The CARES Act and Nonprofits
On Friday, March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act). We have put together a summary of some key provisions of that Act affecting nonprofits, including changes to emergency grants and loans, relief for nonprofit employers, charitable giving incentives, provisions affecting UBTI calculations, tax filing and payment delays, and individual relief that may affect nonprofit employees.
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For information on the regulations announced on April 3, 2020 by The Small Business Administration, please read our alert, "SBA Issues Interim Final Rules on Paycheck Protection Program"