On March 30, 2020, Josh Finestone was quoted in CEO Update regarding the possibility of additional stimulus for nonprofit associations as a result of the COVID-19 pandemic.
According to the article, the $2.2 trillion economic stimulus package signed on March 27 contains a lot of loan money for small businesses and nonprofit 501(c)(3) associations, along with few strings, substantial incentives to lenders, limited paperwork, and the possibility of loan forgiveness. Much less aid is provided—at least for now—for groups organized under 501(c)(6) and (c)(4) of the tax code.
Observers say more stimulus likely is on the way, and association interests will be pressing for broader inclusion. Congress is on recess until the Senate reconvenes April 28, but Finestone, who’s been lobbying lawmakers remotely, said committee work goes on.
“You’ve got people on committees working from their homes, working to try to piece together what the extra response needs to look like,” he said. “The problem is that no one really knows. What you’re going to have is a whole lot of people putting together wish lists to fit a moment that we’re not sure is going to develop to fit the wish list. But they have to do it anyway.”