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 in this blog:
- 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