Wondering how recent government actions and regulations might affect your nonprofit? Check out our policy roundup: collection of nonprofit-relevant policy updates all summarized into one newsletter.
Sneak Peek Below!
Advancing Equity and Racial Justice Through the Federal Government
The Biden administration released plans last week by all federal agencies to eliminate systemic racism in their operations. The plans follow an executive order the president signed his first day in office instructing agencies to “recognize and work to redress inequities in their policies and programs that serve as barriers to equal opportunity.” The action plans of the various departments and agencies include delivering equity through grantmaking, reducing administrative burdens and simplifying government services, and narrowing wealth gaps through federal contracting and procurement.
President Biden’s FY 23 Budget Proposal
The White House released President Biden’s FY 2023 Budget Proposal, a $5.8 trillion spending blueprint and set of policy proposals. The proposed budget includes increasing the Internal Revenue Service budget by 18%, reforming estate and gift taxes, and improving the Public Service Loan Forgiveness Program. Notably, the proposal takes up philanthropic reform by recommending private foundations be prohibited from counting deposits into Donor Advised Funds (DAFs) toward their annual payout requirement unless those funds are distributed to operating charities within a year.
Relief for Restaurants and Other Hard Hit Small Businesses Act
On April 7, the House passed the $55 billion Relief for Restaurants and Other Hard Hit Small Businesses Act. The legislation would provide $42 billion to replenish the Restaurant Revitalization Fund and allocate $13 billion for a new Hard Hit Industries Award Program to provide grants to small businesses, but not nonprofits, across industries and sectors hardest hit by the pandemic. The costs would be offset by funds reclaimed, seized, and returned to the federal government as a result of prosecutions of fraud under the Paycheck Protection Program and other programs. The Act does not have a Senate companion bill and is considered a “message bill” unlikely to be picked up by the Senate.
Senate COVID Preparedness Package
On April 5, Majority Leader Schumer made a motion to to proceed with a COVID supplemental appropriations bill to provide $10 billion in funds for COVID therapeutics, research and development, and response efforts. The Bipartisan COVID Supplemental Appropriations Act, 2022 (H.R. 4373) is set to be offset with funds repurposed from unspent COVID funds. Notably, the offsets include all leftover money ($1.93 billion) in the SBA Shuttered Venues Operators Grants program and nearly $1 billion in unused funds dedicated to the SBA Economic Injury Disaster Loan program.
Nonprofit Sector Strength and Partnership Act of 2022
Nonprofit New York recently endorsed the Nonprofit Sector Strength and Partnership Act of 2022. The bill would establish a nonprofit office in the White House, release quarterly economic data on the nonprofit sector, reduce paperwork for nonprofits to register and fundraise in multiple states, streamline grant and contracting processes, and provide clearer rules on nonprofit civic engagement.
Federal Student Loan Moratorium Extension
On April 6, the President today the Administration is pausing federal student loan repayments through August 31, 2022. According to the Department of Education, “the extension will provide additional time for borrowers to plan for the resumption of payments, reducing the risk of delinquency and defaults after restart.” More information about the payment pause and supports for borrowers can be found at StudentAid.gov.
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