A Look at the CARES Act Provisions that Impact Nonprofits

On March 25, 2020 the United States Senate passed a sweeping $2 trillion stimulus package designed to abate the economic damages caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the COVID-19 outbreak.

Please note: The details on this legislation are not final until it passes the House and the President enacts it. The items discussed remain subject to change.

A recent article from the Chronicle of Philanthropy offers a brief overview of the provisions that impact non-profit organizations. These include:

•    Nonprofit eligibility for federal loans (that are potentially forgivable, at least in part)
•    New tax incentives designed to increase charitable giving
•    A refundable payroll tax credit
•    Large appropriations for key nonprofit institutions

For further details, click here to read the article in full at the Chronicle of Philanthropy.