Paycheck Protection Plan

PaulaMillerPaulaMiller Posts: 3
Groundbreaker
edited September 2020 in Crisis Response

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

Comments

  • edited September 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

    Kara Adams, M.Ed., CAE (she/her/hers)|Community Manager|kara.adams@foundant.com

    Headquartered: Bozeman, MT| Remote Location: Chicago, IL | Direct: 312-802-1374 |www.foundant.com|

  • DanaBerggrenDanaBerggren Posts: 35 ✭✭✭
    Name Dropper First Compass Anniversary First Comment First Answer
    edited September 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

  • edited September 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?

    Kara Adams, M.Ed., CAE (she/her/hers)|Community Manager|kara.adams@foundant.com

    Headquartered: Bozeman, MT| Remote Location: Chicago, IL | Direct: 312-802-1374 |www.foundant.com|

  • PaulaMillerPaulaMiller Posts: 3
    Groundbreaker

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

  • CarolineWertzCarolineWertz Posts: 2
    First Compass Anniversary Groundbreaker

    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

  • LisaDiehlLisaDiehl Posts: 45 ✭✭✭
    Combo Breaker Beer Expert First Compass Anniversary First Comment
    edited November 2020

    @PaulaMiller

    Our foundation did take advantage of the PPP.

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