Dear Businesses,

 

United Way of Crookston wants you to know that we are thinking of you during this challenging time and want to share this information in case it can help any of you.  Please click on the attachments and look them over.  This is information that was passed onto us by United Way of MN.

 

Please find attached some important information about the Paycheck Protection Program which will be available soon for non-profit 501c3s and small businesses as part of the recent CARES Act. Please review the documents to see if you qualify for this SBA Loan Program. This could be a game changer for your organization as we navigate through this unprecedented time.

 

• The Small Business Administration has just published guidance for the program:

  • www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp

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• You can see the sample application here:

  • www.sba.gov/sites/default/files/2020-03/Borrower%20Paycheck%20Protection%20Program%20Application.pdf

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• Non Profits should apply for the funding through local lenders who are approved to process SBA loans. Lenders will begin processing loan applications Friday, April 3, 2020. Here is a list of the 100 most active SBA lenders:

  • www.sba.gov/article/2020/mar/02/100-most-active-sba-7a-lenders

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Also, implemented through this act was the $300 deduction for donors who do not itemize, a revised deduction for itemizers and a change for corporate donations.  Please help spread the word.

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• Non-Itemizers: $300 deduction - 2020 only and cash only - 88% of taxpayers don’t itemize (132 million people)

• Itemizers: AGI limit of 60% waived for 2020

• Corporate: Income cap on deductibility for corporate donations raised from 15% to 25% for 2020

 

Stay Safe and LIVE UNITED

 

 

Lori Wagner

Executive Director United Way of Crookston