Whether your not-for-profit is newly deluged with demand for services or you’ve closed doors temporarily, it’s important to keep up with legislation responding to the coronavirus (COVID-19) crisis. On March 18, the Families First Coronavirus Response Act was signed into law to provide American workers affected by the pandemic with extended sick and family leave benefits
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The new law applies to your nonprofit if you have fewer than 500 employees, although you may be exempt if you have fewer than 50. Here are some details.
3 things to know
There are three important components of the new law:
Unemployment assistance
Congress has also provided $1 billion in emergency grants to states to process and pay unemployment insurance benefits. So, if you need to lay off staffers during the extended COVID-19 crisis, this provision can help them manage the financial burden.
On March 27, the CARES Act was enacted allocating $349 billion in relief to help organizations pay their employees amid the coronavirus pandemic. Information for the loan application can be found here.
Staying afloat
If you have questions about how the Families First Act applies to your nonprofit, review the act here.
If your nonprofit is looking for help in addressing cashflow issues or keeping their accounting function operating, Cordia can help. Let our accounting experts help you through our consulting services and our outsourced accounting services. Contact us here.
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