On May 21, Independent Sector and the National Council of Nonprofits submitted a letter asking that nonprofits be treated fairly in eligibility for loan forgiveness in the Reviving the Economy Sustainably Towards a Recovery in Twenty-twenty (RESTART) Act.
We thanked Sen. Todd Young (R-IN) and Sen. Michael Bennet (D-CO), for introduction of the bill that would enhance the Paycheck Protection Programs (PPP), including extensions to apply for PPP beyond the currently designated 8-week period to up to 16-weeks, and the extension of the repayment period for part of the loan. However, we questioned the language in the bill that would give nonprofit organizations partial loan forgiveness as opposed to total loan forgiveness based on the decline of revenue for for-profit organizations.
Independent Sector is eager to continue working with Sens. Young’s and Bennet’s office as they find ways to help nonprofit organizations who are in the frontlines of the COVID-19 pandemic.