Sept. 8, 2020

Resources and links are being updated

The Coronavirus Aid, Relief, and Economic Security (CARES) Act includes relief measures that apply to local churches. Among the Act’s provisions is the Paycheck Protection Program (PPP). 

The CARES Act sets aside funds to offer loans to small businesses, including churches and non-profits. The loans are 100% forgivable (if you meet all requirements).

We are encouraging all of our churches to apply. Below are some resources we've gathered to help you with the application process.

Paycheck Protection Program (PPP)

The PDF of a PowerPoint below offers an overview of how this works for churches with some info specific to our Conference (click the image):

Some questions for churches on PPP

• Things to consider both when applying and after receiving funding. Learn more
• Find information on PPP  from the Baltimore-Washington Conference 

Sept. 8, 2020: COVID-19 Update from Wespath 

Wespath shares the following “IRS Guidance on Social Security Payroll Tax Delay” 

New government FAQ on PPP

May 3, 2020: Paycheck Protection Program FAQ from SBA

Read a May 6, 2020 letter from CCFA regarding this new info from SBA

PPP loan forgiveness

PPP loan forgiveness update – Oct. 8, 2020

The U.S. Small Business Administration, in consultation with the Treasury Department, has released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. 

• Click here to view the simpler loan forgiveness application.
• Click here to view the instructions for completing the simpler loan forgiveness application.
• Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.

• PPP Loan Forgiveness Application - for loans exceeding $50,000

• May 21, 2020: First Look at PPP Loan Forgiveness Application Process from Horizons Stewardship 

• May 15, 2020: Paycheck Protection Program borrowers get more flexibility Click the link to read the story from Dan Primack, a business editor at the Axios news and technology website

• The General Council on Finance and Administration (GCFA) and Wespath have formulated frequently asked questions and considered impacts for those that apply for a PPP loan when considering loan forgiveness. Learn more
• From Horizons Stewardship: Watch a 42-minute interview video on PPP loan forgiveness with Stan Rieff, CPA, and Ted Batson, CPA/attorney, from CapinCrouse Accounting. Find a written companion resource: PPP Loan Good Faith Certification: Now What? 

Beyond PPP