PPP loan program halted
On May 4, the Small Business Administration informed trade associations that Paycheck Protection Program (PPP) funding has been exhausted and that the SBA PPP application portal has stopped accepting applications for loans.
American Rescue Plan Act
On March 11, President Joe Biden signed the American Rescue Plan Act, a $1.9 trillion coronavirus rescue package designed to facilitate the United States’ recovery from the devastating economic and health effects of the COVID-19 pandemic. Here is some information from Brown Edwards and Suttle & Stalnaker about how the provisions of the act may benefit you and your church.
NOTE: Though the SBA is no longer accepting PPP loan applications, there is still assistance for employers available. As we have previously noted, there is the Employee Retention Credit. This credit was established under the CARES Act and encourages businesses to keep employees on their payroll. The refundable tax credit is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19. MinistryWorks, a service of Brotherhood Mutual Insurance, has a guide (including assistance in applying for the credit); click here for more information.
Board of Pensions Tax Resources
The personal income tax filing deadline is Saturday, so get your copies of the tax guides available from the Board of Pensions: Tax Guide for Ministers for 2020 Returns and 2021 Federal Reporting Requirements for Churches. Both are available on the BoP’s Benefits Connect website and may be printed or saved in electronic format. Both of these resources are full of useful information, and I highly recommend getting a copy. If you need assistance finding, downloading, or printing the guides, call the Board of Pensions at 800-773-7752 (800-PRESPLAN) or get in touch with me and I can forward either guide to you in PDF format.
Board of Pensions News for Employers
From the most recent Board of Pensions employer’s newsletter: This month, we are highlighting the Employee Assistance Plan. Now more than ever, we need to combat the stigma that often surrounds mental health issues. During Mental Health Awareness Month (May), use the materials in the Employee Assistance Plan (EAP) toolkit to promote usage of this benefit so employees know they are not alone when they need help or someone to talk to. With the EAP, 24/7 support is just a call or click away. More information is available on the Board of Pensions website.
Tips for a Reshaped Reality
While hope is on the horizon, there is still much uncertainty about how this year will unfold. Church Mutual Insurance has some resources to help us “find comfort by focusing on the important things you can control right now, including ways to safely gather, stay connected, and care for yourself.”
Ecumenical Stewardship Center closing
The Ecumenical Stewardship Center (ESC) Board of Directors voted to dissolve the corporation and cease operation in 2021. However, the Lake Institute on Faith & Giving is stepping into the void left by the absence of the ESC. More information about this change can be found here; visit the Lake Institute on Faith & Giving to see its work/resources.
2021 Special Offerings Calendar
Here is the calendar for the four churchwide Special Offerings of the Presbyterian Church (U.S.A.), of which three remain:
PENTECOST: April 5 to May 23
PEACE & GLOBAL WITNESS: Sept. 5 to Oct. 3
CHRISTMAS JOY: Nov. 28 to Dec. 19