Many nonprofits have been exploring loans from the Paycheck Protection Program (PPP). We know you have questions about how the loan forgiveness process will work. That’s why we are pleased to share some nonprofit-focused PPP resources in partnership with Fiscal Management Associates (FMA), a national consulting firm specializing in nonprofit financial management.
These resources are made possible with funding from the John D. and Catherine T. MacArthur Foundation and in partnership with the following funders:
- Grand Victoria Foundation
- Healthy Communities Foundation
- Illinois Children’s Healthcare Foundation
- JPMorgan Chase Foundation
- Lloyd A. Fry Foundation
- Paul M. Angell Family Foundation
- Pierce Family Foundation
- Polk Bros. Foundation
Interested in a PPP Loan?
It’s not too late to apply for a loan, and IFF is here to coach you through the process. We are working with many nonprofits throughout the region, and no loan is too small. Visit www.iff.org/p3 to get started.
Already have a PPP Loan?
Now it’s time to focus on making sure that loan gets forgiven. FMA is offering two live clinics and other on-demand resources to help nonprofits that have received PPP loans understand how to manage their PPP funds and navigate the SBA’s loan forgiveness process, including the newly released Forgiveness Application form.
- Clinic #1 – Managing Your Loan & Forgiveness 101 will include detailed guidance on how organizations can and cannot spend the PPP funds, how to properly account for and track the funds, what we know to-date about how forgiveness will be calculated, and what to expect from the forgiveness process. There are three opportunities to attend this clinic.
- Clinic #2 – Navigating the Forgiveness Process & Submitting Your Forgiveness Paperwork will cover the nuts-and-bolts of forgiveness calculations, documentation, and the process for working with your lenders based on the latest SBA guidance. Stay tuned for clinic dates throughout June.
- On-Demand Resources are also available in FMA’s PPP Toolbox, which includes regularly updated guidance, FAQs, a loan forgiveness estimator, revenue scenario planning tools, cash flow projection templates and tutorials, webinars, and more.
Regardless of whether you sought or received a PPP loan, the COVID-19 pandemic is forcing difficult decisions on many nonprofits. That’s why FMA has put together a third clinic, as well as other on-demand resources, focused on the principles of successful scenario planning.
- Clinic #3 – Beyond PPP: Scenario Planning will help nonprofits adjust their original strategic plans and budgets in the face of difficult, complex financial and human capital crises. There are two opportunities to attend this clinic.
We hope these resources are helpful. If you have any questions or need further assistance with PPP or related matters, please feel free to contact FMA at email@example.com or IFF’s dedicated PPP staff at firstname.lastname@example.org.