Most people are aware of the PPP loan program and the economic benefit provided through the forgiveness feature. What you may not know is that there are other economic stimulus components of the CARES Act that you could benefit from … but the timelines are short.
Special Education programs have been grappling with the impact of the Coronavirus Pandemic for over three months, and while the State is looking for ways to move back to some level of face-to-face learning come September, it is anticipated that the impact of the pandemic will be felt throughout the balance of calendar 2020 and beyond. Governor Cuomo originally announced that distance learning would continue throughout the summer, and then on June 8, 2020 he issued EO 202.37, allowing districts and independent schools providing special education services (853 schools, 4201 schools, and 4410 schools) to provide in-person special education services as long as proper safety protocols are out in place.
On April 27, 2020, NYSED issued a new round of FAQs as an add-on to the first 21 FAQs issued by SED on March 27, 2020 with respect to the remote delivery of services by providers to students with special needs.
Many companies and organizations have received their PPP loans, which means that they are in the 8- week forgiveness period. During this 8-week period, any qualified costs are potentially forgivable. There are certain criteria that will dictate the forgivable portion, such as the amount of expenses (forgiveness is limited to the actual qualified expenses for the period – though it is still uncertain if this is calculated on the cash, accrual, or some combination of the two), type of expenses (qualified non-salary expenses cannot exceed 25% of the forgiveness amount), level of staff retained (any drop in staff FTE’s will reduce forgiveness), salary levels paid to staff (a reduction in the salary paid to any employee in excess of 25% will reduce forgiveness); and whether any governmental source is directly funding you for any qualified expenditures.
So far, more than 1.2 million companies received PPP loans under the CARES Act, and now that funding has been replenished, that number is expected to increase significantly. The final regulations regarding the forgiveness provisions are not yet out. Even so, companies...
Billions of dollars of Paycheck Protection Program (PPP) loan applications have been submitted to banks in hopes that much-needed funding will be received to ensure continued employment of millions of American workers. We have heard that applications have begun to be...
Last week, the SBA issued several rounds of frequently asked questions. One of those questions opened up the opportunity for companies with over 500 employees to apply for a Paycheck Protection Program (“PPP”) loan. While the law always provided that a company with...
Due to the impact of the Coronavirus, it may seem overwhelming and near impossible to keep your nonprofit running smoothly. All nonprofits have different requirements that are difficult to meet in a time when social interaction is just so limited. Luckily, however,...
Last night a 32-page update was released which among other things clarified that outside contractors should not be utilized in the calculation of the PPP loan amount and increased the interest rate on the PPP loans from .5% to 1%. In addition, a new application was...
