Most recent updates below: Thursday 6/3/2021
PPP 2021 Funds Depleted: The deadline for those applying for 2021 PPP funds passed on 5/31/21, and the SBA issued a statement on the closure of PPP. There have been no indications that additional funds will be added but we will keep track if that shifts. If you have a pending 2021 application for new funds with your lender, please check with your lender on if they were able to submit to the SBA – the SBA has until 6/30/21 to make a determination on applications.
For nonprofits still looking for relief who were affected by the economic ramifications of the pandemic, we encourage you to learn more about Employee Retention Credits and if you might qualify.
American Rescue Plan Act: President Biden signed the American Rescue Plan on March 11, 2021, which included expansions of PPP to allow (c)(3) nonprofits to have up to 500 employees per physical location of the organization to be eligible for PPP. Download our summary of key changes to PPP from the American Rescue Plan and other clarifications on PPP from the SBA in March. See also summaries of the American Rescue Plan applicable to nonprofits from the National Council of Nonprofits and Independent Sector.
Economic Aid Act: At the end of December 2021, Congress passed the Economic Aid Act that streamlines the forgiveness process for borrowers with loans $150,000 or less, adds the ability for new borrowers to access PPP and for current borrowers to take a second PPP loan to support 2021 payroll and non-payroll expenses, expands allowable non-payroll expenses, and more. Please download our summary of the Act (updated 3/31) for more details. The SBA also released revised forgiveness applications on May 25.
BDO FMA Resources
General Guidance
How Does the Economic Aid Act Impact PPP for Nonprofits?
4/2021 | Download pdf
What’s New with PPP – American Rescue Act and More
4/2021 | Download pdf
The Interaction Between PPP and Restricted Funding Sources
Updated 4/2021 | Download pdf
One of the biggest areas for concern for nonprofits is how to use PPP funds when you have restricted funding. This guidance document lays out our suggested approach.
Free Tools
Forgiveness Application Simulator & Estimator
Updated 4/2021 | Download xls
This excel tool allows you to enter your organization’s PPP information and produce a printable customized forgiveness application.
Average Weekly FTE Estimator
Updated 4/2021 | Download xls
This excel tool allows you to enter salary and hours worked data to determine if you will have an FTE penalty when you apply for forgiveness. This is a macro-enabled workbook, so the download link will take you to an external url at bigfiles.fmaonline.net.
Guidance on Estimating FTEs
Updated 10/2020 | Download pdf
Companion to our FTE Estimator, start here if you are just getting started with FTE calculations.
Guide to the PPP Loan Necessity Questionnaire
Updated 11/2020 | Download pdf
Highlights of the PPP Flexibility Act
Updated 6/2020 | Visit page
Navigating the Interaction Between PPP and Restricted Funding Sources
Updated 4/2021 | Download pdf
One of the biggest areas for concern for nonprofits is how to use PPP funds when you have restricted funding. This guidance document lays out our suggested approach.
Navigating SBA’s Guidance on Certifying Need
Updated 5/2020 | Download pdf
In May, the SBA clarified the need test for PPP funds. This is BDO FMA’s summary of the issues at plan and how your organization may be affected.
Our Interpretations of 5 Key Areas of PPP Forgiveness
Updated 10/2020 | Download pdf
There are several key areas where we have not received guidance from the SBA. BDO FMA lays them out and shares our advice on how to think about them while we wait to hear more.
Nonprofit Quarterly interviews BDO FMA on the state of PPP in the nonprofit Sector. Read the 12/2020 Interview
Clinic Recordings
How Nonprofits Can Navigate the Forgiveness Process & Application 402
Updated 6/2021 | View Webinar | Download Slides
This clinic deck and recording walks nonprofits through the latest updates to PPP forgiveness as of June 2021, the process for calculating and filing for forgiveness and tips and tricks along the way.
PPP Loan Accounting (102)
Updated 11/2020 | Download Slides
Technical advice on how think about the accounting related to your PPP loan.
Other Resources
Forgiveness Application & Instructions
Streamlined Forgiveness Application for Loans $150,000 or Less
Updated 5/24/2021
PPP Loan Forgiveness Standard Application and Instructions
Updated 5/24/2021
PPP Loan Forgiveness Application Form EZ and Instructions
Updated 5/24/2021
Other Resources
AICPA Technical Q&A providing guidance on the accounting for the forgivable Paycheck Protection Program loans
Federal Government Resources
PPP Second Draw Loans (pdf)
Overview from SBA
PPP Loan Necessity Questionnaire (pdf)
For nonprofits with loans $2M+ from the SBA
Administrative Relief Exceptions for COVID-19 Crisis
OMB Memo on Federal Funding & Double Dipping Issued 6/18
Page 3 of this memo provides guidance on so-called “double-dipping”: “Under this flexibility, payroll costs paid with the Paycheck Protection Program (PPP) loans or any other Federal CARES Act programs must not be also charged to current Federal awards as it would result in the Federal government paying for the same expenditures twice.”
PPP Loan General FAQs As of 4/6/2021
PPP Loan Forgiveness FAQs As of 10/13/2020
SBA Loan Forgiveness Factsheet As of 10/30/2020
Visit the SBA resource page for other information and regulations issued by the SBA.
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