Paycheck Protection Program
The impact of the Coronavirus has touched almost every level of our society, not the least of which is financial. In an effort to help curb the impact of this financial storm brought on by our response to COVID-19, the Congress recently passed the CARES Act, an acronym which stands for “Coronavirus Aid, Relief, and Economic Security” Act.
The Act itself totals more than two trillion dollars and the legislation is over 900 pages in length, so to say it is a ‘weighty’ piece of legislation, would be putting it mildly.
One of the key components of the Act is entitled the “Paycheck Protection Program” (PPP), which has at its heart the desire to keep the American workforce financially in place despite the ravaging impact the social distancing demands are having on our economy. This section of the legislation impacts not only small businesses but also nonprofit organizations, as well as religious bodies.
In a nutshell, the PPP enables nonprofits to secure loans (which can become grants) to help pay the compensation, retirement and healthcare for their workers during these months of social distancing. The application process takes place at your local bank or lending institution, so you would not be engaging with government offices directly, and we are told that these lending institutions would start receiving applications this coming Friday, April 3rd.
Whether or not your church family chooses to pursue an application for the Payroll Protection Program is a matter that you and your leadership will need to discern for yourselves. What we want to provide for you here are a series of videos and handouts that have been provided through webinars that have taken place over the last few days. We encourage you and your leaders to read the materials and prayerfully consider if this might be a good fit for you and your church family in the midst of these challenging economic times. If you have questions about the program, we would encourage you to speak with the representatives of your lending institutions. They will have the insights needed to help guide you through the process, should you choose to move in that direction. We provide the information to you out of a desire to keep you informed on what is coming our way in this turbulent time.
U.S. Chamber of Commerce Foundation Webinar Materials
Click HERE: On Demand Webinar: Churches and the CARES Act
Click HERE: YouTube --- 35-minute Video Webinar on Paycheck Protection Program [Emergency Coronavirus Funding for 501 (c)(3) Nonprofits]
Click HERE: PowerPoint Slides from Video Webinar on Paycheck Protection Program [Emergency Coronavirus Funding for 501 (c)(3) Nonprofits]
Click HERE: Brief but informative Handout on Paycheck Protection Program [Coronavirus Emergency Loans Guide and Checklist]
Evangelical Council For Financial Accountability Webinar Materials
Click HERE: CARES Act Webinar Outline Handout
Click HERE: Print Version of the PowerPoint Slides
Click HERE: Payroll Protection Program Application