在周五, 3月27日, President Trump signed into legislation the Coronavirus Aid, 救济和经济安全法案. 2美元.2 trillion legislation represents the largest stimulus package in U.S. history—dwarfing the $800 billion package signed during the 2008 financial crisis—和 provides a variety of economic relief measures to mitigate the impact of the coronavirus p和emic on American society.
盈利 should be aware of certain parts of the CARES Act as it pertains to the impact of COVID-19 on their employees 和 business operations.
The federal CARES Act guidelines list five options for not-for-profits in search of relief. 盈利 should assess the five options 这可能 满足他们的需求:
- 薪水保障计划 - (sba7a贷款) – 501c3s with less than 500 employees are eligible for this loan program, which will provide up to 2.5 times the average monthly payroll costs (with a specific formula to be followed) up to $10 million. These loans will ultimately be forgiven for some organizations 和 require a good faith certification that the funds will be used to prevent reduction of the organization’s workforce. Read 老葡京手机app’s short write-up about the Paycheck Protection program 和 a link to the application by 点击这里.
- 雇主工资税- Payment for 50% of 2020 employer payroll taxes can be deferred until December 31, 2021 和 the final 50% can be deferred until December 31, 2022. This only applies to the employer’s portion of the 6.2%的社会保障税.
- 雇员工资税抵免 – 盈利 eligible for this credit will have seen a drop in revenue of at least 50% in the first quarter of 2020 compared with the first quarter of 2019. For not-for-profits with under 100 employees, the credit will be $5,000 per employee. For not-for-profits with more than 100 employees, the only employees for which credit is allowed are those who cannot work due to COVID-19.
- Economic Injury Disaster Loan (EIDL) (SBA 7b Loan) – 盈利 with under 500 employees are eligible for this loan in an amount up to $10,000.
- 经济稳定基金 – These loans are available for not-for-profits with more than 500 employees.
The CARES Act provides some additional areas of relief for 非营利性组织 including:
- The payment date for unrelated business income tax for 2020 has been extended from April 15, 2020 to July 15, 2020.
- 马里兰州救济计划 – Eligibility for relief from this program will be determined on a case-by-case basis in the State of Maryl和 和 is for 非营利性组织 employing less than 50 staff 和 with under $5 million in revenue. The program provides for financial relief of an amount not greater than three months of operating expenses if the organization can show the negative impact of COVID-19 on its business.
- 直流MicroGrant ——这10美元,000 grant can be awarded to not-for-profits with at least 50% of its workforce based in, 或者至少50%的收入来自, 哥伦比亚特区.
- 扩大雇员失业救济金 -阅读我们的 博客 for more details about exp和ed unemployment benefits as part of the CARES Act.
提醒一下, 老葡京手机app is hosting an open call for not-for-profits where we plan to discuss all the above items. 请在….
老葡京手机app will continue to provide breaking news to clients 和 friends of the firm as the very fluid COVID-19 situation develops, 和 we encourage 非营利性组织 to keep an eye out for future alerts dedicated to the impact of the CARES Act.
We hope you all stay safe during this unprecedented time.
煤层气,P.C. is a professional services firm delivering tax, accounting 和 business advisory expertise throughout the Mid-Atlantic region from offices in 马里兰州贝塞斯达 和 华盛顿特区.
