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
The Small Business Administration (SBA) continues to update and fine-tune the Paycheck Protection Program (PPP) loan forgiveness. We are hearing from banks participating in PPP lending that they 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. Below is information received from a PPP lender on July 15:
As of this writing, we are still awaiting instructions from the SBA or the Department of Treasury on how financial institutions are to submit borrower PPP applications for forgiveness. As a result, we continue to advise that you hold off on applying for forgiveness. There is legislation pending in Congress that may ease the process of forgiveness for many borrowers; however, we anticipate that some of the significant changes being considered may not take place until after August 8, 2020. This is the current deadline for PPP loan applications, and we believe our lawmakers will wait until applications for PPP loans (not forgiveness) have stopped, to reduce fraud.
If your church received a PPP loan, your lender should be providing information like this 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. Again, this is an example of information from one lender. Please stay in contact with your lender and rely on them for information on applying for PPP loan forgiveness.
CARES Act
There are still funds available in the second round of funding for PPP loans. An amendment to the CARES Act was signed into law by the President on July 4, extending applying for the PPP loans through August 8. If your church was unable to secure funding from these programs but may need this financial assistance, immediately contact your local bank to let them know your church is interested in submitting an application and start preparing supporting documentation for the application. If your bank is not an SBA lender, they should still be able to access the SBA for PPP loans. If your bank is not participating in the PPP, ask for a referral to a financial institution that is.
Here is information from Brown Edwards CPAs outlining the aid and assistance available to non-profits, including churches and religious organizations. (attach PDF here)
Brown Edwards CPAs has published a good overview of the aid and assistance available to nonprofits, including churches and religious organizations.
For more information on Paycheck Protection Program loans and other financial aid for nonprofits available, please visit the Small Business assistance page of the US Treasury website.
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. There are two opportunities on this topic I want to highlight.
First is 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.
The second is an online seminar from the Ecumenical Stewardship Center, publisher of Giving Magazine. Their seminar, “Faithful Generosity: Moving Forward,” will be held at 1 p.m. next Saturday, August 1. They are asking for a donation as part of registration. Get details and registration information here.
Finally, attached is a list of resources and information I have found that may be informative and helpful to you.
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.