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 email@example.com.
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 [...]
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 [...]
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 [...]
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 [...]
The EIDL program (run through the SBA online portal) recently received an additional $60 billion in funding from Congress. At this time, we are aware that the SBA has not re-activated the online EIDL application at SBA.gov. It appears SBA is working through an existing back-log of applications before reopening the application process. We will keep an eye on it and let you know if it opens up.
Dear clients, friends and Madison nonprofit community: We continue to think of you and focus our efforts on digesting the ever-changing news during this difficult time. To be more mindful of everyone's limited time and effective in our efforts to help nonprofits, we are scaling back our posts through this channel to a (mostly) weekly format to highlight new developments from the week. We will highlight the resources and articles added to our website throughout the week with links to the fuller content. Additionally, we will use this channel to announce urgent news as it is available. This week, [...]