Nonprofits & the Paycheck Protection Program

Nonprofits & the Paycheck Protection Program

UPDATE: Jan. 12, 2021

The Paycheck Protection Program (PPP) is again available to eligible small businesses, including nonprofits, throughout the country. IFF will once again partner with Community Reinvestment Fund, USA (CRF) – a fellow CDFI and SBA-qualified lender – to assist Midwest nonprofits with accessing these critical funds.

Since eligibility requirements have changed and program guidance was just finalized last week, most lenders, including CRF, are still working as quickly as possible to set up systems to be able to process the new PPP loan applications. We are coordinating closely with CRF so that we can assist when ready, and we anticipate that their online portal will be up and running within the next 2 weeks.

Many remember the panic and fear that funds would run out when the first round of PPP was announced back in April 2020. The good news is that the U.S. Small Business Administration, which oversees the PPP, has indicated that there will be funds available for all eligible borrowers that apply in this round.

While waiting is hard, we ask for your patience as we work to ensure a smooth process. In the meantime, you can take these actions:

  1. Review this summary of how the new PPP law impacts nonprofits, put together by our partners at Fiscal Management Associates (FMA). There are some key changes on issues such as eligibility for second-time applicants and types of forgivable expenses.
  2. Complete our preliminary intake form (just below) so we know you’re interested. From there, here’s how we plan to be in touch with you: you’ll receive a confirmation email that we’ve received your info; we’ll be in touch at least weekly with a status update on CRF’s online application portal; we’ll let you know as soon as the new online portal launches; and we’ll get back to you individually within 72 hours of that launch.

At our core, IFF exists to strengthen nonprofits and the communities they serve. That’s why we lean in – as IFF and other CDFIs always do – to ensure critical dollars flow to the people who need them most. Now, we are committed to making sure our nonprofit partners understand both the requirements of the new 2021 program as well as of the loan forgiveness process. Our goal, as always, is to help make sure you feel empowered to make the best decisions possible toward your organization’s long-term resiliency.


Let Us Know You’re Interested


Frequently Asked Questions

What is the Paycheck Protection Program (PPP)?

The Payroll Protection Program — sometimes called PPP or P3 — is essentially a cash-flow assistance program guaranteed by the federal government. These are largely “forgivable loans” – which basically means they could turn into grants if you cover eligible expenses (see this accessible Q&A for more details).


Why is IFF partnering with CRF?

IFF focuses on helping nonprofits, but the U.S. Small Business Administration (SBA), which oversees the PPP, typically does not focus on nonprofits. As such, we were never an SBA-qualified lender. We are working with Community Reinvestment Fund, USA (CRF) because they are an SBA-qualified lender as well as a fellow Community Development Financial Institution (CDFI) with shared values. This partnership brings together a powerful combination of IFF’s nonprofit-focused knowledge and relationships with CRF’s experience as an SBA-qualified lender. CRF serves as the official lender, while IFF is here to answer your questions about the program and coach you through the process.


Who is eligible to work with IFF/CRF?

  • You do have to be a nonprofit.
  • You do have to be located in IFF’s 10-state Midwest region (IL, IA, IN, KS, KY, MI, MN, MO, OH, and WI).
  • You do not have to be a current IFF borrower.
  • You do not have to have a minimum loan size (in 2020, our approved PPP loans started at just $900).


How much PPP work did IFF do in 2020?

A full story about our PPP lending can be found here, but here are some highlights:

  • Together, IFF/CRF closed loans totaling more than $21 million for 159 nonprofits throughout the Midwest.
  • Only 12% of those loans went to previously existing IFF clients.
  • Our smallest PPP loan was just $900, and our median loan size was $40,000.
  • The median annual revenue of IFF’s PPP borrowers was $479,000 — smaller than our average nonprofit borrower.
  • The average number of employees at IFF’s PPP borrowers was just 16 — and more than half of our loans went to nonprofits with only 1-5 employees on staff.


What if I have a question about loan forgiveness?

We encourage you to check out the PPP Toolbox created by our partners at Fiscal Management Associates (FMA), which includes clinics, FAQs, calculators and more.


Who is FMA?

Fiscal Management Associates (FMA) is a long-time IFF partner that specializes in helping nonprofits with financial management. We have partnered with FMA to provide various clinics and resources related to the PPP loan forgiveness process. Many of those resources are available at:


What if I have another question?

Please email us at gro.ffi@3p if you have any other questions.

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