Q&A About S. 748: The C.A.R.E.S. Act

Q&A About S. 748: The C.A.R.E.S. Act
Friday, April 3 | 12:00 PM – 12:45 PM | Webinar

Presented by: Michael J. Torchia, Esq., and Chuck Ormsby, Esq., Semanoff Ormsby Greenberg & Torchia, LLC

Offered in Partnership with: Semanoff Ormsby Greenberg & Torchia, LLC

On March 27, 2020, The Coronavirus Aid, Relief, and Economic Security (C.A.R.E.S.) Act became the third piece of legislation enacted in response to the COVID-19 outbreak. S. 748, The C.A.R.E.S. Act, provides significant funding for businesses, hospitals, schools, and social support programs, among many other things.

Nonprofits have access to three types of loans. Please click here to see the National Council of Nonprofits breakdown of the three loans. Our understanding is that banks will be ready to start issuing loans on Friday, April 3. We encourage you to get your paperwork together and contact your bank regarding the loans.

An initial analysis of the bill can be found on PANO’s website, breaking down what we know about emergency small business loans, Economic Injury Disaster Loans (EIDL), self-funded nonprofits and unemployment, the charitable giving incentive, and more. We have also invited Michael J. Torchia, Esq., and Chuck Ormsby, Esq., managing members of Semanoff Ormsby Greenberg & Torchia, LLC, to host a free overview and question and answer session.

We know there are uncertainties about what this law means for nonprofit organizations of all types and sizes around Pennsylvania, including:

1. Will credit scores be required for the small business loans? What if your organization doesn’t have a credit score?
2. What are the eligibility requirements for a 501(c)(3) to receive loan forgiveness?
3. If we qualify for a loan and it becomes a grant, do we keep all employees on full wages and expect we’ll get the money back?

We want to know what you’re thinking. Please add your own questions when you register and know that we’ll do our best to respond to questions as they arise during this web forum, too.

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Materials & Login/Call-In Instructions:
Materials (PowerPoint and other handouts), along with instructions on how to login and call-in, will be emailed to attendees a few days prior to the date of the webinar. PANO uses Zoom as our webinar platform; you can familiarize yourself with Zoom and/or join a test meeting prior to these sessions.