The Thomas Howell Ferguson Blog

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What Not-for-Profit Organizations Should Know About the Second Round of the Paycheck Protection Program (PPP)

On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]

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Best Practices for 2021 Budgeting for Not-For-Profits

With everything surrounding COVID-19 and this past year, budgeting for 2021 will prove to be a challenge for many not-for-profits. Some not-for-profits had to decrease their services and staffing. Others have redirected their mission to serve their community’s more pressing needs. Many fundraising events were canceled this year in an effort to adhere to social […]

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Modifications to the Main Street Lending Program Expands Eligibility to Not-For-Profits

On Friday, July 24th, the Federal Reserve Board released modifications to the Main Street Lending Program that will provide greater access to credit for not-for-profit organizations.  The Board approved two new loan options to provide support to a broad set of not-for-profit organizations that were in sound financial condition prior to the pandemic.  The Board […]

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What Costs May Be Reimbursable By FEMA for COVID-19?

What Costs May Be Reimbursable By FEMA for COVID-19? All major disasters can lead to some form of political, social, and economic consequence. Normally these events are confined to a region of the country and regions within the respective states impacted. COVID-19 is not normal and has impacted all sectors of the economy including governments […]

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Private Nonprofit Work Eligible for FEMA Reimbursement

Under the Stafford Act, eligible emergency protective measures taken by private nonprofits to respond to the COVID-19 emergency may be eligible for FEMA reimbursement. In this situation, reimbursement would fall under category B of FEMA’s Public Assistance program. Please remember that this is at the direction or guidance of public health officials. How does FEMA […]

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Is There An Extension for 990 Forms?

Is there an extension for 990 Forms?   The IRS and the Department of Treasury released Notice 2020-18 on March 20th in response to the Coronavirus pandemic. At first glance, this notice had little impact on tax-exempt organizations and not-for-profits. The Notice 2020-18 applied exclusively to income tax returns and payments due on April 15, 2020, postponing […]

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