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Federal Relief Navigator (Montana Nonprofit Association)

Posted By Administration, Thursday, April 16, 2020

Need help understanding what federal relief is available for your organization and/or employees? Read through our decision-making navigator which we will update on an ongoing basis with the latest information.

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Tags:  COVID  COVID-Finance  COVID-States 

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COVID-19, the Economy and the Nonprofit World

Posted By Administration, Thursday, April 16, 2020

The coronavirus is drastically changing our world, our personal lives, the economic markets, and our work.  Chronicle of Philanthropy  editor Stacy Palmer is joined by a panel of nonprofit leaders to discuss how charities, foundations, and donors are responding to the coronavirus emergency and adapting to the new normal.

Access the webinar...

Tags:  COVID  COVID-Finance  COVID-Webinars 

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Three Ways the CARES Act May Impact Charitable Giving

Posted By Administration, Wednesday, April 15, 2020

In response to the COVID-19 pandemic, Congress has passed three economic stimulus packages to support our nation (both individuals and organizations) during this period of economic uncertainty. One of these, the $2 trillion-plus CARES Act, does many things, including  providing direct cash payments to Americans, pushing back income tax filing and payment deadlines, and encouraging charitable giving.

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Tags:  COVID  COVID-Finance 

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Why Board Term Limits Matter

Posted By Kelly Koepsell, Director of Membership & Operations, Wednesday, April 15, 2020

https://blog.joangarry.com/why-term-limits-matter/

Why Board Term Limits Matter

 

I have had this conversation so often I can write both parts of the script.

Joan: “So when does your chair’s term end?”
E.D.: “Oh, well we don’t really have term limits.”
Joan: “You don’t really have them?”
E.D.: “I think they are in the by laws or maybe they aren’t – I don’t really know – it doesn’t matter I suppose. Board members would revolt if we tried to enforce them”
Joan: “Revolt?” Why?
E.D.: “Well Cindy has been willing to be board chair for the last six years and frankly, no one else wants the job. And as I think about, no one else would be very good.”

So what exactly is the BIG FAT PROBLEM?

Ignoring the bylaws? Nope. Although that is a problem.

No mention that Cindy is a great chair? Nope not the headline.

No one else wants the job? Getting warmer, but nope.

Give up?

OK, let’s talk about the big fat problem and why term limits really really matter:

 

NO ONE ELSE WOULD BE A GOOD BOARD CHAIR

Let’s go back to our example. Cindy has been the board chair for six years. No one wants the job and no one else would be very good at it.

The big fat problem rests in these words, “NO ONE WOULD BE VERY GOOD AT IT”.

This board has NO leadership pipeline. I can guarantee you that either they have no committees at all, they have them in name only, or they are very weak.

Why? Because strong committees have strong leaders!

A board without a leadership pipeline; that doesn’t recruit for candidates with leadership potential? That board is a weak board.

WHY TERM LIMITS MATTER – THE SHORT ANSWER

Thriving nonprofits have strong boards.

Boards that do not recruit for and cultivate leaders are not strong. They are weak boards.

I’m sure you have heard me say that a thriving nonprofit is like a twin-engine jet with a board engine and a staff engine and a strong board chair and staff leader leading together in the cockpit as co-pilots.

No term limits? Then I know that one of your engines is weak. And I will be more than just a little reluctant to climb aboard.

INSTITUTIONAL MEMORY IS A TERRIBLE REASON TO AVOID TERM LIMITS

We all know the common arguments against term limits. The first one we just discussed – Cindy is great, she is willing to do it, and we don’t have anyone else who would or could step into the role.

But we all know that board members play this card they are sure will put this whole issue to rest. It’s the “Institutional Memory” card. They play it and we are all supposed to fold.

But we can’t fold.

Here are five good reasons why:

  1. Term limits force an organization to recruit for folks with leadership potential.
    These are individuals who will say yes to chairing a committee, serving as a Vice Chair.
    Board members are organizational leaders and we must recruit with leadership in mind. Here’s what I mean.I am working with an organization that just instituted term limits. They’ve had the same board chair for six years and no current board member was interested or willing to serve when the chair termed off. Their only option was to go out and recruit for a board chair – and they recruited someone with passion for the cause. But a prior relationship with the organization was not a prerequisite. To its credit, this organization recruited a terrific guy, but he had zero organizational knowledge and no previous “skin in the game” as a donor or volunteer. He will have to earn his stripes.
  2. Term limits promote new ideas and innovation.Groupthink is a hazard to any organization of any kind. And the same group talking about the same issues for a long period of time? Groupthink. Stagnation.
  3. Term limits allow an organization to spread its wings and engage many more people in the work.Think of each board member as having a sphere of influence. Recruit new board members who have different groups of colleagues and friends and you build a bigger army of folks who know about your organization and want to be a part of it.Just think of the board that founders build – what I call the FOF board – “friends of founders” – a very very small sphere of influence. Term limits force you to go ‘casting’ for other characters who will bring new people to your organization.
  4. Term limits offer boundaries to contend with low performing or problematic board members.I’ve heard this a few (hundred) times. “I wish we could move her off the board – she is such a problem – but we don’t know how to do it without having her go away angry.” Term limits offer your guardrails.
  5. Growing organizations and sector changes will demand different skills and expertise.Here’s an example – the AIDS epidemic has changed so drastically since the 1980s, both in terms of medical advances and in terms of the population most affected. The epidemic began in the gay community and organizations rallied the LGBT community to raise money and serve on boards. Today the most affected population is lower income African American women – the epidemic is radically different and will continue to change until it is eradicated once and for all. Since the 80s, HIV/AIDS organizations have needed to evolve in all kinds of ways, including the composition of their boards. Term limits would thwart the board’s ability to be of real value in a changing landscape.

HAVE THIS CONVERSATION IN YOUR ORGANIZATION

Pull together a few folks on your board and your E.D. and use this post to talk through how to raise the conversation. Consider objection questions and develop talking points. Get out in front of challenges like creating a plan staggering the term limits – it’s smart and it mitigates the institutional memory card (we can’t all leave at the same time). Decide what to do with the revered board chair you’ve had for 15 years (be creative, honor her but do not give her any authority that might undermine the role of your new chair).

YOU CAN DO THIS. YOU MUST.

It may not be the easiest policy to introduce into your organization but since when have nonprofit leaders shied away from the hard stuff?

So, tell me in the comments. Do you have term limits? Did you always? If you had to introduce them to an existing board, how did that go?

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Nebraska arts, humanities organizations eligible to receive federal CARES Act dollars, can apply for grants from state councils

Posted By Administration, Tuesday, April 14, 2020

For additional information contact: Chris Sommerich, HN Executive Director, chris@humanitiesnebraska.org or Suzanne Wise, NAC Executive Director, Suzanne.Wise@nebraska.gov

FOR IMMEDIATE RELEASE: 04/14/20

As part of the $2 trillion federal CARES Act passed by Congress to provide economic relief to the nation during the coronavirus pandemic, $75 million each was allocated to the National Endowment for the Arts (NEA) and National Endowment for the Humanities (NEH) to assist the many organizations operating within the cultural sector that preserve history, inspire creative thinking, nurture the arts, foster understanding between citizens, and maintain the nation’s identity as a diverse, free society.

Of that amount, 40% is designated to be divided among the state arts and humanities councils for distribution in their respective states. These councils are well positioned to work with local arts, humanities and cultural organizations that are struggling to retain staff, remain in operation and serve their respective communities due to this crisis.

Currently, the Nebraska Arts Council (NAC) and Humanities Nebraska (HN) are in the process of setting up systems for allocating CARES Act funds to arts and humanities organizations of all sizes throughout Nebraska. Both councils intend to grant out 100% of the funds received from NEA and NEH in order to maximize the aid that is provided to cultural organizations in the state. The funding is intended for general operating support, not for specific programs or projects.

Suzanne Wise, executive director of the Nebraska Arts Council noted, “Financial support for arts and humanities organizations is important not only to the organizations themselves, but to Nebraska’s recovery as a whole.” She added. “We and Humanities Nebraska have a long history of collaboration and partnership, and we are happy to work together in this effort as well.”

“We are pleased to assist with the distribution of CARES Act funding to our state and local partners,” stated Christopher Sommerich, executive director of Humanities Nebraska. “With the financial challenges that so many are facing during the coronavirus pandemic, we want to align with our colleagues at the Nebraska Arts Council and do everything we can to preserve and support the cultural infrastructure of Nebraska as a critical component of community vitality.”

Both HN and NAC intend to have grantmaking processes and applications in place by the end of April and will be awarding grants within weeks. When finalized, information about CARES grants will be posted on the NAC website at www.artscouncil.nebraska.gov/grants and on the HN website at humanitiesnebraska.org/grants. The councils are also collaborating on a grant workshop webinar to answer questions from potential applicants.

About the Nebraska Arts Council

The Nebraska Arts Council (NAC), a state agency, provides numerous grants, services and special initiatives that help sustain and promote the arts throughout Nebraska. NAC is supported by the Nebraska Cultural Endowment, Nebraska Legislature and National Endowment for the Arts.

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Tags:  COVID  COVID-Finance  COVID-Resources 

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IRS extends more tax deadlines to cover individuals, trusts, estates corporations and others

Posted By Administration, Thursday, April 9, 2020

To help taxpayers, the Department of Treasury and the Internal Revenue Service announced today that Notice 2020-23 extends additional key tax deadlines for individuals and businesses.

Last month, the IRS announced that taxpayers generally have until July 15, 2020, to file and pay federal income taxes originally due on April 15. No late-filing penalty, late-payment penalty or interest will be due.

Today’s notice expands this relief to additional returns, tax payments and other actions. As a result, the extensions generally now apply to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. Individuals, trusts, estates, corporations and other non-corporate tax filers qualify for the extra time. This means that anyone, including Americans who live and work abroad, can now wait until July 15 to file their 2019 federal income tax return and pay any tax due.

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Tags:  COVID  COVID-Finance 

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Iowa Legal Hotline for COVID-19 Assistance

Posted By Kelly Koepsell, Director of Membership & Operations, Thursday, April 9, 2020

Iowa Legal Aid, in partnership with the Iowa State Bar Association and the Polk County Bar Association’s Volunteer Lawyers Project, has developed a legal hotline for coronavirus/COVID-19 – related legal issues. The Iowa COVID-19 Legal Advice Hotline - 1-800-332-0419 – is now live.

The Iowa COVID-19 Legal Hotline is a free service available to Iowans who are experiencing legal issues due to the public health crisis. Iowa Legal Aid is hosting the hotline and working closely with the Iowa State Bar Association and the Polk County Bar Association’s Volunteer Lawyers Project, to get all Iowans access to the key legal information and advice they need during this crisis.

The Hotline operates between the hours of 9:00 a.m. and 4:00 p.m., Monday through Friday.  Iowans experiencing any type of legal problem related to the coronavirus/COVID-19 crisis, such as facing eviction, being denied unemployment benefits, experiencing employment issues, or being a victim of identity theft, can call 1-800-332-0419.  Callers will leave a message and Iowa Legal Aid staff will call them back.  Those who meet Iowa Legal Aid’s guidelines will be connected with an Iowa Legal Aid attorney; those who are outside of Iowa Legal Aid’s guidelines will be connected with volunteer attorneys through the Iowa State Bar Association and the Polk County Bar Association’s Volunteer Lawyers Project. 

 

Please do not hesitate to contact me if you have any questions.     

Shelley R. Whitcher

Deputy Director – Iowa Legal Aid

 

1-800-432-9229 Ext 1246

532 1st Ave, Ste 300, Council Bluffs, IA 51503

www.IowaLegalAid.org


 

Tags:  COVID  COVID-Resources 

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Did you receive approval for your PPP Loan? Now What?

Posted By Kelly Koepsell, Director of Membership & Operations, Thursday, April 9, 2020

 

Did you receive approval for your Paycheck Protection Program Loan? What Now?

 

Once you receive the good news that your loan was approved, you may begin to question, "what are the next steps?" Below are suggestions and considerations to utilize your loan effectively.

 


 

Deposit the funds into a separate checking account dedicated to the PPP Loan proceeds.

  • This will aid in tracking the funds used for the specified purposes.
  • If a copy of the bank activity is requested, you now have a separate account versus having to share all operating bank activity.


 

Maintain a “journal” of the effects COVID has had on your business.

  • Loan certification required an assertion that COVID-19 impacted the business.
  • The diary/journal could be electronic or written.
  • The entries could be weekly or as needed.
  • This log can provide information and specific examples of how your business was affected from employees to customers, vendors and more!


 

Planning ahead will facilitate the maximum opportunity for Loan Forgiveness for the period of eight weeks after the date of your loan.

 

Are your operations currently shut down?

  • If you have staff furloughs, when should you have the employees return?
  • If you are currently paying staff while operations are shut down – what are my options?
  • Modeling various scenarios may aid in your decision-making process.

Maintain adequate records for support of Payroll Costs.

  • Prepare the data for submission related to each payroll including:
    • Wages – please note, commodity wages may receive different treatment.
    • Health Care Costs using a reasonable allocation method.
    • Retirement Plan Employer Contributions
  • Ensure you are not “double-dipping” which would sacrifice loan forgiveness opportunities.
    • If paying employees under the Families First Coronavirus Response Act for Emergency Sick Pay or Emergency FMLA, maintain adequate records as these amounts will be adjustments to your Payroll Costs.
    • You cannot participate in the following CARES act benefits:
      • Employee Retention Credit
      • Delay of Employer Tax Payments
  • Keep a separate file with invoices paid for the following:
    • Rent
    • Utilities
    • Mortgage Interest


 

As we continue to navigate the challenges ahead, please know that we will always keep you informed as quickly as possible. We have created a webpage that will house helpful resources and updates to COVID-19 here:  https://www.lutz.us/lutz-covid-19-updates/

 

LUTZ + COVID-19 RESOURCES

Tags:  COVID  COVID-Finance  COVID-Resources 

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Coronavirus Updates from NAM Business Partner - The Harry A. Koch Company

Posted By Kelly Koepsell, Director of Membership & Operations, Thursday, April 9, 2020

https://www.hakco.com/coronavirus

 Coronavirus

Perhaps no other event in recent memory has served as such a strong reminder that we truly live in a connected global environment. The most significant concern is for the health and well-being of ourselves and our families, and business owners and their employees. However, the potential for quantifiable hits to the bottom line are increasingly becoming apparent and deserves our attention.

Here at The Koch Company, we are receiving questions from our clients about whether or not this situation might have insurance coverage implications. On a high level, this event likely falls outside the scope of coverage. Reviewing this in more detail brings into focus these main coverage areas with the most potential for questions and discussion:

Business Interruption

Alongside the daily updates of infected individuals and new case counts, we also hear news stories of closed businesses, schools, and other public venues. The fundamental purpose of property/business interruption insurance is to pay when there is a direct loss to physical property due to a covered peril. A pandemic disease would not be considered as causing direct damage. There is no damaged roof, burned out building, broken pipes, etc. causing the business interruption.

The scope and magnitude of this economic shut down has become greater and more widespread than what we probably could have imagined just a few short weeks ago. Even with the passage of the CARES Act, the ability of some businesses to recover is still in serious doubt. As a result we are seeing more headlines about lawsuits or legislation that could require insurance carriers to retroactively cover some business interruption losses. While on the surface this seems like a good source of recovery, the implications are tremendous. Solvency for some carriers could be at great risk. While the industry as a whole remains steadfast that these business interruption losses are not covered, predicting legal opinions and legislative actions on this topic are not as certain. Please keep in mind that we stand ready at any time to work with our clients to present a claim to our carriers. We are happy to engage in a review or conversation to answer questions or clarify the process if you would like.

General Liability

Another concern might be whether or not your business or organization could be subject to allegations or claims of spreading the virus via allowing contact with an infected individual or not taking enough precautions to prevent contamination. If such a claim arises, coverage may be difficult to find in general liability policies. First of all, the virus, bacteria, and communicable diseases exclusions in general liability policies will be scrutinized by adjusters. Additionally, the question of whether there is actual legal liability for this type of event may be an issue. Similar to the need for direct physical damage in a property policy, a basic provision of liability policies is that the insured person or organization has some degree of legal liability for the loss.

Workers' Compensation

The coverage with a lot of potential to generate multiple opinions and claims discussions is workers' compensation. It's commonly understood that workers' compensation will pay when an employee becomes ill from an occupational disease. An occupational disease is related to your workplace and caused by, or aggravated by the conditions of your employment.

As case counts continue to rise and more first responders and health care professionals are potentially exposed to COVID-19 the likelihood of claims from these types of occupations is now almost certain. In fact some states are in the process of considering new laws or emergency actions to automatically treat COVID-19 illness as workers' compensation for some classes of workers. These actions will likely make the process easier for some employees to file WC claims for their illness. The impact of this expected uptick in claims could have implications for all employers who purchase workers' compensation insurance. After several years of declining rates and favorable underwriting results, we may see the tide start to turn the other direction. Carriers' bottom lines could take a hit from increased losses at a time when premiums are not growing due to the economic slowdown. Continued vigilance in maintaining a safe and healthy workplace is key. Reach out to your loss control and safety resources for tips and ideas. Don’t forget those that are now working from home.  

Employment Practices Liability

Navigating the rapidly changing landscape of regulations while balancing the need to maintain vital business functions is a challenge. Conflicts and differing opinions are sure to surface. Companies that have previously not dealt with employment practice allegations may find themselves looking to their employment practices liability insurance (EPLI) policy if and when these disagreements turn into formal allegations or legal actions. For more information about EPLI visit Mark Frantz's blog post here.

Health Insurance

From the medical insurance perspective, we are seeing some carriers promoting the use of telemedicine options for initial consultation. The incentives and availability for using telemedicine can vary from carrier to carrier. Please consult with your benefits plan advisor for more specifics about your plan.

Anticipating every situation or scenario is not possible in this short commentary. Nor should the above comments be considered as an absolute statement about how your coverage may or may not respond. We encourage our clients to contact us with questions regarding this still-evolving situation.


Coverage Cancellations and Non-renewals

Insurance carriers are striving to help clients minimize disruption and are making decisions with guidance provided by state regulators. Many of the carriers we work with are communicating that they will place a hold on cancellation and non-renewal notices for insureds that advise they cannot pay their premiums due to events related to coronavirus. Insureds are encouraged to contact their insurance carriers directly, or your agent and account manager at The Koch Co., to request accommodations or discuss premium payment options.


 

We're Here for You

 

We have an established business continuity plan in place to remain in operation while maintaining the health and safety of our employees, clients, and the community. We will continue to be available to discuss your specific situation, questions, and concerns.

Tags:  COVID  COVID-Resources 

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CARES ACT

Posted By Kelly Koepsell, Director of Membership & Operations, Wednesday, April 8, 2020

CARES ACT

 

The Coronavirus Aid, Relief and Economic Security (CARES) Act, the third item of federal legislation enacted in response to the unprecedented COVID-19 pandemic, was passed by Congress on March 27th and swiftly signed into law the same day.

The scope of the relief bill is far-reaching, providing financial assistance through channels ranging from additional funding for medical institutions to emergency grants for small businesses to targeted relief via federal tax law changes. These tax law changes, many of which were given retroactive effect, will help taxpayers and businesses cope with cash flow issues over the coming weeks and months by reducing the tax burden and/or providing a larger refund than would be allowed under pre-CARES Act law.

In this article, we are focusing on the individual provisions within the law.

Charitable Contribution Deductions

Taxpayers that do not itemize can now take a new $300 above-the-line tax deduction for charitable contributions. The contribution must be made in cash to a qualified organization to qualify. Taxpayers that do itemize will benefit from increased limits on charitable contributions. The previous limitation of 60% of modified adjusted gross income doesn't apply to cash contributions made, generally, to public charities in 2020. No connection between the contributions and COVID-19 activities is required. Contributions to a supporting organization or a donor-advised fund do not qualify for either of these deductions.

Permissible Withdrawals from Retirement Plan Funds

The CARES Act allows participants of qualified retirement plans (including individual retirement accounts (IRAs)) to withdraw up to $100,000 from qualified retirement accounts for COVID-19 related purposes without incurring the 10% penalty on early distributions.  Any individual who receives such a COVID-19-related distribution may repay the distribution to the eligible retirement plan or IRA within three years of taking the distribution, in one or more contributions.

If the participant or IRA owner does not intend to repay the withdrawal, they may elect to include the withdrawal in income ratably over a three-year period beginning with the year in which the distribution was taken.  

COVID-19 related reasons include distributions from January 1, 2020, through December 31, 2020, to an individual (a) diagnosed with COVID-19, (b) whose spouse or dependent is diagnosed with the virus, or (c) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, working reduced hours, being unable to work due to lack of child care, closing or reducing hours of a business, or other factors as determined by the Treasury Department.

Retirement Plan Loans Expanded  

Prior to the CARES Act, retirement plan loans were capped at the lesser of (i) $50,000; or (ii) the greater of fifty percent (50%) of the participant's vested accrued benefit or $10,000.  But effective March 27, 2020, through December 31, 2020, participants may elect to take a plan loan in an amount up to the lesser of (i) $100,000; or (ii) the greater of one hundred percent (100%) of the participant's vested accrued benefit or $10,000.  The Act also delays the loan repayment date by one year for any loans with due dates between March 27, 2020, and December 31, 2020.

In order to take advantage of these expanded loan amounts and loan payment deferrals, the individual must be a qualified individual who was: (a) diagnosed with COVID-19, (b) whose spouse or dependent is diagnosed with the virus, or (c) who experiences adverse financial consequences as a result of being quarantined, furloughed, laid off, working reduced hours, being unable to work due to lack of child care, closing or reducing hours of a business, or other factors as determined by the Treasury Department.

If an employer maintains a qualified retirement plan with a loan option, the plan must be amended to adopt these loan expansion provisions by December 31, 2022, to maintain its qualified status.

Required Minimum Distributions Suspended

The CARES Act temporarily suspends all required minimum distributions due from qualified retirement plans and individual retirement accounts in calendar year 2020.  Specifically, any required minimum distributions due from January 1, 2020, through December 31, 2020, are waived.  This includes distributions that would have been required by April 1, 2020, due to the account owner's having turned age 70 1/2 in 2019.

IRAs and HSAs

Individual taxpayers are allowed to make contributions to an IRA for 2019 until July 15, 2020. 

You may also make contributions to your health savings account ("HSA") or Archer Medical Savings Account ("MSA") for 2019 at any time up to July 15, 2020. 

Student Loans

Borrowers with federal student loans are permitted to defer payments penalty free until September 30, 2020. Borrowers who are not in default will automatically have their interest rate set to 0% for at least 60 days.

HSA and MSA Accounts

For amounts paid after December 31, 2019, the CARES Act allows amounts paid from Health Savings Accounts and Archer Medical Savings Accounts to be treated as paid for medical care even if they aren't paid under a prescription (i.e. - "over the counter" medications). And, amounts paid for menstrual care products are treated as amounts paid for medical care. For reimbursements after December 31, 2019, the same rules apply to Flexible Spending Arrangements and Health Reimbursement Arrangements.

Excess Business Losses 

The limitation imposed by the Tax Cuts and Jobs Act of 2017 (TCJA) on the deduction of excess business losses will not apply for tax years 2018-2020. The excess business loss is the excess of the taxpayer's aggregate trade or business deductions for the year over the sum of the taxpayer's aggregate trade or business gross income or gain plus $250,000 (single) or $500,000 (jointly). This change suggests filing an amended return if this limitation was applied on a tax return for 2018 or 2019.

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Iowa COVID-19 Resources

Posted By Kelly Koepsell, Director of Membership & Operations, Tuesday, April 7, 2020

The staff at the Iowa Western SBDC, Advance Southwest Iowa and Council Bluffs Chamber of Commerce are here to assist you navigate through the COVID-19 crisis by bringing you the most up-to-date local, State and Federal information and resources. All assistance can be offered through one-on-one counseling that can be done via video conferencing or phone.


COVID-19 General Questions – Where Do I Find Answers?
o CDC - https://www.cdc.gov/
o Iowa Department of Human Services - https://dhs.iowa.gov/
o Pottawattamie County Department of Health & Human Services - https://dhs.iowa.gov/node/1955
o Small Business Guide to CARES Act (PDF) - Click Here

Available Programs:
STATE OF IOWA:
Targeted Small Business (TSB) Sole Operator Fund
o Applications Being Accepted Through April 10, 2020
o Must be a TSB or Have TSB Application in Progress with IEDA
o Grants Up to $10,000
o Info and Application at: https://www.iowaeconomicdevelopment.com/programDetails?pid=137&ppid=26
SMALL BUSINESS ADMINISTRATION (SBA):
SBA Economic Injury Disaster Loans (EIDL) - https://www.sba.gov/disaster-assistance/coronavirus-covid-19
o Loans are Available to Sustain the Long-Term Health of Your Business
o Loans Amounts up to $2M- 3.75% Interest (Up to 30-Years)
o In addition to the Long-Term Loan, EIDL has an Immediate Emergency (Forgivable) Advance Component
o $10,000 to be Used for Current Payroll and Expenses
o Upon Approval, Funds will be Distributed Within 3-Days
o If you apply for the PPP (See Below), the $10,000 will be Deducted from Eligible Amount
o Deadline to Apply: December 17, 2020
o Info and Application at: https://www.sba.gov/funding-programs/disaster-assistance
CARES Act Payroll Protection Program (PPP) – https://home.treasury.gov/system/files/136/PPP--Fact-Sheet.pdf
o Applications Opened April 3, 2020 for Small Business and Sole Proprietors
o Applications Scheduled to Open April 10, 2020 for Independent Contractors/Self-Employed
o Applications Accepted through June 30, 2020
o $349B in Forgivable Loans – 1% Interest – See Fact Sheet for Forgivable Guidelines
o Program Covers Payroll, Benefits, Rent, Mortgage Interest and Utility Costs for a Period of 8-Weeks
o How to Apply? Applications will be Processed through Approved SBA Lenders. Please Contact your Lending Institution or the Small Business Development Center with Questions Relating to Approved SBA Lenders.

 


ADDITIONAL RESOURCES:
Employees – Unemployment Questions?:
o Employees that are forced to quarantine or experience layoffs due to COVID-19 may be eligible for unemployment
benefits and employers may be eligible for benefits or waived charges.
o Iowa Workforce Development – https://www.iowaworkforcedevelopment.gov/COVID-19
o Department of Labor - https://www.dol.gov/coronavirus
Google Commitment:
Providing $340M in Ad Credits
Information Here: Google Commitment
Tips and Preparation Prior to Applying:
Prepare to File - SBA Economic Injury Disaster Loans (EIDL):
*Deadline to Apply is December 17, 2020


Make Sure You Have the Following Available for Upload:
• Articles of Incorporation (Each Entity Having 20% of Equity
are Also Required to Apply)
• Personal Financial Statement
• 3-Years Business and Personal Tax Returns
• Current Year-to-Date Profit and Loss Statement (Before
Disaster)
• Monthly Sales Figures


Present & Future Disaster Documentation:
*Create a spreadsheet that documents every aspect of how COVID-
19 has affected your business.
Samples:
• Order Cancellations
• Refunds
• Supply Chain Interruptions
• Closure
• Lost Revenues Due to Foot Traffic
• Reductions in Productivity
• Additional Expenses Related to Disaster


Prepare to File – SBA Payroll Protection Program (PPP):
*Deadline to Apply is June 30, 2020
• To Determine Eligibility - Read the PPP Fact Sheet (See Link
Above)
• Complete Application (See Link Above)
• Collect Financial Information Relating to the Following:
o Payroll and Benefits
o Rent
o Mortgage Interest
o Utility Costs
• Contact Your Lending Institution or SBDC for Additional


Information Regarding SBA Approved Lenders
• Submit to Approved Lending Institution with Appropriate


Documentation
Our team understands that navigating the COVID-19 situation can be difficult but just know that we are all in this together
and our organizations are here to assist you. To keep you informed, we plan to update this fact sheet at least once per
week or as new information becomes available. If your business needs assistance in any capacity, please reach out to any
of the following individuals. Thank you and stay safe!


Small Business Development Center Advance Southwest Iowa Corp. Council Bluffs Chamber
Sue Pitts, Regional Center Director
Phone: (712) 325-3350
spitts@iwcc.edu
Michael Mitilier, Assistant Director
Phone: (712) 256-7728
mitilier@iwcc.edu
Paula Hazlewood, Executive Director
Cell: (402) 960-8505
phazlewood@selectgreateromaha.com
Niki Ferguson, Manager, Ent. Devel.
Cell: (402) 720-8799
nferguson@selectgreateromaha.com
Shalimar Mazetis, Manager, Rural Devel.
Cell: (425) 802-7012
smazetis@selectgreateromaha.com
Tom Hanafan, Interim CEO
Phone: (712) 325-1000
thanafan@councilbluffsiowa.com
Kim Buthe, Director of Member Relations
Phone: (712) 325-1000
Cell: 402) 609-8934
kbuthe@councilbluffsiowa.com

Tags:  COVID  COVID-Resources 

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EMPLOYEE RETENTION CREDIT

Posted By Kelly Koepsell, Director of Membership & Operations, Tuesday, April 7, 2020

 

EMPLOYEE RETENTION CREDIT

 

The Treasury Department and the Internal Revenue Service have launched the Employee Retention Credit, designed to encourage businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19, for a maximum credit of $5,000 per employee.

Does my business qualify to receive the Employee Retention Credit?

The credit is available to all employers regardless of size, including tax-exempt organizations. There are only a few exceptions: State and local governments and their instrumentalities, self-employed individuals and small businesses receiving Small Business Interruption Loans under the Paycheck Protection Program (PPP).

Qualifying employers must fall into one of two categories:

  1. The employer's business is fully or partially suspended by government order due to COVID-19 during the calendar quarter.
  2. The employer's gross receipts are below 50% of the comparable quarter in 2019. Once the employer's gross receipts go above 80% of a comparable quarter in 2019, they no longer qualify after the end of that quarter.

These measures are calculated each calendar quarter.

How is the credit calculated?

The amount of the credit is 50% of qualifying wages (including health plan expenses) paid up to $10,000 in total, so that the maximum credit for qualified wages paid to any employee is $5,000. Wages paid after March 12, 2020, and before Jan. 1, 2021, are eligible for the credit.

How do I know which wages qualify?

Qualifying wages are based on the average number of a business's employees in 2019.

Employers with less than 100 employees: For employers who had an average number of full-time employees in 2019 of 100 or fewer, all employee wages are eligible, regardless of whether the employee is furloughed.  If the employees worked full time and were paid for full time work, the employer still receives the credit.

Employers with more than 100 employees: For employers who had more than 100 employees on average in 2019, qualified wages taken into account for an employee may not exceed what the employee would have been paid for working an equivalent duration during the 30 days immediately preceding the period of economic hardship.

Are any wages not eligible?

Wages do not include amounts taken into account for purposes of the payroll credits, for required paid sick leave or required paid family leave in the Families First Coronavirus, nor for wages taken into account for the employer credit for paid family and medical leave. No credit is available with respect to an employee for any period for which the employer is allowed a Work Opportunity Credit with respect to the employee.

I am an eligible employer. How do I receive my credit?

Employers can be immediately reimbursed for the credit by reducing their required deposits of payroll taxes that have been withheld from employees' wages by the amount of the credit.

Eligible employers will report their total qualified wages and the related health insurance costs for each quarter on their quarterly employment tax returns or Form 941 beginning with the second quarter. If the employer's employment tax deposits are not sufficient to cover the credit, the employer may receive an advance payment from the IRS by submitting Form 7200, Advance Payment of Employer Credits Due to COVID-19.

Tags:  COVID  COVID-Finance 

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Nebraska State Bar Association COVID-19 Page

Posted By Kelly Koepsell, Director of Membership & Operations, Monday, April 6, 2020
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COVID-19 Relief Provisions for Nonprofit Organizations - recording

Posted By Kelly Koepsell, Director of Membership & Operations, Monday, April 6, 2020
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Iowa COVID-19 Volunteer Needs and Resources

Posted By Kelly Koepsell, Director of Membership & Operations, Thursday, April 2, 2020

Volunteers are still needed, even during this time of social distancing. Volunteer Iowa launched a COVID-19 Response Initiative on our Get Connected site:  http://volunteeriowa.galaxydigital.com/.

Iowa organizations can post their urgent COVID-19 related needs on the site, and individuals can search for opportunities in their communities.

In addition, Volunteer Iowa also created a webpage filled with resources for Volunteer Iowa partners. Please visit https://volunteeriowa.org/covid-19-resources-volunteer-iowa-programs-and-nonprofits to access those resources.

Tags:  COVID  COVID-Resources 

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Employee Rights-Paid Sick Leave and Expanded Family and Medical Leave

Posted By Kelly Koepsell, Director of Membership & Operations, Thursday, April 2, 2020
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American Institute of CPA's COVID-19 Guidance Page

Posted By Kelly Koepsell, Director of Membership & Operations, Thursday, April 2, 2020
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Feedback from one of our members

Posted By Kelly Koepsell, Director of Membership & Operations, Wednesday, April 1, 2020

With all the anxiety and fear surrounding the world these days, I am trying to be mindful of my blessings...and of sharing some love. In that spirit, I wanted to say THANK YOU to you and the entire NAM team for all of the communication and information being shared during this whack-a-doodle time. Not only is the information hella valuable, but there is an added sense of security in knowing that we are accessing much of the same content as our fellow organizations. It is one of the few places where we are finding any sense of security at the moment. 

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Good Healthcare Information on the CARES Act

Posted By Kelly Koepsell, Director of Membership & Operations, Wednesday, April 1, 2020
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Plan, Don’t Panic: Emergency Preparedness & Remote Working Best Practices

Posted By Kelly Koepsell, Director of Membership & Operations, Wednesday, April 1, 2020

The coronavirus (COVID-19) has impacted us all, with a growing number of cases every day around the country. Below you'll find helpful information and resources to consider, as well as the results of our Pulse Poll from March 16th-19th. Regardless of how your organization’s operations are impacted by this virus, an emergency preparedness plan is always worth the time and effort.

Now may not be the time to completely upend your business as usual. For that reason, the information below gives practical pointers for you to put in place immediately, followed by suggestions to consider once we get used to this ‘new normal’. 

More information is here.

COVID-19 Community Foundation Response Funds in Nebraska and western Iowa

Results of the Pulse Poll are here.

Tags:  COVID  COVID-HR 

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Federal Coronavirus Relief Bills: What Do They Mean for Nonprofits?.

Posted By Kelly Koepsell, Director of Membership & Operations, Wednesday, April 1, 2020

National Council of Nonprofits

 

Thank you for registering for Federal Coronavirus Relief Bills: What Do They Mean for Nonprofits?.

 

We’re writing this morning to share links to the recording of yesterday’s webinar and a few other resources. We will continue to update these materials and post additional resources as more information becomes available, so we encourage you to bookmark these resources and come back.

Thank you again and be well.

Tags:  COVID  COVID-Finance  COVID-Webinars 

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Best Care EAP COVID-19 Resources

Posted By Kelly Koepsell, Director of Membership & Operations, Tuesday, March 31, 2020
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Cutting Through the Jargon: How the CARES Act Works for Nonprofits

Posted By Kelly Koepsell, Director of Membership & Operations, Monday, March 30, 2020
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Federal Coronavirus Relief Bills: What Do They Mean for Nonprofits? ​

Posted By Kelly Koepsell, Director of Membership & Operations, Monday, March 30, 2020

Register here: https://www.councilofnonprofits.org/civicrm/event/register?reset=1&id=184

 

Federal Coronavirus Relief Bills:
What Do They Mean for Nonprofits?

 

In rapid succession over the last two weeks, Congress passed and the President signed two far-reaching pieces of legislation designed to provide relief to the American people and businesses – including nonprofits. Included in the provisions of these bills are major victories for nonprofits, operational relief, and new obligations.

 

On Tuesday, March 31 at 3:30 pm Eastern, the networks of the National Council of Nonprofits are hosting a national presentation to help all in the charitable community understand what various provisions of the two laws mean for nonprofits.

Tags:  COVID  COVID-Finance  COVID-Webinars 

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Initial Analysis of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) (S. 748)

Posted By Kelly Koepsell, Director of Membership & Operations, Friday, March 27, 2020
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