 More Funds AvailableThe COVID Economic Injury Disaster Loan (EIDL) and EIDL Advance programs still have billions of dollars available to help small businesses hard hit by the pandemic, including nonprofits. They have also made the application process more simple than when first introduced. Applications are due Dec. 31 and all applicants should file their applications as soon as possible to allow for processing. Ask your lender or the SBA if you have any questions. Support the Universal Charitable DeductionThe universal charitable (non-itemizer) deduction will expire at the end of the year unless Congress takes action to extend it. The giving incentive for individuals who take the standard deduction was created on an bipartisan basis in the early days of the pandemic to generate additional resources to support the work of charitable organizations. It was increased at the end of 2020 to the current level of $300 for individuals and $600 for couples, but is set to expire on Dec. 31, 2021. We encourage you to support expanding and extending the universal charitable deduction in year-end legislation by signing this letter to Congress. Take Advantage of Tax BenefitsThe Employee Retention Tax Credit Program (ERTC) is a program that allows eligible nonprofits to reclaim some of their payroll taxes as cash assistance back to the organization due to lost revenue during the pandemic. Join the INC and Harris CPAs on Jan. 6 for a free informational webinar. Navigating the COVID VaccineHow do the current and potential vaccine regulations impact your organization? The INC talked to the National Council of Nonprofits and the International Rescue Committee on best practices and what to expect during a webinar.
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