Nonprofits are vital to the overall wellbeing of a region. Get some tips and insights from BKD CPAs & Advisors to ensure that your nonprofit runs smoothly so you continue to serve your community.
New SVOG Appeal Process — $4 Billion Still Available
The U.S. Small Business Administration’s (SBA) $16 billion shuttered venue operators grant (SVOG) program has accelerated its review process, and as of July 19, 2021, the SBA has decided on 95 percent of applications received. There is still approximately $4.1 billion available.
Learn more here.
PPP Update: New Forgiveness Options & Appeals Deferment
On July 28, 2021, the U.S. Small Business Administration released an interim final rule detailing two additional methods for borrowers with Paycheck Protection Program (PPP) loans under $150,000 to apply for forgiveness of the loan and a provision that would continue deferral of payments while a PPP loan forgiveness decision is under appeal by the borrower.
Read more here.
Supreme Court Strikes Down Donor Disclosure Rule
On July 1, 2021, the U.S. Supreme Court struck down a California law (California Code of Regulations, Title 11, Section 301) that required charitable organizations to disclose the identities of their major donors to the California Attorney General’s Office.
The Supreme Court reversed this law, concluding that California’s disclosure requirement is invalid because it burdens the donors’ First Amendment rights in their freedom of association and is not narrowly tailored to an important government interest.
Find out more about this ruling here.
A Refresher on Uniform Guidance Procurement Requirements
The Office of Management and Budget (OMB) issued Title 2 U.S. Code of Federal Regulations, Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Per 2 CFR 200.109, the OMB must review the Uniform Guidance regulations every five years. As a result of the first five-year review, in August 2020 the Uniform Guidance was revised.
Learn how this could impact your nonprofit here.
Tackle Your Financial Reporting, Project Management, and Accounting Needs
Working with an experienced team of nonprofit advisors can help save you time and money while increasing your peace of mind. Learn about BKD’s Nonprofit Advisory Services here.
Looking for more information?
BKD regularly provides updates and alerts on important tax and accounting information through their BKD Thoughtware.