The New COVID Relief Law and Nonprofits - Town Hall Briefing
From the National Council of Nonprofits
New COVID-19 Relief Law - PPP Loans
Update: January 21, 2021
Second Draw PPP Loans - New guidance issued on January 19th that provides very broad definitions for nonprofit "gross receipts" and identifies documents used for calculating eligibility for Second Draw PPP Loans. This document outlines how to calculate revenue reduction and maximum loan amounts, including documentation to provide.
SBA Resources - Released 1/15/21 to 1/19/21
January 8, 2021
First Draw Loans - SBA is reopening the Paycheck Protection Program (PPP) for First Draw Loans the week of January 11, 2021. For more information about how these funds can be used, full forgiveness terms, who can apply, existing PPP borrowers, and how and when to apply, see the SBA First Draw Overview. Note, organizations that weren't eligible last year, may be now. For example, if an employer with more than 500 employees in 2019 or 2020 but now has a smaller staff.
Second Draw Loans - The PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. For more information on how these funds can be used, full forgiveness terms, eligibility, loan amount, and how and when to apply see, SBA Second Draw Overview. Second Draw loan processing will start on Wednesday, January 13th for some lenders, but most lenders will not be able to process loan applications for a few more days.
The SBA has released a Procedural Notice of Repeal of EIDL Deduction Requirement. SBA will not longer deduct the value of EIDL advances from PPP loan forgiveness. It also states that for PPP loans that have already been forgiven minus the value of EIDL advances, SBA will cover the amount of the advances and the borrower’s debt will be erased. All of this is required by the COVID Relief law that SBA is calling the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act).
SBA and Treasury are working on answers to industry specific FAQs. One set will directly address questions about which revenues count in determining nonprofit gross receipts under the new statute. As soon as these FAQs are published, we will post them here.
A revised PPP Loan Forgiveness application form and consolidated PPP Forgiveness Interim Final Rule will be published in the next few days. We will post it here when available.
Community Charitable Relief Program
The Wyoming Community Foundation has established the COVID-19 Response and Recovery Fund to provide resources to nonprofits and other organizations directly supporting vulnerable residents and families in Wyoming. For more information, see their website.
The Community Foundation of Jackson Hole has established the Community Emergency Response Fund. They are accepting requests for funding from Jackson area nonprofits.
The Lander Community Foundation has established the LCF COVID-19 Relief Fund. The fund will be used to support organizations in Lander that provide direct assistance to those affected by the outbreak of COVID-19.
Wyoming COVID-19 Business Relief Programs - June 2020 to November 2020
Federal LEGISLATION - March 2020
CARES Act (Coronavirus Aid, Relief, and Economic Security Act - On March 27, 2020 the House unanimously passed and President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus law intended to provide immediate relief for individuals, nonprofits, businesses, and state and local governments. Key provisions of sector-wide interest to charitable nonprofit organizations include the following: Paycheck Protection Program, Emergency Injury Disaster Loans, Charitable Giving Incentive, Employee Retention Payroll Tax Credit, Delayed Payment of Payroll Taxes and Economic Stabilization Fund.
The Families First Coronavirus Response Act - On March 19, 2020 President Trump signed into law, H.R., 6201 The Families First Coronavirus Response Act. The bill included a complex set of temporary paid leave mandates and employer reimbursement provisions, as well as funding for free coronavirus testing, food nutrition security, and unemployment extension.
RESOURCES AND TOOLS
Covid-19 Wyoming Vaccination Campaign
January 15, 2021 - 13% of counties are in Phase 1a, 87% of counties are in Phase 1b. We are sharing Wyoming Department of Health's Immunization Briefs as this process continues. See the January 15, 2021 Brief which includes campaign data, key points and links to county-level phase status information, priority group information and other resources.
The re-opening and the return of the workforce will look different for every organization. The purpose of Path Forward: Considerations and Resources for Nonprofit Re-Engagement is to help employers prepare for the return of their workforce and to help employees prepare to return to the workplace.
Wyoming Information Sharing Platform (WISP)
ServeWyoming - Volunteer Opportunities
Human Resources Help for Wyoming Businesses and Nonprofits - See Flyer
Wyoming 2-1-1Statewide helpline and website provides free, confidential, health and human services information and referral.
National and International Resources:
The Wyoming Nonprofit Network is actively monitoring the COVID-19 pandemic and its impact on nonprofits and resources available for the sector. We are in frequent communication with Wyoming's nonprofits, state health and safety partners, and the National Council of Nonprofits.