Late last night, the U.S. Senate passed H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES) Act without any Senators voting in opposition. This $2 trillion economic relief package—the largest legislation of its kind ever enacted—will be considered by the House of Representatives tomorrow morning and likely signed by the President immediately thereafter.
Legislation of this size touches nearly every facet of our economy and our society, and the nonprofit sector is no exception. For many nonprofit organizations, the CARES Act offers access to emergency loans and payroll advances or provides employee retention tax credits. In an important recognition of the significance of charitable giving to our recovery, it establishes a limited and temporary universal charitable deduction. The legislation also bolsters the unemployment insurance system and allocates additional funding to many federal programs that support the work of the nonprofit sector and the people hardest hit by this crisis. Read the full summary.
Make no mistake: legislators still have more work to do to support the charitable sector in this time of extraordinary need, and we will be working with them to make that case.
This legislation is an essential step toward helping our communities.