Nonprofits are deeply concerned about the impact of their ability to carry out their mission and raise money during the COVID-19 pandemic. However, there is some help for the nonprofit community in the new CARES Act.
Nonprofits can apply for payroll protection loans of up to 2 1/2 times their average month payroll expenses. These loans can be forgiven if certain criteria is met. The CARES Act also lifts certain limitations on charitable contributions by individuals who itemize and by corporations. The CARES Act includes a specific section allowing nonprofits to be reimbursed for half of the costs incurred through paying unemployment benefits, including self-funded unemployment benefits.
If all this is a bit complicated, Randy Maiers, CEO of the Community Foundation of St. Clair County, told WGRT that he encourages our nonprofit partners “to take advantage of our small town relationships, and reach out to local CPA firms, financial planners, or even larger nonprofit organizations that may have the internal capacity to offer advice and input.” He also expressed, “These are incredibly challenging times for everyone, but our region has a spirit of helping each other out.”
Reporting for WGRT – Marty Doorn