The Department will award these grants to institutions of higher education (IHE) based on a formula stipulated in the legislation. As of June 29, 2020 By contrast, the justifications offered by Congress for Section 2202 of the CARES Act permits an additional year for repayment of loans from eligible retirement plans (not including IRAs) and relaxes limits on loans. § 120.110(a) states that nonprofit entities are ineligible for SBA business loans (which includes the PPP program), the CARES Act explicitly makes nonprofit entities eligible for the PPP program and it does so without regard to whether nonprofit entities provide secular social services. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2 trillion package of measures introduced in March 2020 in response to the COVID-19 pandemic. As to the comment that the PPP “follows the eligibility requirements of the SBA 7(A) program” – that is correct except where the CARES Act specifically provides for an exception – and the very first enumerated ineligible business in the relevant SBA Regulations (prior to modification by the CARES ACT) is an entity organized as a NON-PROFIT. EIDLs are loans of up to $2 million that carry interest rates of 2.75% for nonprofits, as well as principal and interest deferment. Business Tax Provisions: View summary and eligibilty here. The Act further postpones payment of employer payroll taxes until December 31, 2021 for half of the amount due, with the other half due on December 31, 2022. CARES Act Eligibility and Recommended Uses for States and Local Jurisdictions CARES Act Overview Federal / State Allocations Recommended Uses for Supportive Housing and Homeless Response Federal Emergency Management Agency Disaster Relief Fund FEMA Disaster Relief Funds: Reimburse for eligible emergency medical care and protective measures in The NIC and NPC, in consultation with Arnold & Porter, have been closely monitoring the third COVID-19 stimulus package for its impact on our industry. The CARES Act expands emergency loans for private nonprofit organizations (of any size) enabling them to receive advances for $10,000 within three days of applying for the loan. The Paycheck Protection Program is a $350 billion portion of the CARES Act that provides forgivable loans to small businesses and all 501c3 nonprofits including churches and religious nonprofits. We wrote last week regarding our advocacy efforts aimed at expanding the definition of eligible nonprofit companies to include 501(c)(6) and (c)(7) organizations. Additional CARES Act Provisions: Debt Relief to Existing SBA loans: View summary and eligibility here. This tax credit is effective from March 13, 2020 to December 31, 2020. Although 13 C.F.R. Congress stated that the reason for their exemption was that the experience of the Treasury Department had been that securing returns from clubs had been a source of expense and annoyance and had resulted in the collection of little or no tax. The CARES Act provides tax credits for 50% of employment taxes by eligible employers affected by the economic downturn. Congress set aside approximately $14.25 billion of the $30.75 billion allotted to the Education Stabilization Fund through the CARES Act for the Higher Education Emergency Relief Fund (HEERF). The Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act” or “Act”), signed into law by President Trump on March 27, 2020, includes among its approximately $2.2 trillion in economic stimulus programs a series of measures designed to provide economic support to eligible nonprofit organizations. Note: Though you may be eligible to apply for more than one loan type, you should review each carefully to select the option that best suits your financial needs. Revenue Act of 1916. CARES Act is the $2.2 trillion economic relief package to support the people of the United States during the COVID-19 pandemic. In the early hours of Wednesday, March […]

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