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 contributions you make in the community and the trust you place in us to assist you. We look forward to being able to serve you in 2022. 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 deadlines: 1) Form 1099 - You may be required to issue [...]
Please note that the stay placed on OSHA's Emergency Temporary Standard (ETS) was lifted on December 17, 2021. While there may be additional delays, we encourage all employers with 100 or more employees, to proceed with compliance of the ETS, noting the new January 10, 2022 deadline for these employers to release compliant policies. Please visit their updated website for more information. For more guidance on compliance, please review our slides and recorded update on our website.
Beginning in September SCORE will offer a series of 10 seminars focused on developing and sustaining nonprofits. The first five sessions address important internal structures and operations. Then in October and November the emphasis will shift to outreach and fundraising. Participants will have a choice of in-person or online Zoom attendance. Cost is $20 per person per session. In person attendance is open to fully-vaccinated participants who will also be asked to wear a mask and to social distance during the workshop. Topics include: September 8, 2021 – Starting & Developing a Successful Nonprofit September 16, 2021 – Board [...]
On Wednesday, July 28, 2021, SBA announced a new initiative to encourage borrowers with PPP loans of less than $150,000 to apply for loan forgiveness sooner rather than later. SBA notified banks (which were responsible for issuing PPP loans) that SBA is setting up its own online portal so that borrowers can apply for loan forgiveness directly with SBA. The SBA portal will likely be more streamlined and require less documentation than the banks’ loan forgiveness process. If you have questions, please contact Jeff Femrite at .
Employers can mandate employees get the COVID-19 vaccine subject to reasonable accommodations for employees with disabilities, medical conditions, or a sincerely held religious belief. But many employers instead want to offer bonuses and other incentives to vaccinated employees. The EEOC has confirmed that employers may offer vaccination incentives to employees as long as the incentives are “not so substantial as to be coercive.” Employers may offer these incentives to employees to provide documentation or other confirmation of vaccination from a third party, such as a pharmacy or health department. Request only proof of vaccination; be clear you do not [...]
Registrations begin on Friday, April 30, 2021, at 8 a.m. CDT and the application portal is scheduled to open on Monday, May 3, 2021, at 11am CDT. For the first 21 days, the Small Business Administration (SBA) will prioritize funding applications from businesses owned and controlled by women, veterans, and socially and economically disadvantaged individuals. Apply ASAP! Here’s the link to register with the SBA. If you prefer to listen, check out this webinar for a step by step guide. Follow along as Jeff completes the application (available here.). Below is an overview but many questions are answered here [...]
Tax credits for providing paid leave to employees who take time off related to COVID-19 vaccinations
FOR EMPLOYEES Getting the vaccine does NOT mean you have to take hours off work to travel to, wait for, receive and recover from the COVID-19 vaccine. Ask your employer about paid time off for receiving and recovering from the COVID-19 vaccine. Even if you already receive paid time off through employment, Employers with less than 500 employees can provide paid sick leave to their employees at NO COST to the organization. The paid leave for employees is up to $511 per day (based on employee's standard wage) for up to 10 days from now through September 30, 2021. To [...]
Current PPP Funding May Not Make It To May 31, 2021 SBA has indicated funding for the Paycheck Protection Program (“PPP”) will likely dry up in late April … more than a month before the program’s scheduled expiration on May 31, 2021. Borrowers interested in securing a First Draw PPP Loan or a Second Draw PPP Loan should move quickly, before funds are exhausted. Contact your bank or credit union now or let us know if you need guidance. What you need to get started: If a sole business owner, you will need your filed Form 1040, Sch C [...]
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 [...]