What Nonprofits Need to Know Now About the New CARES Actby@techsoup

What Nonprofits Need to Know Now About the New CARES Act

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Congress allocated an additional $370 billion for nonprofits and small businesses under the CARES Act. The program will likely run out of money soon, so if you are interested in applying, do it as soon as possible. Nonprofits and churches are eligible for SBA loans in this program of up to $10 million. The money needs to be used for payroll, including paid leave, as well as health-insurance premiums and debt service. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels.

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