This guidance supplements our law firm’s April 2, 2020 webinar addressing financial assistance available through the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), which was enacted March 27, 2020 in response to the worldwide novel coronavirus outbreak. The Paycheck Protection Program (“PPP”) and Economic Injury Disaster Loan (“EIDL”) program are intended to provide significant financial assistance to nonprofits, small businesses, and others facing economic harm and other risks resulting from pandemic-related conditions.
In the maelstrom of COVID-19, Wagenmaker & Oberly is continuing to provide dedicated service to nonprofits by addressing the legal aspects of COVID-19 related issues. Here are some resources we and others are developing for you and your organization:
The Coronavirus Aid, Relief, and Economic Security (CARES) Act became effective on March 27, 2020. The Act allows for the injection of approximately $2.2 trillion into the economy to provide businesses and nonprofits with forgivable loans to avoid employee layoffs, to support the healthcare industry, to shore up other critical, adversely affected industries, and to create numerous other incentives for individuals, nonprofits, and businesses. Such unprecedented financial relief seeks to help our entire country weather the current financial, economic, and public health maelstrom.
This article focuses on provisions in the Act that will affect nonprofit organizations’ financial operations, their employer-related financial responsibilities, and financial assistance for employees and other individuals. The Act contains numerous additional provisions not covered in this article, many of which may affect specific individuals or businesses.