Nonprofits can take advantage of relief offered through CARES Act

The Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) provides $2 trillion of relief for U.S. businesses and individuals affected by the COVID-19 pandemic. Nonprofit and tax-exempt organizations are also confronted by the impact of the coronavirus as fundraising events and performing and visual arts events are cancelled and charitable giving is redirected toward pressing emergency healthcare needs. The CARES Act, however, contains a number of important provisions for nonprofit organizations and their employees such as emergency loans, employee retention credits, payroll tax deferrals and charitable giving incentives.

An overview of how the CARES Act can help nonprofit organizations is available here.