Nonprofit organizations can take advantage of many of the relief
options offered by the US Coronavirus Aid, Relief, and Economic
Security (CARES) Act, a $2 trillion emergency relief in response to
the COVID-19 pandemic signed into law on March 27. Although many
provisions focus on the private sector, certain provisions are also
applicable to nonprofit and tax-exempt organizations, including
certain loans and tax credits. This Cooley alert highlights some of
the provisions of the CARES Act that are most important for our
nonprofit and tax-exempt clients, including how to apply for the
Paycheck Protection Program (PPP). As detailed below, nonprofits
may apply for the PPP starting April 3, but since those loans are
administered through banks, a nonprofit should contact its
bank to see when that particular bank will start accepting
applications. A nonprofit is permitted to apply through any lender,
but in order to handle the volume of requests, some banks are not
accepting
