SBA Loan Updates

May 22, 2020

Note: highlights updated on June 4, 2020

SBA has released new guidance and the PPP forgiveness application - there is a lot of new information that is relevant for camps. For more details, check out the May 20th JFNA webinar recording (which includes an actual forgiveness application completed with dummy numbers) and the slides from that webinar.

Here are some highlights:
  • Big picture: more legislation is coming. JFNA is hopeful that legislation will include an extension of the June 30 deadline (to spend the loan amount and qualify for forgiveness), and a relaxation of the 75% payroll expenditure requirement.
  • Loan repayment for any portion not forgiven is extended from 2 years to 5 years (still 1% interest).
  • Many have asked if the SBA is interested in costs “paid” or “incurred” (i.e., cash or accrual basis). We now know both are acceptable.
  • If it helps you generate a higher amount to be forgiven, a slightly altered "alternative payroll period” (other than the loan period dates) may be used. 
  • While it’s still not 100% clear, it looks like you may prepay rent or utilities, include salary bonuses (as long as it doesn’t exceed $100K annually), and use employer contributions to retirement plans as part of the loan forgiveness calculation. 
  • One surprising element: There is no reduction in forgiveness if hours are reduced for hourly employers as long as the hourly rate is maintained.
  • FTEs are counted on June 30th only, not as an average over the eight-week loan period.
  • Documentation should be retained for 6 years; this is a good opportunity to establish an overall organizational document retention policy.
  • It is not yet known when forgiveness applications are due - possibly Oct 30.
Want more information? Check out the government resources page.

Written by Aron Goldman. Aron is a Mentor with JCamp 180. Aron’s focus areas at JCamp 180 include camper enrollment, recruitment, and retention. He also directs our year-long Enrollment Program. Aron also has experience working as a consultant with grassroots, regional, national, and international organizations in the areas of capacity-building, strategy, and systemic change.

Who we are: JCamp 180 is a program of the Harold Grinspoon Foundation (HGF). Our goal is to significantly enhance the long-term effectiveness of nonprofit Jewish camps in North America. To meet this goal, we provide affiliated Jewish camps with consulting services, annual conferences, shared resources, professional development, and matching grant opportunities. Find more at