Government Resources for Nonprofits for COVID-19 Relief
As of March 30, 2020
Note: I am not a lawyer, accountant, or banker; please consult an expert to determine the implications of these programs for your organization.
Federal Programs from CARES Act
Refundable Tax Credits for private sector employees required to offer coronavirus related paid leave to employees. Information posted soon on the IRS website. Defers certain employer-paid payroll taxes through the end of 2020 until the end of 2021 and end of 2020
SBA Paycheck Protection Program provides cash-flow assistance through 100% federally guaranteed loans to employers to maintain their payroll during this emergency. Loans forgiven if employers maintain payroll. Apply to an SBA-approved lender for a loan of up to 250% of your average monthly payroll cost to cover up to 8 weeks of payroll and help with other expenses up to $10 million. Available until June 30, 2020
·SBA Economic Injury Emergency Grant Program provide emergency advances of up to $10,000 to small businesses and private nonprofits harmed by COVID-19. First apply for an Economic Injury Emergency Grant then request an advance. Lower interest loans of up to $2 million with principal and interest deferred for up to 4 years to pay expense that could not be met if the disaster had not occurred. Available until December 31, 2020
A provision allows any mid-sized nonprofit (500 to 10,000 employees) to access a quick, low-cost, government guaranteed credit through their local lender or financial institution.
Assistance for Individuals
Independent contractors who would have qualified for paid leave if they were employees may receive refundable tax credits; see IRS Website for more information
Unemployment insurance available through your state with an additional $600 per week added through the CARES Act
Special Segment Funding
States and local municipalities
Hospitals and health care facilities
Higher education
K-12 education
Veterans organizations
