Many nonprofits received Paycheck Protection Program loans through the CARES Act. If your organization meets the specific criteria outlined by Congress for the use of these funds, you can gain loan forgiveness.
The loan forgiveness application is now available from the SBA. You need to understand both the written instructions and the unwritten interpretations to compile a compelling submission.
- What is the eight-week period for loan forgiveness calculation?
- Should you calculate expenses on a cash basis or an accrual basis?
- How should you calculate full-time-equivalent (FTE) employees?
- How are FTE and compensation safe harbor provisions determined?
- How much of the loan amount will be forgiven?
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