October 13: 5 Things You Need to Know this Week
October 13, 2020
Photo of the Week: Thank you to everyone who joined us for #NAFOAFall2020! Even though we were virtual again this Fall, we are proud of our community for standing strong and staying connected.
1. EVENTS:Thank you to all who attended and participated in our Virtual 2020 Fall Conference! We hope you found the sessions informative and had fun connecting and laughing throughout the week.
THANK YOU TO OUR #NAFOAFALL2020 CONFERENCE ATTENDEES AND SPONSORS
Let us know how we did! Please take a moment to fill out our conference survey. Your feedback is very valuable to us. The 2020 Fall Navigator is still available for digital download on the NAFOA website. And, check out the sketchnotes from some of the sessions provided by Matt Orley of Big Paper Strategy!
Please make sure you are subscribed to our email list and have added firstname.lastname@example.org to your contact list to receive the Conference follow-up email.
2. FOR INDIVIDUALS:
NEW INCOME TAX GUIDE FOR NATIVE AMERICAN INDIVIDUALS AND SOLE PROPRIETORS
The new IRS Publication 5424, Income Tax Guide for Native American Individuals and Sole Proprietors is now available on IRS.gov. Members of a federally-recognized Indian tribe are subject to federal income and employment tax and the provisions of the Internal Revenue Code, like other United States citizens. In addition to the exemptions enjoyed by other U.S. Citizens, individual Indians may enjoy exemptions that derive plainly from treaties or agreements with the Indian tribes concerned, or an act of Congress dealing with their affairs.
This publication discusses the tax treatment of certain income unique to Native American individuals and sole proprietors to help in preparing their tax returns.
Interested to learn more about our Rural Development Community Connect Grant Program? USDA will host two webinars covering the recently announced Funding Opportunity Announcement (FOA).
3. FOR COMMUNITIES:
WEBINAR: USDA RURAL DEVELOPMENT COMMUNITY CONNECT PROGRAM
Join the USDA online Tuesday, October 20th at 11:00 a.m. Eastern Time. USDA staff will provide an overview of the FOA, major eligibility and regulatory requirements, the application process, and provide guidance on how to submit a successful grant application. There will also be time for participants to ask specific questions about the Community Connect program and the new application process.
4. CORONAVIRUS RELIEF UPDATES:
ADDITIONAL GUIDANCE ON PAYCHECK PROTECTION PROGRAM
The U.S. Small Business Administration (SBA) and U.S. Department of the Treasury recently released the following additional guidance on the Payment Protection Program:
Frequently Asked Questions – FAQ # 52 has been added (Released 10/7/20)
Question: The Paycheck Protection Program Flexibility Act of 2020 (Flexibility Act) extended the deferral period for borrower payments of principal, interest, and fees on all PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period). Previously, the deferral period could end after 6 months. Are lenders and borrowers required to modify promissory notes used for PPP loans to reflect the extended deferral period?
Answer: The extension of the deferral period under the Flexibility Act automatically applies to all PPP loans. Lenders are required to give immediate effect to the statutory extension and should notify borrowers of the change to the deferral period. SBA does not require a formal modification to the promissory note. A modification of a promissory note to reflect the required statutory deferral period under the Flexibility Act will have no effect on the SBA’s guarantee of a PPP loan
Forgiveness Payment Notification Letter from SBA (Released 10/6/20).
5. FOR YOUTH AND FAMILIES:
RECORDING: FAFSA ADVICE FOR STUDENTS AND PARENTS
Missed our webinar with the American Indian College Fund on the Free Application for Federal Student Aid (FAFSA)? You can find a recording of the webinar and a copy of the PowerPoint presentation HERE. Additionally, here is a list of other FAFSA Resources.
The FAFSA opened October 1st! Check out the webinar and resources provided to be best prepared to submit your application.