Drop everything and get your CEO, board members and top leaders on the phone first thing MONDAY morning.  Here’s why.

Congress is right now at work 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 now being circulated to the Democrats in both the House and the Senate for input and for fast approval.

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 expenses (as of this writing, Saturday 21st, this is currently defined as payroll only but in earlier draft it was all operating expenses and your voice can help make it more cost inclusive)to be used to meet your operating expenses/payroll 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.

As we write this Agitator Alert on Saturday, the bill is to be voted on in the Senate on Monday, the day  many of you are reading this!

So, TIME IS OF THE ESSENCE.  Take these steps first thing Monday morning:

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.

The Nonprofit Alliance is partnering with Independent Sector to give you a very quick and easy way to tell your Senators and Representative about your support.  Click the button below but don’t delay and don’t stop there.   Get your CEO, Board Members and other stakeholders on the phone today and get them calling in to members.  Time is very, very short.

Roger and Kevin

P.S.  Here’s the full text of the CARES ACT as it stands 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