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 »

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 »

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 »

These are certainly difficult times for everyone, especially executive directors. And this may be causing more EDs, often without much notice, to leave their jobs or take time away for a while – some to care for families and others because of stress or burnout. Leadership transition also continues as it always has when EDs retire or move to new job opportunities. Given the challenges facing nonprofits right now – a greater demand for service with fewer resources – this is not the time that most can conduct a thoughtful and strategic transition to a new leader. Our Interim Executive Director program could offer short-term relief. Our interim EDs can steady your organization and prepare you to navigate the transition to your next permanent leader when you have the time… Read more »

Are you open? When will you open? Will you open? These are the questions I am asking a lot right now – not just for ourselves but for our whole sector. If only there were simple answers. Each choice is fraught with complicated choices that weigh both human emotion and financial feasibility against a backdrop of public health and political will. I reject the notion that we are choosing between public health and our economy because the health of our population is the essence of our economy. Still, I am aware that we have choices to make about how we move our missions forward in this landscape. Our nonprofit sector in some cases is just like every other business in regard to these three questions. But the answers and our… Read more »

Do you need help finding or applying for grants to get your organization through the current crisis? We are offering grant writing services to assist nonprofits responding to impacts of the coronavirus. Whether your organization needs help finding grant opportunities, drafting proposals, or creating budgets for proposals, our team of experienced grant writers may be able to assist you. We can help you: Write a proposal Find grant opportunities to match your needs Craft a budget for your proposal Edit a draft proposal that you have written Understand how to position your organization when communicating with potential funders Get set up for success once you are funded Contact us for your free 30 minute consultation…. Read more »

The federal government will soon send $1.25 billion in CARES relief funding to state and local governments. Nonprofits are an essential part of Alaska life, and we strongly believe they should be included at every level of funding. As part of her testimony before the House Labor and Commerce Committee on April 25, 2020, Foraker President/CEO Laurie Wolf presented three considerations and seven requests related to funding and strongly encouraged Alaska leaders to implement them in their policies and procedures. You can read her full testimony here. Three considerations for relief First – We must plan for the future we want to see in our recovery and beyond. Second – Time is critical, and support must occur in at least two phases. Third – Recognize that many avenues are present… Read more »

This information is not intended as legal advice. It is current as of April 29, 2020. Tips for borrowers: Keep clear and thorough records of both the receipt and expenditure of all PPP and/or EIDL funds. Track PPP and EIDL funds separately. Note, they cannot be used for the same expenditures. (For example, you may use them both for payroll, but for different employees, or over different time periods.) Record funds as a loan until any applicable forgiveness has been awarded. Separate all PPP/EIDL expenditures into their own category/class/job. This will allow for easy reporting when it comes time to file the necessary paperwork for loan forgiveness. There is talk of legislation requiring an audit for borrowers receiving more than $2 million. Nothing has been finalized regarding audits, but it… Read more »

The Department of Revenue is waiving normal fees for Biennial Reports required of all Alaska entities every other year.  If your organization is currently out of compliance or are required to file your report in the next 60 days, you can log in to the State of Alaska Department of Commerce website and register for two years for free.  Here are the instructions: Go to the State of Alaska Department of Commerce website Click on Entities Enter your name under the Entity box Your Entity Number will be referenced – double click on it. The Certificate will say whether your biennial report is due. Click on “File Biennial Report” and fill out the forms. There are no charges at this time…. Read more »

Congress is getting ready to appropriate additional funds to the popular PPP and EIDL loan programs. If your organization has not already applied, you’ll want to be ready for the next round because funds will run out quickly. If you need help preparing – contact us. Steps you can take now to be ready to apply for the PPP: Contact your lender immediately to let them know you intend to apply. If there’s a waiting list, get on it. If you can’t reach your lender or they are not offering the loans, try a different lender or one of the online lenders (see list below). This can be a frustrating step. Don’t give up! Ask for approval from your board to accept the loan(s). Let the board work on this… Read more »