Paycheck Protection Program Loan Forgiveness Webinar: Treasury/SBA Guidance on PPP Verification of Necessity05/19/20
11:00 am - 12:00 pm
Congratulations if you were one of the organizations that successfully navigated the PPP application process and received funding to retain staff and maintain operations. On May 13th, new guidance was issued by the SBA to help loan recipients make the best decision for their organization. Join us on Tuesday, May 19 at 11:00 AM for an informational webinar about the new guidance, managing your PPP loan to maximize loan forgiveness, and more to help you make an informed decision. PPP loans of less than $2 million will be assumed to be in compliance with the good faith verification requirement and will not be second guessed. All loans above $2 million will be audited by SBA. If SBA determines that there wasn’t a good faith belief that the loan was necessary, SBA will ask for the money back and no forgiveness will be allowed. There will be no penalty or further prosecution or penalty if the organization pays the loan back. Borrowers will still be able to make their case of necessity.
Except for size of loan, this guidance does not answer many of the questions nonprofits have about whether endowments, reserves, and cash-on-hand will be considered when SBA review loans to nonprofits. Learn more here.
Paycheck Protection Program Loan Forgiveness Webinar
If you were successful in securing a Paycheck Protection Program Loan for your nonprofit, it is time to think about how to manage the loan forgiveness. This webinar will cover:
- Gathering the proper documentation to support your calculation
- Actions to maximize loan forgiveness
- Estimating the loan forgiveness amount
- Updates on guidance provided by the SBA
Paycheck Protection Program Quick Navigator
Free for nonprofits. MNA’s Navigator Tool mirrors the PPP application and provides additional guidance (fact sheet, examples & FAQs) on how to think through and complete the PPP application. Export your responses as reference to facilitate the completion of your formal application to your lender of choice. View a Reference Guide here and the Paycheck Protection Program Navigator here.
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