About
Foundational Principles In the Community Diversity, Equity & Inclusion Technical Excellence Alumni TIAG Membership
Careers
Why Cohen & Company Our Culture Total Rewards & Benefits Intern & Entry Level Opportunities Experienced Opportunities
Contact
Akron, OH Baltimore, MD Chicago, IL Cleveland, OH Detroit, MI Milwaukee, WI New York, NY Philadelphia, PA Pittsburgh, PA St. Clair Shores, MI Youngstown, OH
Client Portal
Services Industries Knowledge Center People

About Our Services

We offer tailored solutions — whether private company or owner; public or private fund, adviser or fund service provider; or Fortune 1000 enterprise. Learn how we can help you.

Learn More

Assurance Services

Employee Benefit Plan Audits Internal Controls Investment Company Audits Private Company Audits SOC Readiness & Compliance

Tax Services

Federal Tax Planning & Compliance High Net Worth & Wealth Transfer International Filings & Structuring Investment Company Tax State & Local Tax Tax Credits & Incentives Transaction Tax Planning

Advisory Services

Business Valuations Data & Insights Digital Finance Solutions IT Strategy & Implementation M&A Advisory Outsourced Accounting Solutions Risk Assurance & Advisory Transaction Services Turnaround & Restructuring

Our Industry Expertise

Our industry experience means you can find professionals who speak your language and bring earned insights to the table. Learn how we can help you.

Learn More

Key Industries

Digital Assets Investment Companies Manufacturing Private Companies Private Equity Real Estate & Construction Technology & Life Science
VIEW THE COMPLETE LIST

Knowledge Center

Our team wants to help your team stay up to date. Browse our thought leadership, events and news for insights and a point of view on business-critical topics.

Learn More

Insights

Browse valuable articles and publications our experts have written to help you and your organization answer key questions — and consider new ones.

Read Our Insights

Events

Join us in person and online for events that address timely topics and key business considerations.

Explore Our Events

News

Find out what is happening at Cohen & Company, from industry recognitions and growth updates, to where we are contributing to important media stories.

Read Our News
People
Foundational Principles In the Community Diversity, Equity & Inclusion Technical Excellence Alumni TIAG Membership
Why Cohen & Company Our Culture Total Rewards & Benefits Intern & Entry Level Opportunities Experienced Opportunities
Akron, OH Baltimore, MD Chicago, IL Cleveland, OH Detroit, MI Milwaukee, WI New York, NY Philadelphia, PA Pittsburgh, PA St. Clair Shores, MI Youngstown, OH
Client Portal
Back to Insights

Not-for-Profit Update: Eligibility for SBA Loans Addressed; Single Audit Extensions Granted

by Marie Brilmyer

March 26, 2020 Not-for-Profit

SBA Economic Injury Disaster Loan Program

You likely have heard about the Small Business Association’s (SBA’s) Economic Injury Disaster Loan Program (7(b)(2)), providing relief for COVID-19 related economic disruptions. However, many nonprofit organizations are questioning if they may be eligible during these trying times.

The answer is, you may be. Private not-for-profit organizations harmed by COVID-19 can apply for this program as long as they are unable to obtain financing from other sources. The interest rate on approved loans up to $2 million is 2.75% and up to 30 years for repayment.

>> Read “Loan Program Now Available to Small Businesses Affected by the Coronavirus”

SBA 7(a) Loan Program Offers Paycheck Protection

SBA 7(a) loans are another viable option not-for-profits can consider for relief. These loans are available to all nonprofits (except for those eligible for payment for items or services furnished under a state plan under Title XIX of the Social Security Act (Medicaid Expenditures). The loan amount is limited to 2.5 times the average monthly payroll. Eligibility criteria includes not employing more than 500 employees, and the organization must have been in operations on February 15, 2020.

Single Audit Extension

The Office of Management and Budget has released a memorandum that, among other things, provides a six-month extension of Single Audit submissions for fiscal year-ends through June 30, 2020.

Accordingly, a June 30, 2019, year-end would be due March 31, 2020, under normal circumstances. The memorandum extends it to September 30, 2020. The extension is automatic; individual recipients and sub-recipients are NOT required to seek approval for the extension but should maintain documentation of the reason for the delayed filing.

Affected organizations should contact their external auditors as soon as possible to discuss any anticipated filing delays. Note there is no extension for filings of 990, 990-EZ or 990-N at this time. 

Contact Marie Brilmyer at mbrilmyer@cohencpa.com or a member of your service team to discuss this topic further.


Like what you read? Sign up to receive our latest tax, accounting and business blogs and podcasts.

Cohen & Company is not rendering legal, accounting or other professional advice. Information contained in this post is considered accurate as of the date of publishing. Any action taken based on information in this blog should be taken only after a detailed review of the specific facts, circumstances and current law.

About the Authors

Marie Brilmyer, CPA, MAcc

Partner, Assurance
mbrilmyer@cohencpa.com
330.255.4348

Sign Up for Our Emails & Events

Receive insights from our specialists in a variety of areas and timely information on upcoming events directly to your inbox as they go live in our online Knowledge Center.

Subscribe Today
Subscribe to our newsletter
About Contact Submit RFP Privacy Policy
LinkedIn Twitter Facebook
© 2023 Cohen & Company