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CARES Act Benefits for Nonprofit Organizations: Payroll Protection Program, EIDL Loans, Payroll Deferral, and Retention Credits

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Wednesday, June 10, 2020

Recorded event now available

or call 1-800-926-7926

This course will explain the impact of some of the rules enacted as part of the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) on nonprofit organizations (NPOs). Our panel will discuss the Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs), employee retention credits, and payroll deferrals as they apply to unrelated business taxable income so that advisers, directors, and managers of these organizations may understand and fully utilize these incentives.

Description

Economic relief provisions under the CARES Act are available for NPOs, but certain types of relief are restricted to specific NPOs. For example, PPP loans are limited to 501(c)(3) organizations, including churches since they are not required to apply for recognition, and 501(c)(19) veterans’ organizations. EIDLs are available to most nonprofits with 500 or fewer employees. Certain benefits, payroll tax deferral, and the employer retention credit are available to NPOs as well as taxable entities.

However, understanding how these different programs interact with PPPs and EIDLs is critical for nonprofit advisers. The CARES Act postpones the 80% limitation on usage of net operating losses and allows a five-year carryback of losses from 2018, 2019, and 2020. This could provide cash for organizations with unrelated business taxable income.

Additionally, new charitable giving incentives, including the suspension of the adjusted gross income floor, could pave the way for additional contributions for some NPOs.

Listen as our panel of experienced experts covers the new loans available for economic relief, payroll tax related benefits under the CARES Act, and expansion of charitable giving deductions and how NPOs can take advantage of these benefits.

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Outline

  1. Paycheck Protection Payment Loans
  2. Employee retention credit
  3. Payroll tax deferral
  4. Economic Injury Disaster Loans
  5. Other planning considerations for nonprofits

Benefits

The panel will cover these and other vital issues:

  • When should an NPO consider the employee retention credit?
  • How can NPOs benefit from recent changes in charitable giving?
  • Should organizations funded by grants or endowments apply for loan relief?

Faculty

Lee, Muhyung
Muhyung (Aaron) Lee
Attorney
Proskauer Rose

Mr. Lee works predominantly on U.S. federal corporate, partnership and international tax matters that include advising...  |  Read More

Zinna, Matthew
Matthew C. Zinna, CPA
Partner
McGill Power Bell & Associates

Mr. Zinna brings more than 15 years of experience in audit and attest and consulting and services to the nonprofit,...  |  Read More

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