With all the uncertainty regarding the loan forgiveness process of the Paycheck Protection Program for non-profits, we would like to pass along a few key reminders to ease some concerns:
1. Organizations have 10 months after their covered period to submit their loan forgiveness application.
2. A new loan forgiveness application will be issued, but this new application is not yet available.
3. Many questions on loan forgiveness remain unanswered.
4. You may need to adjust costs used for forgiveness based on other funding streams that are becoming available.
5. However, do not forget to document.
In summary, we recommend focusing your energies on accurate documentation of all your expenses. Also, slow down and relax as you will have time to work this all out. Thank you for serving our community and stay safe.