The CARES Act – Considerations for Tax-Exempt Organizations
In response to COVID-19, a number of significant legislative and administrative steps have been taken to, among other things, ameliorate the impact of the crisis on individuals, businesses, and tax-exempt organizations. At the federal level, the Coronavirus Aid, Relief, and Economic Security Act (the CARES Act), a ~$2 trillion stimulus package, was enacted on March 27, 2020. The CARES Act includes a number of provisions that will or may impact organizations that are exempt under section 501(c)(3) of the Internal Revenue Code of 1986 (the Tax Code)—including certain amendments to the Tax Code designed to provide financial aid to such organizations—the more significant of which are highlighted in this alert.
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