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Legislative Updates

Middle Tennessee is experiencing unprecedented challenges, especially when it comes to maintaining business operations during a crisis. In response, federal, state, and local governments are providing disaster relief loans and grant opportunities for nonprofit organizations. Check back here for ongoing updates and detailed information on the types of relief available to nonprofits, along with application information and deadlines.

April 22, 2021: American Rescue Plan Act Updates

 

Paid Leave Tax Credits: The IRS recently issued Fact Sheet 2021-09 explaining that under the American Rescue Plan Act, employers are entitled to refundable payroll tax credits for providing paid leave to employees who take time off related to COVID-19 vaccinations. The tax credits are available to eligible employers that pay sick and family leave for leave from April 1, 2021, through September 30, 2021. The Fact Sheet provides helpful tips about which employers are eligible, the leave for which the tax credits can be claimed, the amount of the credits and how they are calculated, and how to claim the credit.

State and Local Fiscal Recovery Fund: The Council of State Governments has produced a helpful guide that explains the $360 billion in new monies available to state, local, Tribal, and territorial governments via the American Rescue Plan Act. The guide also explains allowable uses and restrictions for the funds. It provides a breakdown of the funds by state government, metropolitan cities, other non-counties, counties, state capitol projects, and totals. Analysis for States: The Coronavirus State and Local Fiscal Recovery Fund, Council of State Governments, April 2021.

Economic Injury Disaster Loan (EIDL) & Grants

Economic Injury Disaster Loans

  • Nonprofits can apply for tornado and/or COVID-related disasters
  • These are loans up to $2 million with a nonprofit interest rate of 2.75%, with repayment plans up to a maximum of 30 years.

Economic Injury Disaster Advance Loans

  • Loans up to $10,000
  • Funds are available within three (3) days, and they do not have to be repaid.

Note: A nonprofit can apply for an SBA disaster loan (EIDL) AND the Paycheck Protection Program (both are through the SBA). However, the funds need to be used for separate expenses (no double-dipping) AND the EIDL amount would be subtracted from the amount forgiven in the Paycheck Protection Program.