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.
Paycheck Protection Program Loan Forgiveness
The U.S. Treasury Department and Small Business Administration (SBA) released new Paycheck Protection Program (PPP) forgiveness guidance on May 15. The PPP loan forgiveness application and instructions provided some specifics on how and when to apply for forgiveness and some clarity on several loan forgiveness questions; however, the forms released are labeled “new interim final rules.”
Congress continues to work on changes to the PPP loan and forgiveness process. According to the Journal of Accountancy website, “The Senate could vote as early as this week on a bill that would double the loan forgiveness period to 16 weeks. The House is expected to vote this week on standalone legislation that would extend the loan forgiveness period to as long as 24 weeks and also eliminate the rule requiring PPP borrowers to spend at least 75% of the funds on payroll costs to qualify for full loan forgiveness. A separate Senate bill would also expand the loan forgiveness period to 24 weeks and eliminate the 75% rule.”
If your church received a PPP loan, your lender should have provided the guidance to you. If not, you should contact them to make sure your church is on their list to receive PPP information and updates from the SBA. It is very important to stay in contact with your lender for information and updates. If needed, I have a copy of the most recent information available; email me at email@example.com.
It is my understanding that there are still funds available in the second round of funding for the PPP loans. If your church was unable to secure funding 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 a Small Business Administration 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.
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.
NOTE: PLEASE SEE THIS ARTICLE FOR ADDITIONAL INFORMATION ON THE ABOVE TOPICS.
Restarting church operations
If you have not already done so, I recommend you check with your insurance provider. Many of them, especially those specializing in church insurance coverage, are publishing guides and information on resources they have for their customers during the coronavirus crisis.
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.