The Paycheck Protection Program and is run through the Small Business Administration (SBA). All the guidance I have at this point makes me believe this applies to churches…many of whom are struggling financially because of the pandemic. There seem to be very few strings attached…you just need to be struggling financially because of the pandemic. If you are a church with any employees and have seen a large drop in offerings recently, you should consider applying.
The video will walk you through it better than I can write, but here’s the gist of what you need to do:
- Have your church leadership (Trustees, Finance Committee, Admin Council) approve applying for the PPP Loan.
- Fill out the application (link below).
- See if your bank does SBA loans for this program. If not, find a bank or credit union that does.
- Bring application and supporting materials in.
- Get approval…and money.
- Track carefully how loan money is spent over next 8 weeks.
- Submit documentation to get all or most of loan forgiven.
Check out the video below:
- Paycheck Protection Program Application: https://www.sba.gov/document/sba-form–paycheck-protection-program-borrower-application-form
- SBA Borrower Instructions for PPP: https://home.treasury.gov/system/files/136/PPP–Fact-Sheet.pdf
- CARES Act info from Wespath (great overview): https://www.wespath.org/assets/1/7/5559.pdf
- PPP Fact Sheet from Wespath’s Legal Partner: https://extranet.wespath.org/express/ob/20200402/CARES-Act-PPP-Term-Sheet-331.pdf