Nonprofits Seek Dedicated COVID Funding Stream

Nonprofits Seek Dedicated COVID Funding Stream

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Leaders at the nation’s most influential nonprofits are pushing members of Congress to expand aid to the tax-exempt sector in any and all legislation that expands and builds on the Coronavirus Aid, Relief, and Economic Security (CARES) Act. A key element is a dedicated funding stream.

“The CARES Act provided some much-needed relief for America’s nonprofits — but it did not go far enough to meet the country’s increasing reliance on nonprofits helping people in local communities,” said Tim Delaney, president and CEO of the National Council of Nonprofits. “While most nonprofits are small businesses, the CARES Act lumped them into loan programs and processes designed for small for-profit businesses, resulting in nonprofits being disadvantaged by old forms and attitudes that too often exclude nonprofits.”

Delaney said that while the CARES Act moved in the right direction by making the charitable giving incentive available to all taxpayers, “the paltry amount of the added incentive (just $300) and the delayed time period (for taxes due in 2021) don’t meet the urgent need to incentivize significant giving now,” he said via a statement.

Source Name: 
The NonProfit Times
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