| Dear Community Partners, Nonprofits that have received loans from the Paycheck Protection Program (PPP) have questions about how the loan forgiveness process will work -- especially in light of new changes that came online as the result of the recent PPP Flexibility Act. That’s why we are pleased to share some nonprofit-focused PPP resources in partnership with Fiscal Management Associates (FMA), a national consulting firm specializing in nonprofit financial management. Live Clinics FMA is launching a new clinic: "Managing Your Paycheck Protection Program Loan & Forgiveness 202." In this session, FMA will share detailed guidance on what organizations can and cannot spend the PPP funds on and what will be eligible for forgiveness, how the forgiveness process will work, and how organizations can estimate their forgiveness amount. In addition, FMA will share highlights and implications of the PPP Flexibility Act, which recently went into effect, including sharing tips for nonprofits on the choices they need to navigate as they aim to maximize forgiveness in the weeks and months ahead. Space is limited; please register for one of these clinics:Register for June 16 at 3 PM CST Register for June 18 at 2 PM CST Register for June 25 at 1 PM CST - Intended for organizations with budget sizes of less than $2 millionThese clinics are made possible with funding from the John D. and Catherine T. MacArthur Foundation and in partnership with the following funders: Grand Victoria Foundation, Healthy Communities Foundation, Illinois Children's Healthcare Foundation, JPMorgan Chase Foundation, Lloyd A. Fry Foundation, Paul M. Angell Family Foundation, Pierce Family Foundation, and Polk Bros. Foundation. On-Demand Resources FMA's PPP Toolbox includes regularly updated guidance, FAQs, a loan forgiveness estimator, revenue scenario planning tools, cash flow projection templates and tutorials, webinars, and more. We hope these resources are helpful. If you have any questions or need further assistance with PPP or related matters, please feel free to contact FMA at fmacares@fmaonline.net or IFF’s dedicated PPP staff at p3@iff.org. |
 Stay safe, Joe Neri Chief Executive Officer jneri@iff.org |
| Recap: What is the Payroll Protection Program? The Payroll Protection Program -- sometimes called PPP or P3 -- is essentially a cash-flow assistance program guaranteed by the federal government. Here are the bullet-points:These are largely “forgivable loans” – which basically means they could turn into grants if you cover eligible expenses (see this Q&A for more details)Loans are available to nonprofits with up to 500 employeesLoans are for up to $10 millionLoans are designed to cover costs related to payroll, operations, rent, utilities, and interest on debtCollateral and personal guarantees are not requiredLoans are available through SBA-qualified lenders (our partner CRF is qualified) |
