Nonprofits & the Payroll Protection Program: You can now apply through us

Nonprofits & the Payroll Protection Program: You can now apply through us

UPDATE: May 13, 2020 – 11:00 AM

  • It’s not too late. Payroll Protection Program loans are still available, and IFF is here to help coach you through the process.
  • You’re not too small. So far, IFF has worked with 126 nonprofits in 9 Midwest states to get their loans to the closing/funding stage. All together, they represent more than $14 million in critical (and forgivable) financing. Many of those loans are under $30,000. No loan is too small.
  • Help with loan forgiveness is coming. Stay tuned for more information on an upcoming webinar series designed specifically for nonprofits beginning to navigate the SBA’s loan-forgiveness process.

Get started with us today by completing our simple intake form below.

A few reminders:

  • You do not need to be an existing IFF borrower to apply – Tell your fellow nonprofit friends!
  • We welcome smaller loan applications because we understand the power of small nonprofits.
  • We serve the Midwest (primarily IA, IL, IN, KS, MI, MO, MN, OH, WI and KY).  If you are not in this region, we will try our best to refer you to SBA-qualified community lenders in your area.

IFF is partnering with the Community Reinvestment Fund, USA (CRF) to deploy these loans. Together, we’ve committed $50 million of our liquidity to enduring P3 loans get to Midwest nonprofits. This new partnership brings together a powerful combination of IFF’s nonprofit-focused knowledge and relationships with CRF’s experience as an SBA-qualified lender. IFF is here to answer your questions about the program and coach you through the process to ensure your application is complete.

At our core, IFF exists to strengthen nonprofits and the communities they serve. That’s why we are leaning in – as IFF and other CDFIs always have – to ensure critical dollars are flowing to you. Smaller nonprofits, nonprofits serving lower-income communities, and nonprofits led by or serving people of color should all be able to fully access and reap the benefits of the SBA’s Payroll Protection Program. We are committed to making sure our nonprofit partners understand the requirements of the program and feel empowered to make the best decisions possible toward their long-term resiliency.


Document Guide & FAQs

Frequently Asked Questions: IFF frequently partners with Fiscal Management Associates, a nationally-known consulting firm that specializes in helping nonprofits build their fiscal management capacity. They have published this helpful Frequently Asked Questions document to guide you as you prepare to apply for the Paycheck Protection Program.

Document Guide: IFF is here to coach you through the process. To help us help you, we recommend gathering the following documents and information:

  • Most recent tax filings
  • Executive Director driver’s license (front and back) and social security number
    • If no executive director, use Bboard chairperson
  • Articles of incorporation
  • Organization bylaws
  • Most recent income and expense statement
  • Payroll documentation
    • Bank statement proving payroll – in Excel or other software, please use a simple monthly payroll average x2.5 to help underwriters validate loan request
    • Employee pay stubs (from ADP or other software)
    • IRS Form 1099 – This is the form you fill out if you are hiring any temporary or subcontracted help (Non-employee compensation paid)
    • IRS Form 940 & 941 – This is the form(s) you use to calculate payroll taxes. 940 is for a whole year and 941 is per quarter. If possible, please provide all four quarters of 941, especially if you have seasonal employees/expenses. This is the most preferred documentation.
    • Any employee salaries if they’re living abroad (they will not qualify for P3)
    • Payroll info must be for 4 quarters, but can be either all 4 quarters of 2019 or the last 4 quarters (the first of 2020 and the last three of 2019)
  • Any other supporting documentation such as mortgage statements, proof of rent, utilities or other business expense (not to exceed 25% of your request)
  • Other financial documents to help support your request (it is better to overshare to support your loan request)

 


Intake Form – Tell Us You’re Interested in P3 through IFF

The first step is to submit this form, and then someone from our dedicated P3 staff will be in touch with you within 24 hours. IFF is here to answer your questions about the program and coach you through the process to ensure your application is complete. We are committed to making sure our nonprofit partners understand the requirements of the program and feel empowered to make the best decisions possible toward their long-term resiliency.

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