Center for Disease Control: COVID-19 Website
National Center for PTSD: Managing Stress Associated with the COVID-19 Virus Outbreak
CARES Act: Three Highlights for Nonprofits
Small business loans would be available immediately through banks and other SBA-certified lenders to small business employers (whether for-profit or nonprofit) with 500 or fewer employees. These “paycheck protection loans” would be conditioned on employee retention and payroll levels during the covered period (March 1 – June 30, 2020) and would generally be forgiven on a tax-free basis if used for such purposes or for rent, mortgage payments, and/or certain utility payments. Generally, the maximum amount of such loan a qualified small business employer could obtain is the lesser of (1) the average total payroll costs for a one year period ending on the date the loan was made multiplied by a factor of 2.5, and (2) $10 million.
A new above-the-line deduction for one year (2020) was created for cash contributions of up to $300 made to certain qualifying charities. All taxpayers would be eligible to take the deduction unlike the standard charitable contribution deduction which provides a tax benefit only to the approximately 8% of taxpayers who itemize their deductions. The new deduction would not apply to noncash gifts or to gifts contributed to donor advised funds.
For individual taxpayers who itemize their deductions, the limit on deductions for contributions, ordinarily 50% of adjusted gross income (AGI) or 60% for cash, is suspended for 2020. For corporations, the limit on deductions for contributions, ordinarily 10% of AGI, is elevated to 20% for 2020.