Two bipartisan bills, up for vote next week, would modify elements of Paycheck Protection Program loans.
The new measure, introduced by House Democrats this week, would make associations eligible for the Paycheck Protection Program and other aid during the pandemic. A vote is expected Friday, but the bill faces opposition from Senate Republicans.
Although another round of COVID-relief passed Congress without addressing 501(c)(6) associations, there are signs that many legislators are aware of the need to expand eligibility to these groups.
Due to the COVID-19 pandemic, the IRS said tax returns and payments for tax-exempt organizations and fiscal-year businesses due between April and June are now delayed until July 15.
Lawmakers are hashing out the next phase of COVID-19 relief as the pandemic continues to hit hard across all sectors of the economy and ASAE presses for more aid to associations. ASAE is holding a video town hall Monday afternoon with leading association advocates in Congress to make the case.
ASAE and nearly 3,000 associations have asked Congress to provide additional aid to trade and professional associations experiencing financial losses due to COVID-19 and to allow 501(c)(6) groups to be eligible for small business interruption loans.
Relief for membership associations reeling from event cancellations and other business disruptions amid the coronavirus pandemic was not included in the Senate bill passed Wednesday night.
Citing major revenue losses related to the coronavirus pandemic, ASAE is asking lawmakers for $25 billion in emergency aid for associations in a proposed economic stimulus package, along with a federal pandemic risk insurance program.
Rising concerns about the sale of .org registry to Ethos Capital have led the private equity firm to offer a set of concessions. Among them: capping price increases for renewing web domains and establishing a stewardship council. Even with this commitments, ASAE says it still has concerns about Ethos’ motives.
The White House this week asked Congress for emergency funds to prepare a response to a potential surge of coronavirus cases in the U.S. But Democrats on the Hill say more will be needed.