For insight into PPP forgivness strategy and management, Nonprofit Quarterly met with Fiscal Management Associates Senior Consultants Gina McDonald and Tony Bowen, to discuss the biggest issues nonprofit organizations are running into when it comes to Paycheck Protection Program (PPP) forgiveness. The article also talks about how to accurately show PPP loan funds on financial statements to reflect the true health of your organization. Some key points to be aware of from the article are listed below.
- Verify your lender’s process and timeframe for loan forgiveness. You have up to 10 months from the end of your covered period to apply.
- Read the SBA Loan Forgiveness Quick Fact Sheet by clicking here for the steps to apply.
- There are 3 forgiveness forms to choose from, pay attention to what is appropriate for your organization.
- Full-time equivalent employees (FTEs) are not the same as “headcount.” Be sure you are calculating correctly.
- If your organization received both restricted funding and a PPP loan, you may be eligible for full forgiveness.
To read the full article on Nonprofit Quarterly, click here.