COVID-19 Resource Center
As a source of information and guidance for your nonprofit organization, the industry experts at Abdo are here for you. We're researching the latest legislation, local news, and relevant updates around COVID-19 to help nonprofits navigate this unprecedented time. Contact your Abdo advisor to discuss your specific situation. We are here to help.
PPP and Employee Retention Credit: How to Effectively Utilize Both Federal Stimulus Programs for Your Organization
We co-hosted a webinar with Greater Mankato Growth about the Employee Retention Credit (ERC) and PPP loans and forgiveness. Watch the webinar recap and find additional resources here.
Here’s what you need to know about the new COVID-19 relief bill which provides additional aid for small businesses – we’ve broken down some of the key issues as they relate to the deductibility of expenses and loan forgiveness.
The latest guidance from the IRS states that expenses paid with funds received under the PPP loan program are not able to be deducted if you have received or expect full or partial PPP loan forgiveness. This places greater importance on proactive tax planning this year.
Abdo Recovery Plan
Helping you plan for the road ahead
During these never-before-seen times, organizations are forced to navigate a multitude of unfamiliar challenges and the question on everyone's mind is "where do we go from here?" Knowing this, we've developed a toolkit to assess your immediate and long-term challenges, potential risks, and cash-flow requirements.
The Abdo Recovery Plan is designed to help you in three important ways:
CARES Act & The Paycheck Protection Plan
PPP and Employee Retention Credit: How to Effectively Utilize Both Federal Stimulus Programs for Your Organization (Webinar) [Posted January 28, 2021] The COVIDTRA legislation is good news for many employers but there are several critical planning considerations in order to avoid missing out on significant funding. Watch our webinar to learn more about your options.
Key PPP Loan Issues Addressed by COVID-19 Relief Bill (Article) — [Posted 12/23/2020] Numerous small businesses have been waiting on the second round of the Paycheck Protection Program (PPP) loans to remain operational and to answer some questions that remained around the deductibility of expenses and forgiveness clarification.
Deductible Expenses & Forgiveness for PPP Loans (Article) — [Posted 11/20/2020] The latest guidance from the IRS states that expenses paid with funds received under the Paycheck Protection Program loan program are not able to be deducted if you have received or expect full or partial PPP loan forgiveness. This places a greater importance on proactive tax planning this year.
PPP Forgiveness Flowchart (PDF) — [Posted 11/02/2020] Feeling unsure about when and how to apply for loan forgiveness? We’re excited to share with you our new PPP flowchart designed to help guide you through the loan forgiveness process.
Payroll Tax Deferral—Questions for Implementation (Article) — [Posted 8/27/2020] Employers — We know there are a lot of unanswered questions regarding the executive order to defer the employee portion of Social Security tax. Our team is closely monitoring the information coming from the Treasury and has laid out a list of questions we’ll be looking to have answered when the guidance comes through.
FAQs on PPP Loan Forgiveness (PDF) — [ Posted 8/4/2020 ] The SBA has provided this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans.
Key Highlights – Paycheck Protection Program (PPP) Loan Forgiveness Application (Article) — [ Posted 5/21/2020 ] To help you gauge how the latest PPP guidance could impact your organization, our team at Abdo, Eick and Meyers has summarized key provisions of the newly published application and instructions. In this article, you’ll find highlights of the loan application and some clarification on areas that guidance was previously lacking.
Paycheck Protection Program (PPP) Loan Forgiveness Application (PDF) — [ Posted 5/18/2020 ] The SBA has released the PPP Loan Forgiveness Application. This application includes detailed instructions for calculating loan forgiveness and sheds light on a number of areas where guidance was previously lacking. Looking for guidance in calculating your loan forgiveness or have questions pertaining to your organizations situation? We can help – reach out to us today.
Paycheck Protection Program (PPP) Additional Guidance (PDF) — [ Posted 5/8/2020 ] On April 28, 2020, the U.S. Small Business Administration (SBA) updated its Frequently Asked Questions (FAQs), outlining key compliance concerns. Paycheck Protection Program (PPP) borrowers will face heightened scrutiny concerning their eligibility and use of funds. The date for repayment of any uncertified PPP loan amounts, originally May 7, 2020, has been extended to May 14, 2020. The SBA also states that additional guidance on how it will review certification of PPP loans will be provided prior to the new deadline.
Coronavirus Emergency Loans – Small Business Guide and Checklist (PDF) — [Posted 4/28/2020 ] Provided by the U.S. Chamber of Commerce
CARES Act – Paycheck Protection Program (PDF) — [ Posted 4/1/2020 ] Administered by the Small Business Administration (SBA), the purpose of the PPP is to keep American workers paid and employed by providing organizations with forgivable loans to offset immediate and direct costs related to closures and staffing reductions due to the COVID-19 pandemic.
EIDL & PPP Comparison Chart (PDF) — [ Posted 4/1/2020 ] A comprehensive comparison of the Economic Injury Disaster Loan (EIDL) program and the Paycheck Protection Program (PPP) including details regarding qualification requirements, maximum loan thresholds, and more.
CARES Act – Financing During COVID-19 (PDF) — [ Posted 4/1/2020 ] Across the country, unique situations call for unique solutions for financing your organization. Potential financing solutions that may be applicable to your nonprofit are highlighted in this document.
Employer Resources & Families First Coronavirus Response Act (FFCRA) Information
Is your organization eligible to receive valuable Employee Retention Credits? (Flowcharts) [Posted 01/28/2021] Our team at Abdo Workforce Solutions has created two flowcharts to help you identify your eligibility for the Employee Retention Credit (ERC) in both 2020 and 2021. View the flowcharts here: 2020 Flowchart; 2021 Flowchart
Webinar Recap: Practical Employer Response to COVID in the Workplace (Article)– [Posted 8/19/2020] To help you better understand how to handle a positive COVID-19 test result, the Abdo Workforce Solutions team recently recorded a webinar on the topic.
Returning to Work: OSHA Guidance for Employers (Article) — [ Posted 6/30/2020 ] Does your organization have a re-opening plan in place? The Occupational Safety and Health Administration (OSHA) has issued guidance for reopening businesses and the Abdo Workforce Solutions team is here to help you create a plan.
COVID-19 Diagnosis Timeline for Employers (PDF) — [ Posted 6/4/2020 ] When one of your employees is diagnosed with COVID-19 in the workplace, the steps you take in the following 24 to 48 hours are critical. To help you determine how your organization will respond to a positive COVID diagnosis, our experts from Abdo Workforce Solutions have created this comprehensive timeline with step-by-step actions based on guidance from the CDC and EEOC Pandemic.
FFCRA & CARES Act | Updated Information for Employers (Podcast) — [ Posted 5/11/2020 ] A comprehensive overview of what you need to know now as an employer regarding the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
COVID-19 Employer Payroll Loan & Tax Credit Opportunities (PDF) — An overview of the COVID-19 payroll loan and tax credit options
COVID-19 Related Payroll Tax Credits (PDF) — Identifying How to Calculate and Apply for Credits & Refunds
COVID-19 Related Employee Work Leave (PDF) — Identifying When and How to Pay Employees
U.S. Department of Labor Q&A (External Link) — Families First Coronavirus Response Act
Families First Coronavirus Response Act | How to Prepare for Implementation (Podcast) — Tips to help you ensure a successful implementation of the FFCRA for your HR department and a smooth experience for your employees requesting leave.
Required notification on employee rights (PDF) — this is a required notice for all employers with 500 or less employees. Must be posted or electronically distributed by April 1, 2020
Additional Nonprofit Industry Resources
Propel Nonprofits – Experts in lending to nonprofits.
LifeLabs – Excellent remote work playbook to help you and your team adapt to a remote work environment.
FOR INFORMATIONAL PURPOSES ONLY. The content presented within our resource center and in our recordings is for informational purposes only. The thoughts and ideas expressed in the content and within the recordings do not constitute professional advice. This information should not be relied upon by you or any third party, including to maintain regulatory compliance with federal or state laws, conduct the human resources or payroll functions of your organization, operate or promote your organization, obtain any regulatory or governmental approvals, or otherwise be used in connection with procuring services or other benefits from any entity. Before taking any action, please consult with a professional advisor.