Paycheck Protection Plan

PaulaMiller · April 2020

Just curious if any private or family foundations will be taking advantage of the Paycheck Protection Plan.

KaraAdams (Former Community Manager) · April 2020

Hi @PaulaMiller! That's a great question to pose to our community. While we're awaiting a response from another Compass member with experience in this area, could you share how or if your foundation is taking advantage of the Paycheck Protection Plan? Have any of your decisions been influenced by recent events? Have you noted any pros or cons you can share with others considering taking advantage of it?

Thank you for your post and insights!

Kara

DanaBerggren · April 2020

Hi @PaulaMiller ,

Regarding your Paycheck Protection Act question...there is a webinar today that might give you some more info. I found out about this through the Iowa Council on Foundations. I haven't vetted the source so can't endorse it, but thought I'd share it with you. They'll likely record the webinar, so if you can't attend today you can probably still register to receive access to the recording.

Here is the link: https://pittsburghfoundation.org/covid-webinar-series

I hope this is helpful!

Dana

KaraAdams (Former Community Manager) · April 2020

Hi @PaulaMiller! Just wondering how your organization decided to proceed with PPP? We also have another post on the topic in our COVID-19 group if you'd like to contribute any thoughts there!

Visit: How are you tracking PPP benefits and grantee relief?

PaulaMiller · April 2020

Hi @KaraAdams! We decided not to proceed with PPP as there are many more organizations in need of the funds.

CarolineWertz · May 2020

Hi Paula,

We are a small family foundation with only 2 salaried employees and will not pursue the PPP. With the assets we have behind us ($25M endowment), I'm not certain we would really be in a position to need it. We'd also probably go for temporary paycuts before considering it (to reflect practices among our grantees).

All the best,

Caroline