The Coronavirus Aid, Relief and Economic Security (CARES) Act provides widespread economic relief but specifically includes appropriations for arts and humanities not-for-profit organizations. These are in addition to annual appropriations.
Additional appropriations include $75 million to remain available until September 30, 2021, for the National Foundation for the Arts Grants and Administration, to be distributed at 40% to state arts agencies and regional arts organizations and 60% for direct grants. These funds may also be used for general operations, and matching requirements are waived.
In addition, $75 million will remain available until September 30, 2021, for the National Endowment for the Humanities Grants and Administration with similar stipulations.
The CARES Act also includes a charitable contribution provision whereby all non-itemizer taxpayers will be able to deduct up to $300 of qualified charitable contributions for tax years beginning in 2020.
Contact Marie Brilmyer at email@example.com or a member of your service team to discuss this topic further.
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