Information from the Board of Pensions
The Board of Pensions is offering dues deferments or waivers to assist churches during the coronavirus crisis. There are also expanded benefits available to those participating in the benefits offered. Click here for the Board’s website with more information.
PPP Loan Forgiveness
Information we are getting from lenders participating in the Paycheck Protection Program (PPP) is that the Small Business Administration (SBA) continues to update and adjust the PPP loan forgiveness process and forms. The banks we have heard from are recommending PPP loan recipients wait to apply for forgiveness. There are potential significant changes to the forgiveness application process currently under consideration in Congress. In preparation of applying for forgiveness, now is the time, if you have not already done so, to build a documentation file of how the loan proceeds were used. Here is a list of some of the documents that should be in the file: documents verifying the number of full-time equivalent employees on payroll and their pay rates, payroll reports, payroll tax filings (ex. Form 941), documents verifying any retirement and health insurance contributions (ex. Board of Pensions invoices), documents verifying eligible interest paid, rent, and utility bills (canceled checks, payment receipts, account statements).
If your church received a PPP loan, your lender should be providing information to you. If not, you should contact them to make sure the church is on their list to receive PPP information and updates from the SBA. Please stay in contact with your lender and rely on them for information on applying for PPP loan forgiveness.
The opportunity to apply for a PPP loan expired on August 8. There is a possibility that Congress will pass legislation for additional financial aid for individuals and small businesses. What that aid will be and when it might be available is, as of this writing, not known. We will do our best to keep you updated.
For more information on PPP loans and other financial aid for nonprofits available, please visit the Small Business assistance page of US Treasury website.
This past Saturday, August 8, the president signed an executive action to delay the collection of payroll taxes, effective September 1. The President’s order memorandum seeks to postpone the 6.2% portion taken from employees’ paycheck for Social Security. The order defers the payment of this tax until next year. The CPA firm of Suttle & Stalnaker has provided some information for employers.
Stewardship and Budgeting in a Time of Uncertainty
I have started compiling resources and information on managing church finances, stewardship, and budgeting during difficult times, like those we find ourselves in now. Attached is a list of resources and information I have found that may be informative and helpful to you.
Also, there is one upcoming opportunity on this topic I want to highlight: Stewardship Kaleidoscope 2020. This annual event will be online this year, held on three consecutive Tuesdays, starting September 22. The cost is $45, and that gives you access to all three days plus the recordings of the event and all materials. Details and registration information are here.
Presbyterian Disaster Assistance COVID-19 Relief
Any churches that want to assist Presbyterian Disaster Assistance (PDA) with their response to the impacts of the COVID-19 pandemic may direct donations to the PDA Matthew 25 Fund (#E052197). Donations may be made directly through the PC(USA) website or can be included with benevolence sent to the PWV office. If sent to the office, please be sure to note on the 2020 Benevolence remittance the amount that is for the Matthew 25 Fund.