Giving Tuesday: Everyone gets a tax break on the first $300 they donate to nonprofits in 2020

Giving Tuesday: Everyone gets a tax break on the first $300 they donate to nonprofits in 2020

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“For people giving, it gives more flexibility and makes it easier for people to dig a little bit deeper at a time when nonprofits can really use the assistance,” Cohen says. “For nonprofits right now, every dollar counts, whether it’s a food bank that’s got lines of cars miles long dealing with food insecurity or an arts organization that’s been shuttered since March but still has to pay rent and still has employees.”

Nonprofits are in trouble this year, and not only because the needs they’re serving have skyrocketed, Cohen says. They’re the third largest employer in the country, and as in almost every industry, the pandemic and lockdowns have hit its workforce hard. Before March, nonprofits nationwide employed 12.3 million people—more than airlines or the manufacturing industry. So far into the pandemic, that industry has lost nearly 1 million jobs, and even more are at risk after the money from PPP loans has run out. Nonprofits have added expenses this year too, from all the equipment needed to keep their volunteers safe, such as masks and sanitizer, to the cost of having to transition to online operations.

“Absent a deal happening in Washington, we’re probably going to have more nonprofit employees unemployed, taking tens of thousands of people who work to help others and have them instead needing help themselves,” Cohen says. And that’s as Americans are heading toward a “triple cliff” of unemployment benefits running out, eviction moratoriums ending, and the forbearance on student loans coming to a close.

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Fast Company
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