Form 990 Due Date

The IRS announced yesterday that it is extending to July 15 relief to all taxpayers that have a filing or payment deadline falling on or after April 1, 2020, and before July 15, 2020. The announcement, Notice 2020-23, identifies the Form 990-T return for unrelated business income taxes, the Form 990-PF excise tax payments and return, and Form 990-W estimated UBIT form, among others. Although the news release and Notice don’t say so expressly, the annual Form 990 filing deadline is also delayed by operation of this notice and a pre-pandemic decision.

Mid-Size Loan Program

The Treasury Department announced the initial details about its progress in implementing the portion of Section 4003 of the CARES Act calling on the Secretary to “endeavor” to create a loan program for nonprofit and for-profit employers with between 500 and 10,000 employees. In a news release, the Treasury said that it is setting up the Main Street Business Lending Program that will apply to employers with up to 10,000 employees or annual revenues of less than $2.5 billion. Notably, the Department is removing the 500-employee floor so smaller organizations can also apply. It’s setting up two programs: the Main Street New Loan Facility and the Main Street Expanded Loan Facility. The Federal Reserve would oversee loans of at least $1 million and a maximum of $25 million (new) or $150 million (expanded). Loans would have a four-year maturity and would not be forgivable. Details of the program are still in process. The Fed is asking for recommendations and input until April 16 at this link.

If you have questions about either of these announcements, please reach out to Policy Director Bryan Zarou at [email protected].

Please visit our COVID-19 policy page or our general resources page for more information and tools for the sector.