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CARES Act | Q&A for Nonprofits

April 21, 2020  | by Sharad Samy, Paul Mourning

COVID-19

On April 7, Commonfund hosted an Xchange event, CARES Act | Implications for Nonprofits in which Sharad Samy, General Counsel of Commonfund, and Paul Mourning, a partner at Crowell & Moring LLP, discussed aspects of the legislation and potential considerations for nonprofit organizations.  Over 600 people attended the call, and we received more questions than we could answer in the time allotted.  The following is a summary of the questions and answers that we hope you find helpful. 

For your information, we note that after the presentation, the Federal Reserve established the “Main Street Lending Program,” which may be of interest to you, and Congress is even now considering additional small business relief bill to supplement the now depleted Paycheck Protection Program (the PPP).  Please do not hesitate to reach out with additional questions you may have.

Authors

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Paul Mourning is a partner in the New York office of Crowell & Moring and co-chair of the firm's Health Care Group.

Paul Mourning
Partner, Cromwell & Moring
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Sharad Samy serves as General Counsel of Commonfund. Prior to Commonfund, he was the General Counsel of Aladdin Capital Holdings LLC, a global hedge fund with $22 billion assets under management at its peak with a registered investment advisor and registered broker-dealer subsidiary. Prior to joining Aladdin, Sharad was a partner of Orrick, Herrington and Sutcliffe LLP in its Financial Markets Group, resident in its London and New York offices. He has worked extensively in both London and New York and has covered cross-border transactions involving jurisdictions in North America, South America, Europe, Africa and Asia for offerings in the United States and European capital markets. From 1997 through 2008, Sharad was a Judge Advocate for the U.S. Army Reserve, having served in the Horn of Africa in connection with Operation Enduring Freedom and leaving the service with the rank of Major. In addition to his professional activities, Sharad is a member of the board of directors of The Child Guidance Center of Southern Connecticut and is a friend of the board of directors of A Better Chance, Darien. He is also the Judge Advocate for Post 6933 of the Veterans of Foreign Wars. Sharad is a graduate of Columbia College with A.B. in Political Science and received a J.D. from Columbia University Law School and he is admitted to practice law in the State of Connecticut and the State of New York.
Sharad Samy
General Counsel

Questions/Answers

Please be aware that neither the information contained in the presentation or the information contained below constitutes legal, tax or other advice from Commonfund or Crowell & Moring LLP, and you should reach out to your legal, tax or other counsel if you have any particular questions that relate to you, your institution and/or your eligibility for any of the programs being discussed.

Disclaimer

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary. To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this material. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund manager. Market and investment views of third parties presented in this material do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties. Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Commonfund fund. Such statements are also not intended as recommendations by any Commonfund entity or employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information. Past performance is not indicative of future results. For more information please refer to Important Disclosures.

Disclaimer

Information, opinions, or commentary concerning the financial markets, economic conditions, or other topical subject matter are prepared, written, or created prior to printing and do not reflect current, up-to-date, market or economic conditions. Commonfund disclaims any responsibility to update such information, opinions, or commentary. To the extent views presented forecast market activity, they may be based on many factors in addition to those explicitly stated in this material. Forecasts of experts inevitably differ. Views attributed to third parties are presented to demonstrate the existence of points of view, not as a basis for recommendations or as investment advice. Managers who may or may not subscribe to the views expressed in this material make investment decisions for funds maintained by Commonfund or its affiliates. The views presented in this material may not be relied upon as an indication of trading intent on behalf of any Commonfund fund, or of any Commonfund manager. Market and investment views of third parties presented in this material do not necessarily reflect the views of Commonfund and Commonfund disclaims any responsibility to present its views on the subjects covered in statements by third parties. Statements concerning Commonfund’s views of possible future outcomes in any investment asset class or market, or of possible future economic developments, are not intended, and should not be construed, as forecasts or predictions of the future investment performance of any Commonfund fund. Such statements are also not intended as recommendations by any Commonfund entity or employee to the recipient of the presentation. It is Commonfund’s policy that investment recommendations to its clients must be based on the investment objectives and risk tolerances of each individual client. All market outlook and similar statements are based upon information reasonably available as of the date of this presentation (unless an earlier date is stated with regard to particular information), and reasonably believed to be accurate by Commonfund. Commonfund disclaims any responsibility to provide the recipient of this presentation with updated or corrected information. Past performance is not indicative of future results. For more information please refer to Important Disclosures.