July 1, 2020
July Financial Update
It’s July, and the the strangest summer I can remember is underway.
This month we finally have some federal tax deadlines, all ones that the IRS delayed in deference to the coronavirus outbreak. July marks the final push in federal tax season for individuals and nonprofits. For a full list of dates, see the IRS Tax Calendar:
- IRS Extends deadline for tax payments to July 15 (COVID-19 response, IRS Tax Calendar).
- The Form 990 for Nonprofits also has an extended deadline of July 15
Paycheck Protection Program
- The SBA released a report about the details of lending approvals through the program through June 27, and the amount of funding remaining.
- The SBA also released updated guidance on forgiveness and loan review on June 26 as the program continues to evolve.
- The Paycheck Protection Program’s period and deadlines have been extended by the Flexibility Act of 2020. The best resources I know about for help with these for small business are the FMA PPP Toolbox for Nonprofits, the Freelancers Mutual Aid Circle, and the SBA’s Coronavirus Small Business Guidance page.
What’s Happening, in Charts
Next, after years of decreasing unemployment in America, the numbers shot back up sharply in 2020 as a result of the pandemic. This chart shows that Black Americans have been harder-hit by unemployment, while Bloomberg reports that recovery among Black Americans has been slower.
Sadly, the job losses during the 2020 coronavirus outbreak far outstrip job losses during other recessions in the past 100 years, and recovery is still mostly a thing of the future, as demonstrated in this chart:
Business Insider: The Coronavirus Pandemic in 21 Charts and Maps.
Meanwhile, protests are the other big story of the day.
Links from around the web:
The Washington Post reports that the black business community has been particularly hard-hit by the corona virus, losing over 40 percent of operating businesses this year.
This article from Fast Company suggests that dealing with the crisis, and then rebuilding and renewing America's communities will be a hyper-local effort.
This article from Freelancers Union is a "not-at-all-comprehensive" list of resources for Black Freelancers, but it's certainly a great place to start!
The co-founder of Kiva answers this question with a few thoughts about traditional versus flexible thinking about the nature of non-profits and for-profits in modern socially conscious businesses. From 2016, still relevant today.
It's always a good idea to keep on top of what Google knows about what you're doing. Here's a guide to keeping yourself more private with one of the world's largest information collectors.
The Motley Fool opines on changes to the nonprofit sector after the COVID-19 pandemic, including fewer nonprofits, ongoing money troubles, and a giving focus on larger nonprofits to the detriment of smaller.
Shopify published a list of marketing articles for different stages of business growth, from validating product ideas, value propositions, pricing, ads and sales, and more.
Released recently, this study looks at America's trust in nonprofit and philanthropic organizations to "do the right thing," including providing needed services, trusted information and steward many common causes.
Do you sell on Etsy? Until July 6 you can earn credits for listings and ads by uploading listing videos, a new feature.
Reopening is a hot topic, as businesses try to negotiate the continuing health threat, government recommendations and health issues for employees. If you choose to reopen, how do you reopen the right way?