Federal Corona Virus Relief Bills:
What Do They Mean for Nonprofits and Small Businesses?
In rapid succession over the last two weeks, Congress passed and the President signed two far-reaching pieces of legislation designed to provide relief to the American people and businesses - including nonprofits. Included in the provisions of these bills are major victories for nonprofits, operational relief and new obligations. Please see details below from the National Council of Nonprofits, including a link to register for a webinar tomorrow (Tuesday, March 31st) to help you understand the bills.
Analysis of the Coronavirus Aid, Relief, and Economic Security Act CARES Act (Pub. L. 116-132)
On March 27, the House unanimously passed and the President signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a $2 trillion economic stimulus law intended to provide immediate relief for individuals, nonprofits, businesses, and state and local governments.
- Mandated paid sick and family leave and refundable payroll tax credits
- Generous loan funds for small (< 500 employees) and mid-size (between 500 and 10,000 employees) nonprofit employers; which program is best for your organization?
- Above-the-line or universal charitable deduction available for 2020
- Employee retention refundable tax credit
- Expanded unemployment and enhanced funding for social support programs
Loans Available for Nonprofits in the CARES Act
Free Webinar to Further Explore the
Bills
On Tuesday, March 31 at 3:30 p.m. Eastern Daylight Time, the networks of the National Council of Nonprofits are hosting a national presentation to help all in the charitable community understand the various provisions of the two laws and what they mean for nonprofits. This webinar will share the latest analysis and information, recognizing that multiple federal agencies must write the rules and forms, and establish processes for getting money into the hands of nonprofits as quickly as possible
The board and staff of PATH Intl. are here to support you. Please take advantage of the above information to help sustain your center during these challenging times.
All the best,
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