Navigating the CARES Act from an Arts Perspective
What is the CARES Act and What Does it Mean for My Financial Situation?
The CARES Act is the Coronavirus Aid, Relief, and Economic Security Act that was passed by the Federal Government on March 27 in response to the pandemic. This has funding for the whole country, including the arts. For more details on the numbers, read this overview from Americans for the Arts, or check out their table to see it visually.
CARES Content for Arts Organizations
The CARES Act includes a few different ways that organizations can apply for help.
Here’s a broad overview of the different types of support (the different kinds of small business loans and what those mean versus grants) provided by the CARES Act, from Nonprofit Quarterly: How Nonprofits Can Utilize the New Federal Laws Dealing with Covid-19
Dive deeper and get more practical advice in this article from the Kresge Foundation: Mission, Money, and Markets: Nonprofit Guide to Accessing Capital through the 2020 CARES Act.
Note: Applying for one type of relief may make you ineligible to apply for another. Please read all advice carefully and consult with legal counsel or CPAs when possible.
CARES Content for Individual Artists
Individual artists, if you find yourself out of work, you can apply for state unemployment insurance. This list provides resources in all of our states. NPR provides more context (and some helpful graphics) for what individuals can expect with their article What’s Inside the Senate’s $2 Trillion Coronavirus Aid Package. Also, these webinars from Sunlight Tax are from CPAs and designed specifically for individual artists.
CARES Funding through the National Endowment for the Art
Learn more about funding that went directly to the National Endowment for the Arts for distribution to arts organizations here.