (6.2%) for wages paid from March 27, 2020 to the end of the year. You (or whoever handles your FICA taxes) will definitely want to get details here to free up cash flow as much as possible.
IFF offering PPP Loan help This just in: IFF is an Illinois-based, mission-driven lender serving 10 Midwest states including Indiana and Kentucky. IFF is inviting nonprofits that have not yet applied for PPP loans to apply through them – but hurry! Detailshere.
Upcoming CEO Roundtable webinars
This Thursday, April 30, at 9:00 AM, Seven Counties Services CEO Abby Drane and COO David Weathersby will address mental health stressors associated with work and COVID-19. Join us for “Nonprofits, Mental Health, and COVID-19.” Get details and register here.
On Wednesday, May 6, at 9:00 AM, you can get expert advice from Molly Penn on Scenario Planning: How to Lead through Uncertainty. Molly will discuss why scenario planning is vital to your organization’s sustainability. Get details and register here.
On Thursday, May 7, at 9:00 AM, CPAs Becky Phillips and Theresa Batliner, of MCM CPAs & Advisors, will walk us through what nonprofits that got PPP loans need to do to maximize how much of those loans get forgiven. This area is complex; if you got a PPP loan, you will want to attend “Forgive Us Our [PPP] Debts.” Get details and register here.
Our Facebook Group: Join our Nonprofit Community Connection Facebook Group to engage informally with other local nonprofits and the CNPE staff on issues you are either struggling with or have had some success with. Our group tagline is “Learning through crisis to build a better world.”
This is a critical time for nonprofits in Greater Louisville and Southern Indiana to stay connected. We can make all these resources possible due to the generosity of our supporters, the volunteers who present webinars, and the income we earn from membership fees. If you are not yet a CNPE member, please join now. If you can donate to CNPE, please do.
CNPE Self-Care Tip of the Day: Writing requires mindfulness. Journaling helps balance emotions and the “big feelings” you might be having right now. Journaling has been connected with boosting your mood, enhancing your sense of well-being, reducing depression, and improving working memory. Even 10 minutes a day can help.
Hang in there. CNPE has your back. We hope you get access to the resources you need to continue your mission. Stay well.
Ann L. Coffey, CEO
The CNPE office is closed temporarily to help ensure everyone’s health. Our team is working remotely, though, and remains available to help members. Please don’t hesitate to contact us. CNPE Staff Contacts
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