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On December 27, 2020, “The Consolidated Appropriations Act of 2021” (H.R. 133) (the “CAA”) was signed into law by the President. The CAA includes various updates to, and additional funding for, programs established under the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). Programs and changes of particular interest to 501(c)(3) organizations include the Paycheck Protection Program, the Economic Injury Disaster Loan and Grants Program, the Higher Education Emergency Relief Fund, grants for shuttered venue operators, and temporarily expanded charitable deductions to incentivize charitable giving.
PAYCHECK PROTECTION PROGRAM
The CAA modifies and reopens the Paycheck Protection Program (the “PPP”) through March 31, 2021. The PPP is available for first-time borrowers and additional second draw loans are now available to certain borrowers as well. 501(c)(3) tax-exempt organizations may qua
Direct Help For Nonprofits Thin In Biden Plan
January 15, 2021
President-Elect Joe Biden has unveiled his American Rescue Plan, a $1.9-trillion stimulus package to boost the economy and get past the coronavirus.
The summary of the plan runs 19 pages but is thin on details for nonprofits, according to David L. Thompson, vice president of public policy at the National Council of Nonprofits in Washington, D.C. Nonprofits are expressly included in a $35-billion loan fund and a $3-billion economic development grant program.
The president-elect’s plan would allocate $3 billion to the Economic Development Administration (EDA) twice as much as provided by the CARES Act for grants to provide resources directly to state and local government entities, institutions of higher learning and nonprofits, to fund initiatives that support “bottom’s up economic development and enable good-paying jobs.”
10 items in Biden’s $1.9 trillion COVID relief plan
Updated Jan 16, 2021;
Posted Jan 16, 2021
President-elect Joe Biden speaks about the COVID-19 pandemic during an event at The Queen theater, Thursday, Jan. 14, 2021, in Wilmington, Del. (AP Photo/Matt Slocum)AP
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STATEN ISLAND, N.Y. A massive relief package proposed by President-elect Joe Biden is expected to provide financial aid to families and businesses struggling through the ongoing coronavirus (COVID-19) pandemic while ramping up the nation’s vaccination efforts.
On Thursday, Biden unveiled the $1.9 trillion American Rescue Plan, a proposal that, if passed, would provide larger stimulus checks, an increased federal minimum wage, additional unemployment assistance, funding for state and local governments and enhanced vaccination efforts.
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