Presented by Crescendo Interactive- CARES Act Saves 100,000 Nonprofits

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On March 27, 2020, Congress and the President enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act, H. R. 748). The $2 trillion CARES Act provides massive relief for individuals, businesses, medical centers and nonprofits. The “Paycheck Protection Program Loans” (PPP Loans) are potentially able to save over 100,000 nonprofits from closing their doors.
The National Council of Nonprofits reports that over half of nonprofits have just one month of cash reserves. Fortunately, the PPP Loans will provide these nonprofits with loan-grants to cover eight weeks of payroll, benefits, rent or mortgage interest and utilities. The eight week grants are likely to save at least 100,000 nonprofits who would otherwise close their doors.