Coronavirus: Nonprofits and Charities
Updated: March 30, 2020
Throughout Metro Atlanta many nonprofits and charities are worried about whether they can survive these difficult days. The CARES Act included support for nonprofit organizations and charities, which are key employers and service providers are struggling during the COVID-19 crisis.
- Nonprofits should closely monitor opportunities to apply for grants from the SBA’s Emergency Economic Injury programs and the Department of Commerce’s Economic Development Administration.
- The CARES Act included emergency unemployment relief for nonprofits and pension relief for charities.
- The legislation also permits a temporary, partial $300 above-the-line deduction for charitable contributions and temporarily increase the limitations on charitable deductions to public charities and corporate food contributions in 2020.
Nonprofits and charities should closely monitor the IRS website for guidance as it becomes available.