Nonprofits & the Paycheck Protection Program April 14, 2020

UPDATE: April 23, 2021

The federal Paycheck Protection Program (PPP) is ending soon, which means IFF must limit new application intakes. If you are a Midwest nonprofit still interested in the PPP, please complete our preliminary intake form (just below) no later than Tuesday, April 27, at 4:00 CT. 

IFF is partnering with Community Reinvestment Fund, USA (CRF) – a fellow CDFI and SBA-qualified lender – to assist Midwest nonprofits with accessing these critical funds. We’ve included a brief FAQ below, and you can contact us at with any other questions about this program.


Preliminary Intake form


    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).


    Where can I learn more about the changes to PPP in 2021?

    We recommend you review this summary of how the new PPP law impacts nonprofits, put together by our partners at BDO FMA LLC (formerly Fiscal Management Associates). There are some key changes on issues such as eligibility for second-time applicants and types of forgivable expenses.


    Will the federal government run out of funds again?

    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.


    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.


    What is IFF’s role?

    IFF is here to answer your questions about the program and ensure your eligibility. Then we provide a conduit to CRF’s online portal, at which point CRF’s lenders help you complete your application.


    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 BDO FMA LLC (formerly Fiscal Management Associates), which includes clinics, FAQs, calculators and more.


    Who is BDO FMA LLC?

    BDO FMA LLC (formerly Fiscal Management Associates) 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 if you have any other questions.