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Morgan Malone recently spoke with Gary Crowell, who is employed by Tarrant Baptist Association and is a CPA. He asked him questions in regard to the legislation that has been enacted in recent days. Below is information from him in regard to financial options that churches and non-profits with a 501 (C3) have available to them at this time.
Notes: The Care Act (stimulus package) does provide a cash payment of $1,200 per adult and $500 per dependent child under 17 years of age. This is considered a tax refund for 2020 and is not subject to income tax. It should be received within the next five weeks or so. The majority of American households will qualify for this cash payment. Also, the Department of Education has suspended payments on direct student loans through September 30, 2020.
If you have further questions you can contact Gary at firstname.lastname@example.org.