RELIEF AVAILABLE TO BOTH:
- PPP (payment protection program) loans that are forgiven in whole or in part depending upon how many employees are kept on the payroll during the COVID-19 pandemic;
- As an alternative to a PPP forgivable loan, a 50% payroll tax credit for 50% of wages paid by eligible employers to certain employees;
- Payroll tax payment deferral; and
- EIDL (Economic Injury Disaster Loan) which allows for loan applicants to get a $10,000 "advance" that is actually a grant because it doesn't need to be repaid; and
- If have Net Operating Losses, some favorable extensions and waivers.
- If non-profit is self-insured when it come to unemployment insurance, receiving reimbursement for 50% of unemployment benefits paid to laid-off employees; and
- 501(c)(3) nonprofits' fundraising may be easier because contributors have a much greater incentive for donations; non-itemizers now get up to a $300 tax deduction for charitable deductions and itemizers now can offset 100% of charitable donations against their income while the cap on corporate contributors rises from 10% to 25% of their taxable income.