The $2 trillion COVID-19 Stimulus Plan was signed into law this afternoon. Among the many benefits, the emergency relief plan contains several measures that directly apply to nonprofits that we would like to highlight:
- The plan includes a temporary universal charitable deduction. The bill enables all Americans to give up to $300 to charities, tax-free, through the end of 2020.
- Loans to small businesses and nonprofits. The plan includes $350 billion in loans for companies with 500 employees or fewer, including nonprofits.
- Extension of emergency unemployment insurance. The relief package includes an extra 13 weeks of coverage and covers part-time, self-employed, and gig economy workers. It also provides an increase in the weekly benefit of up to $600.
The passage of this plan is a step forward for nonprofits that are impacted by cancelled events and sudden drops in fundraising revenue. The American Association for Fundraising Professionals released a statement on Twitter: https://twitter.com/AFPIHQ