{"content":[{"text":"●","bbox":{"left":0.147059,"top":0.091599,"width":0.010851,"height":0.015508999999999995}},{"text":"Expands PPP to nonprofits of all sizes and types \n ○ Removes the 500 employee cap \n ○ Includes all 501(c) employers as eligible (including social welfare, unions, and \n chambers of commerce) \n ○ Removes nonprofits from the affiliation rule \n ○ Makes ineligible 501(c)(4) social welfare organizations that have made election-related \n expenditures at the federal, state, or local levels and prohibits 501(c)(4) organizations \n that receive PPP loans from making such election-related expenditures through the \n calendar year. (​Manager’s Amendment​, pp 46 - 47) \n Creates 25% set aside funding for nonprofits \n ○ Half for nonprofits with 500 or fewer employees \n ○ Half for nonprofits with 500 or more employees \n Makes payments for personal protective equipment allowable uses of PPP loan money and \n treats expenses as forgivable (​Manager’s Amendment​, pp 50, 51) \n Sets aside 25% of PPP funding for eligible employers with 10 or fewer employees, and for \n community financial institutions \n Loan forgiveness changes (Section 90004) \n ○ Expands coverage from 8 weeks to the earlier of 24 weeks or December 31, 2020. It \n also extends the rehire exemption from June 30 to December 31, 2020 \n Mandates that SBA provide reports on loan approval and disbursement to nonprofits, \n provided on a state, congressional district, industry, and loan size (Section 90016)","bbox":{"left":0.176471,"top":0.090506,"width":0.70505,"height":0.396238}},{"text":"●","bbox":{"left":0.147059,"top":0.262054,"width":0.010851,"height":0.015508999999999995}},{"text":"●","bbox":{"left":0.147059,"top":0.318872,"width":0.010851,"height":0.015508999999999995}},{"text":"●","bbox":{"left":0.147059,"top":0.356751,"width":0.010851,"height":0.015508999999999995}},{"text":"●","bbox":{"left":0.147059,"top":0.394629,"width":0.010851,"height":0.015508999999999995}},{"text":"●","bbox":{"left":0.147059,"top":0.451448,"width":0.010851,"height":0.015508999999999995}},{"text":"Loan program for mid-size nonprofits​ (pp 1063 - 1065) \n ● Title IV, ​Standing Up for Small Businesses, Minority Owned Businesses, and Nonprofits​, \n mandates the Federal Reserve’s Main Street Lending Program include nonprofits as eligible \n borrowers, and stipulates the Federal Reserve immediately offer a low-cost loan option \n tailored to the unique needs of non-profit organizations with deferred payments, and that the \n loan may be forgiven solely for nonprofits predominantly serving low-income communities \n ineligible for a PPP loan (Section 110604) \n ● Mandates the Federal Reserve, through the Main Street Lending Program, provide at least one \n low-cost loan option that small nonprofits are eligible for that does not have a minimum loan \n size, overriding the current $500,000 minimum loan size to participate in the program \n ● Makes higher education institutions eligible (​Manager’s Amendment​ p 57) (Section 110605) \n ● Makes ineligible 501(c)(4) social welfare organizations that have made election-related \n expenditures at the federal, state, or local levels and prohibits 501(c)(4) organizations that \n receive PPP loans from making such election-related expenditures through the calendar year \n (​Manager’s Amendment​ p 58)","bbox":{"left":0.117647,"top":0.507173,"width":0.7590239999999999,"height":0.290091}},{"text":"Charitable giving deduction \n Nonprofit New York recommended Congress expand “above the line” charitable deduction from $300 \n to $2,000 and allow all taxpayers to immediately claim the deduction on their 2019 taxes (due on July \n 15), and afterwards through 2021. ​The HEROES Act does not include this recommendation​, but we \n are pleased the House of Representatives voted to​ eliminate the limitation on the deduction for","bbox":{"left":0.117647,"top":0.810144,"width":0.7566519999999999,"height":0.10265099999999994}}],"images_bbox":[],"images_bbox_not_text_overlap":[]}