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Key Provisions of Coronavirus Response and Relief Legislation Applicable to IRC §501(c)(3) Organizations

Author: Katherine E. David, J.D..

Source: Volume 19, Number 03, March/April 2020 , pp.1-4(4)

Abstract:

On March 27, 2020, the $2 trillion Coronavirus Aid, Relief, and Economic Security Act (“the CARES Act”)—the largest economic stimulus package in United States history—became law. The Act contains provisions that apply to IRC §501(c)(3) organizations (including family foundations), imposing a few new requirements and creating opportunities. This article explains key provisions of the CARE Act as they apply to family foundations.

Keywords: Charitable Giving Incentives; Emergency Unemployment Relief; Paycheck Protection Program Loans; Employee Retention Credit; Payroll Tax Deferral

Affiliations: 1: Clark Hill PLC.