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Category Archives: COVID

Jul 8, 2020
Posted Under: Advocacy COVID

Congress is expected to pass another piece of COVID-19 legislation by the end of this month. It is important to reinforce with our Alaska delegation and other members of Congress that nonprofit policy solutions need to be included in each relief and recovery effort. We are essential to a healthy economy. You can make your voice heard by signing the new Nonprofit Community Letter sponsored by the National Council of Nonprofits. Foraker has signed, and we urge all Alaska nonprofits to join us and your colleagues from around the country to do the same. The CARES Act enacted by Congress in March extended economic relief programs to some nonprofits, but the law fell short in many areas. The Nonprofit Community Letter calls for improving the Paycheck Protection Program, providing loans to mid-sized… Read more »

Jul 8, 2020
Posted Under: COVID

There are several updates to COVID-19 relief funds that may impact your nonprofit: In mid-June, the state announced that the AK CARES grant eligibility would be expanded to businesses and nonprofits receiving $5,000 or less in PPP or EIDL funds. In addition, they announced that AK CARES would be opening up to 501(c)(6) entities. So far, those changes have not been implemented. We are monitoring the situation and will continue to keep you updated. On the federal side, the Paycheck Protection Program has reopened. The new deadline to apply for a PPP loan is August 8, 2020. As PPP borrowers prepare to apply for forgiveness, the SBA recommends using the EZ application if possible. (Borrowers may qualify to use the EZ form if they were able to maintain staffing/levels salaries or if staffing… Read more »

Jun 11, 2020
Posted Under: COVID Foraker News

A note from Laurie:  A new reality needs new words. Recently I was asked, “are you open?”  A simple question but now with so many meanings and answers.  In the midst of this pandemic, we have watched nonprofits close the doors on their physical space but stay open virtually.  We have watched as some close their physical space without a clear path to anything virtual and we have watched missions shift space and double down on service delivery no longer hampered by their building infrastructure.  For decades when consulting with organizations about their potential capital campaigns I have said to countless board and staff members “you are not building a building – you are expanding or deepening mission.” Indeed it is the mission that happens inside the building that matters,… Read more »

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 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 »