The Shuttered Venue Operators Grant program (SVOG) is expected to provide over $16 billion in economic relief to target industries. The portal for SVOG application will open on Thursday, April 8, 2021. While the SVOG program has not yet opened for applications, SBA has prepared a Checklist to help grant applicants gather required information. Make sure to prepare grant applications carefully.
Summary of Updates from American Rescue Plan Act The American Rescue Plan Act (ARP Act), signed on March 11, 2021, provides $1.9 trillion in various forms of support to address the pandemic crisis. We will send updates on various aspects of the Act in the coming weeks. While we don’t have many details yet, we do know the ARP Act provides some additional assistance to small businesses and nonprofits. Here are a few items of interest: $7.25 billion in additional PPP funding. The deadline to apply for PPP is still March 31, 2021. We’re watching to see if it gets [...]
How do you get some $$ for your small business from the government? Federal government is offering “Paycheck Protection Program” (PPP) loans to small businesses and self-employed persons. PPP starts out as a loan but turns into a grant if you spend it on wages and other allowable business expenses Anyone with employees or self-employed can apply Can use ITIN to apply but must legally reside in the US Loan amount depends on size of payroll or gross revenue if self-employed How do you get a PPP? Contact your bank or credit union to apply. If they’re not offering [...]
Thursday (2/25) Webinar: Changes coming to PPP Loan Rules to expand access Small business owners and sole proprietors: join Scholz Nonprofit Law this Thursday, February 25th, at 6pm for a webinar explaining how to apply for the PPP and recent changes to the rules that should make it easier to qualify. Register here. An overview of these changes is below. Important Changes to PPP Rules In an effort to focus lender’s attention on small borrowers, starting this Wednesday, February 24th, the SBA will impose a 14 day freeze on loans to borrowers with more than 20 employees. This is [...]
Seminar Follow Up For those who were not able to attend, here is the recording for our Thursday, February 18, webinar on the Employee Retention Credit, Post Consolidation Appropriations Act for TY2021. This is the link to the IRS Form 7200 for claiming the ERC for TY2020. The slides from Sarah's presentation are on our website along with Two Sample ERC Qualified Wages Worksheets. Questions from yesterday's seminar are addressed in our updated Q&A. Please contact Sarah if you would like further assistance, review or if you would like to use Sarah's ERC excel worksheet. Reminders: We've added resources [...]
Form 990 Reminder: Every 501(c) must file a 990 every year Dear Scholz Nonprofit Law clients, current and past, and friends in the community: Thank you for the opportunity to work with you. We greatly appreciate the work you do in the community and the trust you place in us to assist you. We look forward to being able to serve you in 2021. This is a reminder that all nonprofits have an obligation to submit various reports to the IRS and to the state each year. Below is an explanation of these key tax filings and their [...]
In case you hadn't noticed (ha), there's this important thing called an election coming up. I want to make sure you know the ways 501c3 organizations can be involved in getting people to vote. That's not "political" or lobbying-- just straight-up education and charitable work to ensure that everyone has a voice in our democracy and the election is robust, fair, and serves the public interest. Join Scholz Nonprofit Law this Thursday, September 17th at Noon for a webinar: Election 2020: 501c3s Have a Role REGISTER HERE. We will review key do's and don'ts and answer questions. Send me [...]
All tax-exempt organizations, including 501(c)(3), 501(c)(4) and 501(c)(6) organizations, must file some variation of Form 990 with the IRS. As a reminder, if your organization fails to file Form 990 for three consecutive years, your tax-exempt status will be revoked and your organization will have to reapply for tax-exempt status. If your organization’s fiscal year is the calendar year, your organization is required to file some version of the Form 990 by July 15, 2020 (which is the extended date because of COVID) or seek an extension. If your total revenues were $50,000 or less, you may file Form 990-N. Form 990-N, [...]
Read on for follow up to the May 21st webinar on PPP Loan Forgiveness and Workplace Reentry and for some more updates. Yesterday’s webinar recording is available here. This is clunky, but start the video at 34 seconds - - in further evidence that I should keep my day job as an attorney! We are working on an update on the Q&A and will post that to our website early next week. Workshop Opportunities Jeff Femright will hold workshops on the Loan Forgiveness Application next week and you can sign up here: May 26 at 10am or May 27 at 11am Sarah Kissel will hold [...]
Join the Scholz Nonprofit Law team for more updates and tips as we focus on PPP loan forgiveness and workplace reentry. This Thursday, May 21st at 10am, we will host another session of the COVID-19 Response Q&A to review and troubleshoot the forgiveness application, give tips on policies for reopening nonprofit workplaces and programs, and be available to answer other questions. Register here. Feel free to email questions in advance to Melissa, Jeff, or Sarah. Find the application here: PPP Loan Forgiveness Application Additional Q&A webinar opportunity tomorrow, Wednesday May 20th at 2pm. You also are invited to a Q&A hosted [...]