A video and presentation from a webinar on how nonprofits are impacted by the two major bills passed to respond to the Covid-19 outbreak.
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.
On Tuesday, March 31 at 3:30 pm Eastern, the networks of the National Council of Nonprofits hosted a presentation to help all in the charitable community understand what various provisions of the two laws mean for nonprofits.
The Families First Coronavirus Response Act created new workplace obligations for employers and expanded supports for individuals affected by the COVID-19 pandemic. Eight days later, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) authorized more than $2 trillion in spending to inject cash into the economy through individuals, businesses, and nonprofits. There is a great deal to unpack:
- Mandated paid sick and family leave for employees and refundable payroll tax credits for employers
- Three loan programs for organizations; which program is best for your organization? Above-the-line deduction (universal, for all individual taxpayers) for charitable contributions made in 2020
- Employee retention refundable tax credit
- Expanded unemployment and enhanced funding for social support programs
This 90-minute webinar shared the latest analysis and information for charitable nonprofits, recognizing that multiple federal agencies must write the rules and forms and establish processes for getting money into the hands of nonprofits and for-profits as quickly as possible.
Review the materials...