On Friday, March 27, 2020, President Trump signed into law the CARES Act, which provides financial assistance to both 501(c)(3) organizations and small businesses employing under 500 employees. Within the $2.2 trillion CARES Act, $350 billion is targeted for the Paycheck Protection Program (PPP) funding 2 ½ months of an organization’s average monthly payroll costs (including benefits) as a loan. This loan can be forgiven if the size of the organization’s workforce remains the same in 2020 as it was in 2019.
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