How will recently passed COVID-19 response acts impact the philanthropic sector? Below are general overviews and nonprofit specific summaries of the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security Act, “CARES.”
Overview of COVID-19 Legislation:
On March 6, Congress approved an initial emergency aid package totaling $8.3 billion. The CARE Act (H.R. 6074) increased funding for testing of the COVID-19 virus and lowered costs for related medical treatments.
On March 18, the Families First Coronavirus Response Act (H.R. 6201) passed Congress and was signed into law by President Trump. A summary of H.R. 6201 can be found below in this blog, as certain provisions relate to nonprofits.
On March 27th, Congress passed the Coronavirus Aid, Relief, and Economic Security “CARES” Act (H.R. 748) and the President signed it into law. The Act (H.R. 748) contains several provisions that are relevant to nonprofit organizations and the communities they serve.
CARES ACT (H.R. 748): Overview and Breakdown
On March 25, the Senate passed a $2 trillion stimulus package to help American workers and businesses mitigate the devastating economic effects of the coronavirus outbreak. Subsequently, the House passed the bill and the President signed it into law on Friday, March 27.
U.S. Senator Charles Schumer has put together this helpful Small Business Owner’s Guide to the CARES Act, providing support to applicable nonprofits and small businesses. Likewise, U.S. Senator Kirsten Gillibrand has put together this section-by-section summary of the CARES Act
Small Business Provisions in CARES Act: Read a description of the small business and nonprofit provisions included in the stimulus
Nonprofit Summary: Independent Sector has drafted a summary of provisions included in the CARES Act that specifically affect nonprofits
Families First Coronavirus Response Act (H.R. 6201): Overview and Breakdown
The Families First Coronavirus Response Act (H.R. 6201) was signed by President Donald Trump on March 18.
The measure is the second emergency aid package that Congress approved amid the coronavirus outbreak. This legislation provides affected individuals with paid sick and family leave and creates tax credits for affected employers, expands food and nutrition services, allows for emergency state unemployment insurance grants, and increases Medicaid funding to states.
Nonprofit Summary: Independent Sector has drafted a summary of provisions included in the Families First Act that specifically affect nonprofits