(CARES) Act FAQ from GCFA
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.
As of Jan. 11, 2021, the U.S. Small Business Administration (SBA) reopened the Paycheck Protection Program (PPP).
Conference Treasurer John Cardillo is encouraging our churches to apply for PPP loans (first or second draw as appropriate), and is happy to answer any questions from churches about the PPP process. Contact him at firstname.lastname@example.org or 201-240-4876 (cell).
Wespath and the General Council on Finance and Administration (GCFA) have partnered to develop an FAQ to assist local churches, annual conferences and other Church-related organizations in considering whether to apply for a “Second Draw” PPP loan.
You can read the FAQ here
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):
Churches with membership accounts at Interfaith Federal Credit Union (formerly United Methodist FCU) can apply for PPP lending. The IFCU blog provides updates on information regarding the PPP lending program. Any questions can be directed to SBAinfo@interfaithfcu.org or by contacting IFCU headquarters at 800-245-0433 weekdays between Noon and 8pm Eastern Time. If your church is not yet a member of Interfaith FCU your New England Branch can provide a membership application, simply email email@example.com