Message from the White House 3/24/2020
This afternoon President Trump, Vice President Pence, and Surgeon General Dr. Jerome Adams held a call with the CEO's of 150 nonprofits, including TNPA, to thank nonprofit organizations for rising to the challenge of covid-19 response and being the hands and feet of compassionate American people. The White House will similarly recognize nonprofits for our essential role during today's Press Briefing (5pm EDT).
We are reminded to follow The President's Coronavirus Guidelines for America.
Federal Aid Package Close to Enactment
The federal Coronavirus Aid, Relief and Economic Security (CARES) Act, the largest aid package ever considered by Congress, is on the verge of passing the Senate and House and being signed into law. It includes important provisions for nonprofits and small businesses:
- Temporary Universal Charitable Deduction - There will be a universal charitable deduction for calendar 2020 - capped at $300 - open to all taxpayers, regardless of income.
- Small Business Loan Forgiveness - 501(c)3 and for-profit organizations with 500 or fewer employees will be able to receive forgiveness on that portion of a Small Business Administration-approved loan which is used to compensate employees earning less than $100,000/year for the period March 1 - June 30, 2020.
Thank you to everyone who responded to our action alerts, and to Independent Sector, National Council of Nonprofits, ASAE, and the many other associations working together to ensure the nonprofit sector is included in the relief provisions. We liken this to the airplane safety spiel, advising passengers to secure their own oxygen mask before assisting others. It's important that we help ensure our own viability in order to continue to serve the people, communities, and causes depending on us.