April 16th Webinar – Nonprofit Organizations and the CARES Act

The recent CARES Act has been assisting and providing relief to small businesses and individuals, helping them navigate the economic strain of the COVID-19 pandemic. This webinar focused on nonprofit organizations, and several key issues that nonprofit organizations should be considered in light of the CARES Act. From loans to charitable contributions, and benefit plan implications to financial reporting concerns, there are many factors that nonprofit organizations should be evaluating.

This webinar was hosted by Gary Dubas, Partner, Janice Snyder, Partner, and Jim Shellenberger, Principal with McKonly & Asbury, and they highlighted many of these factors and provided guidance on next steps. Topics addressed included loans, taxes and charitable contributions, unemployment compensation, paid leave, deadline extensions, employee benefit plan implications, and many financial reporting items.

During this webinar, our presenters provided:

• An overview of loans available (Paycheck Protection Program, loans for larger nonprofits, and Economic Injury and Disaster Loans).
• Highlights of the tax implications of the CARES Act for nonprofits, including payroll tax relief and charitable donations.
• Changes to unemployment compensation and paid leave under the CARES Act and FFCRA.
• Amendments to employee benefit plan hardship distributions, loans, and contributions.
• The impact of the CARES Act on fiscal year end audits and financial reporting.

 

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