Here is important information on the Payment Protection Act and filing deadlines
Updates on the Payment Protection Program for Nonprofits
The application form for nonprofits who wish to apply for the Payment Protection Program forgiveable loan is now available online. You can download it at https://home.treasury.gov/system/files/136/Paycheck-Protection-Program-Application-3-30-2020-v3.pdf.
In calculating payroll, the American Institute of Certified Public Accountants is recommending you use the gross payroll expense, before payroll tax withholding.
Not surprisingly, banks have been inundated with applications. You will need to apply online. Apply as quickly as possible, because there is a funding cap.
Form 990 Deadlines
For calendar year nonprofits the filing deadline is still May 15 unless extended. You can apply for an automatic 6-month extension by filing IRS form 8868 before the due date. The IRS will impose penalties unless you can show reasonable cause for late filing.
The Illinois Attorney General’s report is due June 30 for calendar year filers. You can request a 60-day extension of time by submitting a written request, along with the form 8868 to the Attorney General’s office. If you need a second extension, you will need to file an additional request. First extensions are routinely granted. This is not always the case for the second extension.
The IRS form 990 is due 4 ½ months after the close of your fiscal year. The Attorney General’s report is due 6 months after the close of the fiscal year.
