05/15/2020

House COVID-19 Bill Includes Aid for All 501(c) Groups

However, it's unclear it will pass the Senate

This week, House Democrats introduced a $3 trillion coronavirus relief package that expands access to the Paycheck Protection Program (PPP) for all 501(c) organizations, among numerous other provisions.

ASAE and its member advocates have spent weeks urging Congress to provide specific relief through the PPP for associations impacted by the COVID-19 pandemic. All Section 501(c) organizations except 501(c)(3) entities were left out of the PPP when Congress passed the CARES Act in March.

House Speaker Nancy Pelosi (D-Calif.) and her top lieutenants drafted the massive bill this week to assist an economy that is still in a free fall amid the pandemic, with an unemployment rate close to 15 percent and rising. Pelosi’s vow to “go big” on the package came as Federal Reserve Chairman Jerome Powell said this week that the U.S. is in the midst of the “biggest shock our economy has felt in modern times” and is likely looking at an “extended period” of downturn.

Please select this link to read the complete article from Associations Now.