The Federal Government, under the Paycheck Protection Program (PPP) of the CARES Act is providing loans to small employers (including churches) to cover 8 weeks of payroll costs in an effort to assist employers in retaining their employees. You should have received an email late last week regarding this.
Click the button below download a spreadsheet to help calculate the appropriate amount of the loan your church should request if you have decided to apply for these funds.
The fact sheet and the application are also available below for you convenience.
Please note that if the loan funds are spent on the approved payroll expenses (see fact sheet) the loan will be forgiven.
Applications for these funds can be submitted through many banks. Please contact your bank for details on where to send your application. The application window is from April 3 through June 30. However, because the limited funds will be allocated on a first-come-first-served basis, it is strongly advised to submit your application as soon as possible.
The diocesan chancellors are available to answer questions and offer assistance as needed.
Q: What should I enter in the “Applicant Ownership” section of the PPP loan application?
A: The diocesan chancellor suggests entering “Not applicable; non-profit religious organization.”
Q: What types of supporting documentation are required?
A: While you must check with your lender for their specific requirements. The following types of documents are likely to be required:
- Payroll processor records for the period including February 15, 2020
- Payroll tax filings for 2019
- Other documentation to support payroll expenses, such as bank records
- A complete Paycheck Protection Program application
For more information visit the US Department of Treasury at: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses