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Here are links to resources you may find useful as you consider applying for either a Paycheck Protection Program loan with an SBA-approved bank or an emergency Economic Injury Disaster Loan with the SBA directly:
- New PPP forgiveness forms – On June 17, the SBA published two new forms for borrowers to use to establish how much (if not all) of their PPP loan should be forgiven. The “long” form is the default, but it reflects the relaxed percentage and timing standards under the PPP Flexibility Act of 2020 (great summary here). A new, shorter “FA$TRAK” form is for (among others) borrowers who did not cut back pay for their employees by more than 25% and did not reduce their head count or workers’ hours.
- You can get the most current SBA application (Form 2483) for a “first draw” (first time) PPP loan here.
- A template resolution approving your loan application that you can complete and your board can approve. Your bank will probably require a resolution like this. (Note that this resolution was revised in March 2021 to reflect the then-current regulations on PPP loans.)
- A side-by-side comparison of the features of the Paycheck Protection Program and another SBA loan program, the Economic Injury Disaster Loan (EIDL) program. (Most nonprofits with employees will be more interested in the PPP.)
- What to know about the SBA Emergency Economic Injury Disaster Loan (EIDL) program (added to this list April 7).
- Helpful articles from Forbes:
- “Ten Things We Need To Know About Paycheck Protection Program Loan Forgiveness,” published April 15, 2020 – a deep dive into the PPP rules and how forgiveness works.
- “Loan Forgiveness under the PPP and SBA EIDL Programs: 10 Things Small Businesses Need to Know,” published May 11, 2020.
- “Important Updates to the PPP May Equal More Money for Your Small Business,” published May 14, 2020 – includes some welcome advice on the “good faith” certification (it will be presumed for loans under $2 million).
- “New Treasury Guidance Provides Safe Harbor for PPP Loans,” published May 17, 2020 – more on the “good faith” certification.
- “SBA Issues PPP Loan Forgiveness Guidance, a Few New Rules: What You Need to Know Now,” published May 17, 2020 – an excellent overview of the SBA’s new loan forgiveness guidance and form.
- House Passes PPP Loan Forgiveness Bill, Treasury Issues Harsh Forgiveness Regulations – What You Need to Know, published May 31, 2020.
- A downloadable one-page CNPE Excel worksheet to help you collect and organize your payroll data. You will need this data to figure out the maximum amount you can apply to borrow under the PPP (2.5 times your average monthly payroll cost). This worksheet was amended April 6, 2020, to let you use either calendar 2019 data (which some banks want) or data for the 12 months ending March 31, 2020. Check with your bank before completing this form so you use the right 12-month period.
- Instructions for completing the CNPE Excel worksheet. You will want to print these out and use them as you complete the worksheet. Your banker will find this worksheet valuable in processing your loan application.
- Replay of April 1 CNPE webinar, “Nonprofits and the CARES Act”
- PowerPoint deck from Becky Phillips’ April 1 CNPE webinar, “Nonprofits and the CARES ACT”