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COVID-19 Update: Nonprofits Battle for Loans, FASB Delays Standard, Employees & Students with COVID

By Net Assets posted 04-10-2020 08:05 AM


(From Nonprofit Quarterly) The application process for payroll loans through the Paycheck Protection Program (part of the CARES Act passed in late March) has been rocky for all, but especially for nonprofits. In the crush of applications, banks have often prioritized larger and more established clients. The National Council of Nonprofits is advocating for new provisions to the CARES ACT that would expand eligibility and provide incentives to private lenders to prioritize organizations dedicated to addressing immediate pandemic-related problems

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(From Accounting Today) The Financial Accounting Standards Board plans to propose that private companies and not-for-profit organizations get an extra year to implement the lease accounting standard while they deal with the coronavirus crisis. Stakeholders will have a 15-day comment period from the time of issuance to review and provide comments on the proposal. FASB has received questions related to accounting for loans from the Small Business Administration and will work with stakeholders to provide accounting clarity in that area as well.

More at Accounting Today

(from Venable) Should an employee fall ill with COVID-19 mandatory reporting is typically addressed at the state and local levels, by state and municipal public health departments and agencies. Depending on the applicable law and the circumstances, many employers are likely not covered as a "mandatory reporter" and therefore have no legal obligation to report a COVID-19 exposure to public health authorities. In certain circumstances, employers may have a duty to report COVID-19 or other communicable diseases contracted by employees to federal or state Occupational Safety and Health agencies. Employers may have a legal duty under OSHA or common law to share limited details of a workplace exposure to a communicable disease with employees, clients, and other third parties. 

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(From The Chronicle of Higher Education) Should a student fall ill with COVID-19, consider each case on an individual basis, knowing that the circumstances could change quickly and that the student’s health is the first priority, according to education writer Fernanda Zamudio-Suaréz. If you have past experience in accommodating students with physical or mental-health challenges, consider what worked well, what didn’t, and what approaches might be appropriate to adapt. Once a student reports an illness, send periodic emails to check in. Work with the student to adjust deadlines and create flexibility in coursework. Seek the student’s input on what is possible.

More at The Chronicle of Higher Education

(from EdSurge) New data from multiple studies found that the majority of U.S. teachers feel anxious and overwhelmed since distance learning has become the norm. Teachers are largely concerned about managing their families’ needs while simultaneously working full-time from home. In one study, 85% of teachers reported that work-life imbalance was affecting their ability to teach. Experts recommend administrators be sensitive to employees’ emotional needs and be aware of the emotional climate in the school.

More at EdSurge

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