If you missed the American Society of Association Executives' (ASAE) webinar last week explaining the rules and conditions for associations and other 501(c)(6) organizations seeking to apply for a loan through the Paycheck Protection Program (PPP), the recording and presentation are still accessible.
The webinar, titled “Paycheck Protection Program 2.0: Lessons Learned So Far and Considerations for Associations,” is packed with critical information about the law itself, the application process run by the Small Business Administration (SBA) and unanswered questions resulting from a lack of guidance on qualifying conditions. Speakers included Jeffrey Tenenbaum, Esq., managing partner, Tenenbaum Law Group PLLC; Mike Tryon, partner, RSM US LLP; ASAE President and CEO Susan Robertson, CAE; Mary Kate Cunningham, CAE, ASAE's senior vice president of public policy; and Jeff Evans, ASAE's associate director of public policy.
ASAE said legislation enacted at the end of last year will provide long-awaited relief for many 501(c)(6) associations but asked for regulatory guidance clearly defining 501(c)(6) “lobbying receipts” as revenue generated by the nonprofit for the express purpose of financing lobbying activities; defining “lobbying activities” under the same parameters set by the Lobbying Disclosure Act; and clarifying that the timeframe for PPP qualifying conditions should be the most recent tax year that ended prior to Feb. 15, 2020. SBA’s only guidance for PPP applicants so far has been to state that the agency will “allow lenders to rely on certifications of the borrower in order to determine eligibility of the borrower and use of loan proceeds and to rely on specified documents provided by the borrower to determine qualifying loan amount and eligibility for loan forgiveness.”
If you still have PPP-related questions after viewing the webinar and are an ASAE member, please email the ASAE public policy team.
This article was provided to OSAE by ASAE's Power of A and Inroads.