COVID-19 relief provisions: what non-profits need to know

Congress has passed significant tax legislation designed to provide relief to taxpayers affected by the ongoing coronavirus outbreak. This $2.2 trillion bill, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) with nearly $600 billion in tax benefits, follows the enactment of the earlier law, the Families First Coronavirus Response Act, which also includes tax measures to help relieve the negative impact created by COVID-19.

The legislation includes a number of issues of relevance to non-profit organizations, including: 

• Opportunities for larger non-profit organizations to apply for relief under a new program at the Department of the Treasury
• Expanded unemployment benefits and related provisions
• Eligibility of small business loans and grants for non-profits
• Various tax provisions that benefit non-profit organizations and encourage charitable contributions.