Policy Alert - American Rescue Plan

URGENT: Last Day for Small Business PPP Loan Special Access

The window for small-employer (fewer than 20 employees) PPP loan special access ends today, March 9th at 5pm ET.

You can still apply after this window has closed (through the March 31st deadline), but the exclusive opportunity intended to ensure underserved small employers are given adequate attention will not be taken into consideration.

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COVID Relief Legislation: The American Rescue Plan

On Saturday, March 6th, the Senate passed a revised version of the American Rescue Plan Act. Here is what that means:

• Provides additional funding for COVID-19 vaccines, treatment, and testing
• Approves $1,400 stimulus checks
• Extends tax credit for nonprofits and other employers that provide paid sick, family, and medical leave through September 30, 2021
• Provides additional funding for PPP, arts and humanities organizations, housing and homelessness prevention, and nonprofits providing services to survivors of domestic violence and sexual assault, among other organizations.

Nonprofit-Specific Priorities
The last several editions of the Legislative Watch have called for attention to the National Council of Nonprofits’ coalition letter. With Senate approval of the American Rescue Plan, here is where the nonprofit policy priorities lie:

• Expanded funding and eligibility to nonprofits for PPP Loans
• Extended COVID relief package from March 14 to September 6, 2021, including a provision that would increase the federal coverage of unemployment costs of reimbursing nonprofits from 50% to 75%
• No exemption of charitable deductions
• No changes to the PPP Second Draw requirement that gross receipts decline by 25%

The House planned to reconsider the Senate’s amendments to the American Rescue Plan today.

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Content Credit: National Council of Nonprofits