Apr 17, 2020, 12:45 PM
(from Yahoo! Finance) Less than two weeks after launching on April 3, the Paycheck Protection Program (PPP) for small businesses ran out of funds on Thursday morning. The SBA says 1.66 million applications were approved, totaling $349 billion in loans from 4,975 lending institutions. It’s unclear how much has actually been sent to recipients — the SBA is not sharing disbursement figures — but by all accounts it is a very small portion so far. According to the website CovidLoanTracker.com, 84% of the PPP loan money that has been sent out has come from small or regional banks, with 9% of the funds coming from JPMorgan Chase. Congress is negotiating how to add more money to the program.
(from Liebert Cassidy Whitmore) As a result of the uncertainty surrounding the duration of the pandemic, schools are facing difficult financial decisions, including those concerning school staffing needs. A new primer explains the difference between layoffs and furloughs, voluntary furloughs, alternatives such as hiring freezes, targeted program reductions, and early retirement incentives. The guide also outlines selection criteria, notice requirements, final pay requirements, separation agreements, wage and hour issues, FFCRA considerations and more.
More from Liebert Cassidy Whitmore
(from the Chronicle of Philanthropy) Should nonprofits be talking with donors about planned giving opportunities at a time when many people are frightened and thinking about their mortality in a way they haven’t before? Gary Pforzheimer, president of a planned-giving services company, recommends "staying the course but trimming the sails." More donors are looking at their estates and wills, which may provide a window of opportunity for donors who want to leave a mark. Donors may be looking for times to lead in a crisis.
Listen to the latest episode of the Net Assets podcast.
