Coronavirus Aid, Relief, And Economic Security Act
The newly signed CARES ACT has many benefits for nonprofit corporations. If you are already a tax- exempt nonprofit you may be able to utilize several of the provisions of the act. CANDO! helps with forms! (NOTE: Programs not yet in place are still pending forms and processes.)
YOUR DONORS: One of the first notices is the changes to donors who can receive a one-time, above-the-line tax deduction for cash donations of up to $300 made to qualifying charities. The itemization rules do not apply and all donors qualify!
AVAILABLE NOW: Economic Disaster Loan Program through the Small Business Administration
COMING SOON: Emergency Support for Small and Midsize Business Loans, Loan Support for Large Nonprofits, Unemployment Benefits SUTA or Self-Insured, Employee Retention Payroll Tax Credit, cash infusions for state, local and tribal entities and education may impact funding to nonprofits and possibly more!
