We are sharing information from reputable sources to keep you up to date about the CARES (Coronavirus Aid, Relief, and. Economic Security) Act and the Paycheck Protection Plan (PPP).
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April 8 — Rachel Svaty, Executive Director of Central Resources and Chief Financial Officer at Church of the Resurrection in Leawood, Kansas, has done significant research and review of the CARES Act. In this video (https://vimeo.com/405457229), she discusses how to navigate the loan application process churches can use for the small business loan provision of the CARES Act. Also check out their many other COVID-19 resources at https://www.sharechurch.com/Resource-Library/Coronavirus-(COVID-19)/Coronavirus-(COVID-19)-Response.aspx?viewmode=0. [Free registration required.]
April 7 — Under the new U.S. CARES Act, churches are eligible to apply for small business loans to keep staff on the payroll and to pay utilities. Heather Hahn reports for United Methodist News on how the program works: https://www.umnews.org/en/news/how-a-new-law-helps-churches-amid-covid-19
April 7 — Joe Park of Horizons Stewardship reports that PPP loans for churches are being approved. If you’ve not yet applied, evaluate whether this program is right for your church. And check out 27 links to information on SBA Grants and Loans on their COVID-19 Resource Center webpage at https://us20.campaign-archive.com/?u=001faf6dc36451e1202183ef7&id=225ae707dd&e=10afd02b56
April 4 — Information on the CARES Act Paycheck Protection Program from the Baltimore-Washington Conference of the United Methodist Church (PDF): https://www.churchleadership.com/wp-content/uploads/2020/04/CARES-Act-Paycheck-Protection-Program.pdf
April 3 — Two additional sources of information about the CARES Act:
• “Available Resources for Nonprofit Organizations Under the Federal CARES Act” (PDF) by Tenenbaum Law Group PLLC: https://www.tenenbaumlegal.com/wp-content/uploads/sites/298/2020/04/TLG-Available-Resources-for-Nonprofit-Organizations-Under-the-Federal-CARES-Act.pdf
• “Coronavirus aid relief for tax-exempt organizations” from RSM: https://rsmus.com/what-we-do/services/tax/federal-tax/coronavirus-aid-relief-for-tax-exempt-organizations.html
April 3 — Questions and answers about the CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (“CARES”) ACT1 provided by the General Council on Finance and Administration of the United Methodist Church. Download PDF at https://s3.us-east-1.amazonaws.com/…/CARES_FAQ_033312020.pdf
March 31 — What should you know about the CARES Act? Joe Park of
Horizons Stewardship discussed the topic with Jeff Watson, a licensed practicing attorney who over the past 30 years has specialized in working with leaders on a variety of financial matters. Watch and read now at https://horizons.net/how-your-church-can-benefit-from-the-cares-act-payroll-protection-loan/
March 30 — Can your church benefit from a CARES Act forgivable loan? And what can you do now to prepare? Horizons Stewardship offers some answers. https://us20.campaign-archive.com/?u=001faf6dc36451e1202183ef7&id=435301be2a&e=12df2eaf37
March 26 — The website Church Law & Tax offers a free webpage designed to help churches assess the legal, tax, financial, and risk management considerations of the rapidly changing coronavirus situation — and then make sound decisions. https://www.churchlawandtax.com/web/2020/march/coronavirus-church-legal-risk-tax-issues.html
