CARES ACT PROVISIONS PAYCHECK PROTECTION PROGRAM for CONGREGATIONS.
Photo by Sheila Mraz at Earth Day Vigil 2018
Your denomination will know more about this opportunity but we wanted to offer this potential resource in the midst of the ongoing financial challenge. There is a limited supply of funding for this program and Small Business Administration started processing applications on April 3rd. Consult your denomination and check it out.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses including faith-based non-profits and religious institutions to keep their workers on the payroll. It can provide forgivable loans for payroll and utilities.
The Small Business Administration will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
Lenders may begin processing loan applications as soon as April 3, 2020. The Paycheck Protection Program will be available through June 30, 2020 but will be depleted first come first served.
More information from the Small Business Administration
The actual application can be found HERE.