Highlights of the Coronavirus Aid, Relief, and Economic Security (CARES) Act
Congress has passed the CARES Act...what does it mean for museums? Here is a review of the CARES Act from the American Alliance of Museums.
A couple of highlights that could prove most helpful to museums across Virginia:
*The CARES Act includes a universal charitable tax deducation for 2020 taxes. What does this mean? If you need to raise funds from your local community during this time, you can let donors know that even if they do not itemize, they can deduct $300 of donations from their taxes. For those with larger donors, the Act increases the limits of charitable contributions for those who DO itemize.
*Small Business Administration loans are available to 501c3s. These loans are designed for infrastructure use, including maintaining payroll. Currently it looks like nonprofits can have their loans forgiven if they maintain current payroll levels at least through June 30th. Check with your financial planner, or local bank to see how this loan program could work for your site!