The new Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a much-needed stimulus boost for businesses, nonprofits, and government. But what is in the legislation, what type of relief can charities and businesses (even churches) expect from this unprecedented package, and how can they get it?
By the Small Business Administration
If you’re a small business owner, you might be eligible for a loan from the U.S. Small Business Administration. The loan is designed to provide a direct incentive to keep workers on your payroll during this difficult time. Straight from the SBA, find out the details.
This article provides detail about the CARES Act, but it also explains the Coronavirus Preparedness and Response Supplemental Appropriations Act (passed March 6, 2020) which provides $8.3 billion in emergency funding for federal agencies and the Families First Coronavirus Response Act (passed March 18), a $100 billion package, which includes provisions for paid sick leave, free coronavirus testing, expanded food assistance, additional unemployment benefits, as well as requirements for protecting healthcare workers.
This page is filled with information for churches and nonprofits and issues an urgent call to get what you need from the bill as soon as possible. They provide webinars, Facebook-live session, and articles, as well as other resources for those looking for information about how to act right away.
By Chronicle of Philanthropy
For nonprofits, some of the CARES Act highlights include expanding charitable deductions to all taxpayers (not just itemizers) for a year, making nonprofits eligible for federal loans that might be mostly forgiven, and boosting tax incentives for corporate giving. The Chronicle of Philanthropy goes into more detail in this article.
By the National Law Review
Here are some tax implications of the new CARES Act relevant to businesses. They include employer tax credit availability, delayed payroll taxes, modification of Net Operating Losses (NOLs) and more. For individuals, that includes recovery rebate checks, special rules for use of retirement funds, treatment of charitable deductions plus more.
By the U.S. Chamber of Commerce
As the economy continues to take a hit from the coronavirus pandemic, the U.S. Chamber of Commerce has put together a list of five resources to help small business owners make it through this tough time.
By the Council of Nonprofits
This list, regularly updated by The Council of Nonprofits, includes analysis of the CARES Act, loans available for nonprofits, links to non-profit membership associations in each state, and many more resources and tools.