Hi John,
We're writing an urgent request to U.S. subscribers.
Call your Senators right now. The US Senate will be voting this afternoon on the “Coronavirus Aid, Relief and Economic Security Act”. Short-titled the CARES ACT, this emergency financial legislation was drafted by the Republicans in the U.S. Senate, and is on the fast track for approval.
The CARES ACT is also referred to as a coronavirus bailout bill. It includes nonprofits with less than 500 employees under the category of small businesesses, who are eligible for loans and outright grants.
Here is a message that we are printing verbatim from Roger Craver's newsletter: The Agitator/DonorVoice:
This is LIFESAVING legislation for nonprofits and many for-profit companies that are a key part of the supply chain for the nonprofit sector. Here's what it offers:
- Four months of an organization's operating expenses to be used to meet your operating expenses from March 1 (retroactively) through June 30.
- This is NOT a loan. It's an outright grant provided you use all the money to pay for staff and expenses—your basic monthly nut. If you do that any repayment obligation is completely forgiven.
- If the organization—either nonprofit or for-profit fails to use all the money for staff and operating purposes the part not used for that will become a loan. However, even if some of the money becomes a loan, no collateral, personal guarantees, or organizational guarantees are required The portion that becomes “debt” is guaranteed by the U.S. Government and any repayments will be deferred for a year and probably for very low or no interest.
Too good to be true? Absolutely not. And especially not if we all rally, contact our Senators and Representatives and urge its passage.
So, TIME IS OF THE ESSENCE.
Weigh in with your two Senators and your Representative urging them to support the CARES Act and to make sure these provisions are included in the bill.
1. The need for emergency funds for nonprofits and small businesses so they can retain employees during this critical time; and
2. The need for a universal charitable tax deduction that all donors can claim, regardless of their income, to motivate people to give to all types of nonprofit causes.
You can find the names and contact information for your Senators here.
And the name and contact information for your U.S. Representative here.
Don't delay. Time is very, very short. Get your CEO, Board Members and other stakeholders on the phone today.
Signed, Roger Craver and Kevin Schulman (for the Agitator/Donor Voice newsletter)
P.S. Here's the full text of the CARES ACT as it stood as of Saturday, March 21.
P.P.S. The Nonprofit Alliance is on top of this emergency legislation. If you have questions or wish to report how your calls to your Senators and Representatives go you can contact Shannon McCracken at smccracken@tnpa.org
All our best,
