From mboxrd@z Thu Jan 1 00:00:00 1970 Return-Path: Received: from mta43.cpro20.com (mta43.cpro20.com [216.24.225.43]) by sourceware.org (Postfix) with ESMTPS id A8C1E385DC14 for ; Mon, 13 Apr 2020 17:04:41 +0000 (GMT) DMARC-Filter: OpenDMARC Filter v1.3.2 sourceware.org A8C1E385DC14 Authentication-Results: sourceware.org; dmarc=none (p=none dis=none) header.from=nanoe2020.org Authentication-Results: sourceware.org; spf=pass smtp.mailfrom=bounce_jfikghj_o-libffi+2Ddiscuss=sourceware.org@cp20.com DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; s=key1; d=cp20.com; h=List-Unsubscribe:Message-ID:Date:Subject:To:From:Reply-To:MIME-Version: Content-Type; bh=iBh/zayppknjTziTzOm840JtVh1A4pbRtpAvXvveh/w=; b=gIQN5jHUOxuUha3LJKyXFF94BgmfZJvoLUF/wKXsSvyLiVhSzjA5kLkFebBzqdrWmw45bBIfkmpo Bt6MJMchSFXpdPWRuvih9pvScmwx+vnmzgY/AIRN03MyMvVE8icp/v1wq3wcuBnfUuqtHRdDjHwI GlxSNBjsONF9y1miji4= Received: by mta43.cpro20.com id hiidsm2kcooc for ; Mon, 13 Apr 2020 13:04:28 -0400 (envelope-from ) X-Campaign-Shard: 1 Bounces-To: bounce_prgjop_glvnnjgt_o@cp20.com Message-ID: <1586797351277.42812645.116873606.29593263330@backend.cp20.com> X-Campaign: 42812645/116873606/29593263330 Errors-To: bounce_prgjop_glvnnjgt_o@cp20.com Date: Mon, 13 Apr 2020 13:04:28 -0400 Subject: UPDATED: Nonprofit Nightmare PPP Loan Experience To: Nonprofit Execs & Board Members From: "Inside Charity" Reply-To: "Inside Charity" MIME-Version: 1.0 X-Spam-Status: No, score=4.1 required=5.0 tests=BAYES_95, DKIMWL_WL_MED, DKIM_SIGNED, DKIM_VALID, DKIM_VALID_EF, HEADER_FROM_DIFFERENT_DOMAINS, HTML_MESSAGE, RCVD_IN_DNSWL_NONE, SPF_HELO_NONE, SPF_PASS, URIBL_GREY autolearn=no autolearn_force=no version=3.4.2 X-Spam-Level: **** X-Spam-Checker-Version: SpamAssassin 3.4.2 (2018-09-13) on server2.sourceware.org Content-Type: text/plain;charset=UTF-8 X-Content-Filtered-By: Mailman/MimeDel 2.1.29 X-BeenThere: libffi-discuss@sourceware.org X-Mailman-Version: 2.1.29 Precedence: list List-Id: Libffi-discuss mailing list List-Unsubscribe: , List-Archive: List-Post: List-Help: List-Subscribe: , X-List-Received-Date: Mon, 13 Apr 2020 17:04:43 -0000 Nonprofit Execs, Nonprofit Nightmare PPP Loans - UPDATED PPP & EIDL Loan Information to Charitable Organizations Here’s what we know as of April 12, 2020: 550,000 loans, worth $141 billion, have been approved under the PPP, according to the Wall Street Journal as of Friday, April 10th. 70% of small businesses have applied for an emergency loan under the PPP, according to the National Federation of Independent Business (there are more than 30 million small businesses in the United States.) 50% of small businesses have applied for relief using the SBA’s Economic Injury Disaster Loan Program (EIDL) for a total of $383 billion in requests. The CARES Act increased funding for this previously existing program by only $17 billion. 4% of small businesses have been approved so far. Most applicants haven’t received any funding (even if they were approved.) “Money isn’t flowing yet.” says Amanda Ballantyne of the Main Street Alliance. The number of lenders offering PPP Loans has increased from 1,800 to 4,100 in one week’s time according to the SBA. The Small Business Administration has launched an online FIND ELIGIBLE LENDERS tool at SBA.gov. We found it to be thorough and easy-to-use. The banking industry (not the federal government) made the decision to restrict loan offerings to existing customers only. Several banks have posted an “initial” application vetting form. You may think that you’ve successfully applied only to find out that you must complete a secondary application before the actual loan approval process even starts. Most banks insist that you apply online and refrain from contacting your local branch officers indicating that your personal banker has little or no influence on your loan request. Many frustrated applicants have moved to the online lending route and have applied with companies like BoeFly, Kabbage, etc. W-2 employees vs 1099 independent contractor confusion has finally been sorted out. PPP loan amounts will be calculated based on W-2 PAYROLL ONLY (1099 employee pay cannot be included.) 1099 independent contractor loan application process opened on Friday, April 10th. Like small businesses owners, independent contractors will apply for relief using their banks, credit unions and SBA 7(a) approved lenders. VISIT HERE TO READ MORE Dear Nonprofit Execs & Colleagues in Service, We are all in the throes of the global pandemic. Charities everywhere are feeling the effects of isolation measures, business shutdowns, travel bans, and markets crashing. InsideCharity is here to make sure receive the information you require to navigate these unprecedented times. We're in direct contact with the Small Business Association (SBA) and Internal Revenue Service (IRS) to provide you real-time updates you need to access CARE Act funding as soon as possible. SUBSCRIBE HERE TO STAY UP-TO-DATE. We look forward to hearing from you. Simply reply to this email or subscribe above to ensure you receive CARES Act Updates every time the Federal Government makes them available. Warmly, James P. LaRose, CNE, CDE, CNC Senior Editor You are subscribed to this email as libffi-discuss@sourceware.org. Click here to modify your preferences http://trk.cp20.com/form?1xl092--11cug-dlf2c4i9&sl=r3&t=1&ac=g62g or unsubscribe http://trk.cp20.com/form?1xl092--11cug-dlf2c4i9&sl=r3&t=5&ac=g62g.