News & Analysis as of

Tax Exempt Entities Paycheck Protection Program (PPP)

Venable LLP

Title IX and Tax-Exempt Status: What Two Recent Federal Court Opinions Mean for Independent Schools

Venable LLP on

Historically, independent schools have not been required to comply with certain federal non-discrimination laws, including Title IX of the Education Amendments Act of 1972 (Title IX), because they did not accept federal...more

Goodwin

The Consolidated Appropriations Act Of 2021: An Update For Tax-Exempt Organizations

Goodwin on

On December 27, 2020, “The Consolidated Appropriations Act of 2021” (H.R. 133) (the “CAA”) was signed into law by the President. The CAA includes various updates to, and additional funding for, programs established under the...more

Genova Burns LLC

Paycheck Protection Program: More Clarifying Rules, Second Draws and a New Application Form

Genova Burns LLC on

On January 6, 2021, the Small Business Association ("SBA") and the Treasury Department released interim final rules for the Paycheck Protection Program (“PPP”) Second Draw Program, which was created as part of the stimulus...more

Lowndes

Nonprofits Now Eligible for Paycheck Protection Program Under The Consolidated Appropriations Act, 2021

Lowndes on

The Consolidated Appropriations Act, 2021 (the “Act”), which was recently signed into law by President Donald Trump, provides, that for the first time, Section 501(c)(6) not-for-profit organizations will be eligible to...more

Proskauer - Tax Talks

Coronavirus: Comparing the Tax Proposals in the HEALS and HEROES Acts

Proskauer - Tax Talks on

On July 27, 2020, Senate Republicans introduced a series of bills and proposals that have been collectively referred to as the “Health, Economic Assistance, Liability Protection and Schools Act” (the “HEALS Act”). The HEALS...more

Pullman & Comley, LLC

Federal Reserve Board Expands Main Street Lending Program to Provide Loans for Non-Profit Organizations

Pullman & Comley, LLC on

On July 17, 2020, the U.S. Federal Reserve Board expanded the Main Street Lending Program to provide access to loans for eligible nonprofit organizations.  Previously, nonprofit organizations were not eligible to participate...more

Goodwin

Paycheck Protection Program Legal Update for Tax-Exempt Organizations

Goodwin on

CURRENT STATUS - On April 24, 2020, President Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act), adding an additional $310 billion to the previously exhausted $349 billion in...more

Goodwin

Paycheck Protection Program Legal Update for Tax-Exempt Organizations

Goodwin on

On April 24, 2020, President Trump signed the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act), adding an additional $310 billion to the previously exhausted $349 billion in funds allotted for...more

Perkins Coie

The CARES Act: Key Loan and Grant Programs for Nonprofit Organizations (Update)

Perkins Coie on

Certification That Funds Are “Necessary” - Following recent press and new guidance from the Small Business Administration (SBA), many nonprofit organizations are carefully considering whether borrowing funds under the...more

Goodwin

What Tax-Exempt Organizations Need to Know About the CARES Act

Goodwin on

On March 27, 2020 the Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law by the President. The CARES Act includes several provisions that may be beneficial to tax-exempt organizations, including...more

Nutter McClennen & Fish LLP

SBA Clarifies that Houses of Worship and Other Faith-Based Organizations Are Eligible for Loan Programs and May Be Eligible for...

The Small Business Administration (SBA) has issued supplemental guidance to clarify that faith-based organizations, including houses of worship, are eligible to receive SBA loans under the Coronavirus Aid, Relief, and...more

Troutman Pepper

Paycheck Protection Program: Are You Feeling Small and Left Out? There May be an Answer for You

Troutman Pepper on

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) created a new program within the U.S. Small Business Administration’s (SBA’s) flagship 7(a) Loan Program called the “Paycheck Protection Program” (PPP). Under...more

BakerHostetler

CARES Act Relief Summary for Nonprofits

BakerHostetler on

In the wake of the novel coronavirus disease outbreak, more formally known as COVID-19, businesses and other entities have found it increasingly difficult to continue operating in an uncertain environment. Nonprofits in...more

Holland & Knight LLP

Nonprofits and the CARES Act: A Closer Look

Holland & Knight LLP on

President Donald Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act) on March 27, 2020, providing $2.2 trillion of emergency appropriations in response to the COVID-19 pandemic. While...more

Cooley LLP

Alert: SBA Programs Under the CARES Act: Are You Eligible for Federal Assistance?

Cooley LLP on

As has been well publicized, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) is a $2 trillion economic relief package enacted to help individuals and businesses in the United States weather the severe...more

Fox Rothschild LLP

CARES Act: A Comparison Of SBA Loan Programs For Small Businesses

Fox Rothschild LLP on

With Coronavirus Aid, Relief and Economic Security Act (CARES Act) now law, the following is intended to be helpful summary for small businesses evaluating which Small Business Administration (SBA) loan program – the Economic...more

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