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Category Archives: COVID

Jun 5, 2020
Posted Under: COVID

The Paycheck Protection Program Flexibility Act, signed into law today, gives organizations more flexibility and time to spend PPP funds. Highlights from the Act include: An extension of the “covered period” for PPP loans from 8 weeks to 24 weeks. Note that the covered period cannot extend beyond Dec. 31, 2020. A reduction in the percentage of funds that must be spent on payroll. Specifically, the requirement to spend 75% of PPP funds on payroll reduced to 60%.  To qualify for any forgiveness, borrowers must spend at least 60% on payroll costs. Extended loan terms for any unforgiven portions that need to be repaid from 2 years to 5 years, at 1% interest. An extension to December 31 for employers to restore employee and wage levels to pre-pandemic levels. A… Read more »

Jun 1, 2020
Posted Under: COVID

The application period for the AK CARES Grant Program is open on the Credit Union 1 website. Is your nonprofit eligible? If your organization is a 501(c)3 or 501(c)19, has 1-50 employees, did not receive federal relief funds (PPP, EIDL) then you are eligible to apply. We can help. If you need help preparing to apply, contact us…. Read more »

May 28, 2020
Posted Under: COVID

It’s hard to believe, but it’s been eight weeks since the Paycheck Protection Program began. If you would like the PPP funds to be a grant instead of a loan, it’s time to prepare to apply for PPP forgiveness. Please note Congress is currently debating possible extensions to the PPP program, but as of today, nothing is finalized. The highlights in this post are based on current PPP guidance. The PPP forgiveness application can be found here. The recently released PPP forgiveness guidance can be found here. Find a quiet moment to dive into these documents. They are lengthy but important and worth the read.  Here are some highlights: The full amount of your PPP loan may be eligible for forgiveness if you meet the forgiveness conditions. Spend all of… Read more »

May 27, 2020
Posted Under: COVID

Foraker’s President/CEO Laurie Wolf was invited to testify at an Anchorage Assembly work session focused on the impact of COVID to Anchorage nonprofits. The following is her testimony: Thank you Chair Rivera and members of the Anchorage Assembly. I am here today as President and CEO of The Foraker Group, which serves as Alaska’s nonprofit association and the capacity building organization for nonprofits and tribes across the state. Before I jump into talking about the considerations that nonprofits need for relief I want to emphasize the critical role nonprofits play in Alaska. Importantly, nonprofits are a major economic driver for our state and our city. We deliver essential services, leverage public funds for maximum impact through public/private partnerships, invest in our communities, and ensure community well-being and quality of life…. Read more »

May 23, 2020
Posted Under: COVID Nonprofit News

We are pleased that media in both Alaska and around the country are reporting on the impact COVID-19 is having on the nonprofit sector and the many organizations that continue as best they can to serve their communities. On this page, we will share the reports of how we and our partner the National Council of Nonprofits are working to ensure that the sector is part of both state and federal relief programs. And we’ll share with you some stories of ways that Foraker Partners and other Alaska nonprofits are managing the crisis. Read more »

May 21, 2020
Posted Under: COVID

The State of Alaska is opening up applications for a $290 million small-business and nonprofit grant program. The Alaska Department of Commerce, Community, and Economic Development (DCCED) and the Alaska Industrial Development and Export Authority (AIDEA) are partnering with the lender Credit Union 1 (CU1) to support small business and nonprofits impacted by the COVID-19 pandemic, through the AK CARES Funding Program. The application to apply for AK CARES will be provided on the  CU1 website. The application period is currently scheduled to begin on June 1, 2020, and funds will be awarded first-come, first-serve. We encourage you to prepare your documentation now (a list of items is provided in the FAQs here). More information can be found here and here.    … Read more »

May 19, 2020
Posted Under: Advocacy COVID

Foraker President/CEO Laurie Wolf called on the Senate Finance Committee to move critical CARES Act funds to Alaska’s nonprofits and small businesses as fast as possible. “We need it today so we can be here tomorrow,” she said. Read her full testimony here…. Read more »

May 14, 2020
Posted Under: COVID

This is not intended as financial or legal advice.  Did you receive a PPP loan for less than $2 million? The SBA announced today: “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”  You can learn more here. (question #46). What does that mean for you as a borrower? The SBA will accept the good faith certification on your PPP application certifying the loan was necessary. The SBA  will not be asking you to submit additional documentation to demonstrate need. You will still need to meet the other guidelines of the PPP program. As of today, the SBA has not… Read more »

May 13, 2020
Posted Under: COVID

Earlier this week, the Legislative Budget and Audit Committee of the Alaska Legislature approved Governor Dunleavy’s plan to spend federal coronavirus aid from the CARES act. Through our collective advocacy efforts with many of our partners, we were successful in ensuring that nonprofits are included in multiple funding streams and that we are seen as a key component of our state’s economy. While it is not clear yet exactly what the guidelines for distribution will be, know that we are working to ensure that the intent remains strong to include nonprofits in these programs. The following is a partial list of the allocation (pending litigation) of $1.25 billion of Alaska CARES funding. Nonprofit leaders should watch each of these avenues as their missions dictate and apply or be ready to… Read more »

May 12, 2020
Posted Under: COVID

In partnership with the Mat-Su Health Foundation, Foraker is offering free services to Mat-Su Borough nonprofits to help navigate the COVID-19 crisis. We are ready to help your organization with: Tracking CARES relief funds in your accounting systems Financial scenario planning and budgeting Preparing to apply for federal relief Grantwriting/applying for philanthropic COVID-19 relief funds Adapting your fundraising strategies Crisis communication Human resources counseling Strategic restructuring/mergers If you are interested, contact us. Please use the subject line “Mat-Su services” and indicate which of the services you are interested in…. Read more »