Our partners at , a leading provider of accounting solutions and services, have developed a comprehensive collection of COVID-19 relief resources for nonprofits. You can read more about these resources on Jitasa’s website, but here’s our summary. We hope the suggestions will help your nonprofit organization weather the storm.
1. The Payment Protection Plan
Are you wondering if your nonprofit qualifies for a Small Business Association (SBA) loan? You’ll find information about eligibility, maximum amount available, interest rates, term lengths, and, importantly, the time it will take to process your request. There is a FAQ section concerning loan forgiveness and how payments will affect your taxable income.
2. The Payment Protection Program calculators
Calculating maximum loan amounts can be tricky. You’ll be considering
- salary, wage, commission, or similar compensation
- payment of cash tip or equivalent
- payment for vacation, parental, family, medical, or sick leave
- allowance for dismissal or separation
- payment required for the provisions of group health care benefits, including insurance premiums
- payment of any retirement benefit
- payment of state or local tax assessed on the compensation of the employee
You’ll need to know who is eligible and, equally important, who is not eligible for compensation and how much. Jitasa has removed much of the guesswork by providing that walk you through the process.
3. SBA Economic Injury Disaster Loan program
The Technicalities of the SBA Economic Injury Disaster Loan program might leave you a bit overwhelmed. Fortunately, the folks at Jitasa have broken it down for you on this Here you’ll find FAQs addressing eligibility, loan terms, and how the loan application process works. You can read about the requirements and, if you like, with one of Jitasa’s experts.
4. Families First Corona Virus Response Act
The Families First Coronavirus Response Act (FFCRA) was signed into law on March 18, 2020, and took effect on April 2, 2020. It provides for paid sick and family leave during the COVID-19 pandemic. Tax credits are being offered by the IRS to offset these additional costs to nonprofit organizations.
you’ll need to help your nonprofit benefit from this program.
At , we provide and other clients. And we’re here to support them in any way we can. We hope to continue sharing valuable resources as we all navigate the COVID-19 crisis.
Please contact us if you have questions or if we can provide assistance with .
By BroadPoint, Inc.,
