CARES Act Specific for Nonprofits

CARES Act Approved by Senate Pending House Approval and President Signature Contains Massive Relief and Stimulus Provisions for Nonprofits

By Mike Batts, CPA

March 27, 2020

On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act – legislation that would provide an unprecedented and massive array of relief, benefit, and stimulus measures designed to help Americans, businesses, nonprofits, and state and local governments amid the coronavirus crisis. The CARES Act as passed by the Senate is pending approval by the House and President, both of which are expected.

Key Provisions Relevant to Nonprofit Organizations

(The information contained herein is based on the author’s understanding of the topics covered at the time the information was prepared and may contain inaccuracies. All information herein is subject to correction and/or clarification as more complete and reliable guidance and interpretations regarding the law become available. The information contained herein is for informational and educational purposes only and does not constitute professional advice. For professional advice regarding the subject matter addressed herein, the services of a competent professional should be obtained.)

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