Congress passed a new stimulus bill this week and while it remains uncertain whether the bill will be signed by the President or amended, I want to share the good news. Due to the efforts of many IDA members writing letters of support to Congress, the new package makes 501(c)(6) nonprofit organizations eligible for Payroll Protection Program funds in 2021 under certain circumstances. This will enable more than half of IDA members previously left outside the program to gain access to essential funding needed to maintain staffing levels and focus on the road to recovery.
IDA joined with many not-for-profit associations to leveraged tools provided by the American Society of Association Executives (ASAE) to empower our own members and expand our voice. Thank you all for writing to your congressional leaders and speaking out on behalf of IDA and its members. I also want to directly thank our coalition of IDA members in Florida who worked directly with Senator Mark Rubios’ office to confirm the importance of including 501(c)(6) organizations. As Chairman of the Committee on Small Business and Entrepreneurship, Senator Rubio was a key champion and early sponsor of bill language to make downtown associations and chambers of commerce eligible.
Included is an
informative outline of the current bill prepared by ASAE. Additional news and details will unfold this week and as the year comes to an end. IDA will continue to update our members as program details become available. If you received PPP funding in the first round of the CARES Act please remember to file for the loan forgiveness.
If you have any questions, please feel email me directly at
[email protected]. I hope you have a great holiday season and a Happy New Year.
