Loan Forgiveness Update for the Paycheck Protection Program
As of this writing, the Small Business Administration (SBA) has not released official guidance on loan forgiveness for the Paycheck Protection Program (PPP). Maher Duessel is involved with some national technical working groups out of the American Institute of Certified Public Accountants (AICPA). From the conversations we have had, we have posted updates on some common questions. You can also refer to the AICPA’s open resources on PPP’s loan forgiveness.
CARES 3.5 Enacted
The COVID-19 3.5 relief package has been officially signed into legislation. This relief package adds an additional $484 billion in funding to replenish the Small Business Administration’s Paycheck Protection Program (PPP) along with other previously funded COVID-19 assistance programs. Non-Profits will continue to be eligible to receive PPP funds. Read the details on what is being funded in our blog.
Paycheck Protection Act Updates and Top Ten Questions Answered for Non-Profits
With additional funding provided by the new COVID-19 relief package (CARES Act 3.5), the Small Business Administration (SBA) has resumed accepting Paycheck Protection Program (PPP) applications from participating lenders on Monday, April 27th. As a reminder, this program provides loans of equal to the lesser of 2 and ½ months of average payroll or $10 million for eligible nonprofits. The SBA has issued a FAQ document of common questions regarding this program. Read our blog for important PPP updates impacting non-profits along with a summary of the top ten questions non-profits may have regarding this program.
Senate Bill 841 Enacted Offering Flexibility to Governments and Non-Profits
Pennsylvania Governor Tom Wolf has signed Senate Bill 841 to improve the flexibility of local governments, non-profits, and the business community in meeting the challenges posed by the COVID-19 pandemic. A key provision of the bill is allowing local governments to conduct public meetings remotely. Find out how your local government can comply and more in our blog.
BCO-10 Filing Changes
The Pennsylvania Bureau of Corporations and Charitable Organizations is accepting PA BCO-10 Filings online in addition to mailed registrations delivered by the U.S. Postal Service. Listed below are the updated deadlines for BCO-10 filings:
- Charitable Organization Fiscal Year End: May 31, 2019
Charitable Organization Renewal Date and Registration Expiration: April 15, 2020
New Deadline: July 15, 2020
- Charitable Organization Fiscal Year End: June 30, 2019
Charitable Organization Renewal Date and Registration Expiration: May 15, 2020
New Deadline: August 17, 2020
- Charitable Organization Fiscal Year End: July 31, 2020
Charitable Organization Renewal Date and Registration Expiration: June 15, 2020
New Deadline: September 15, 2020
We will continue to update our blog regarding any filing changes.
OMB Addresses COVID-19’s Effect on Single Audits
Partner Diane Edelstein recorded a podcast with the PICPA regarding the impact of COVID-19 on Single Audits. In this podcast, Ms. Edelstein addresses the six-month extension to the Single Audit due date, the amount of documentation needed to explain the delayed filing, and additional Single Audit matters that will likely require guidance in the near future.