Dear Presbytery Pastors and Session Clerks:
At the weekly meeting today, the Coordinating Council discussed the significance of the CARES Act recently passed by Congress. The new law provides for SBA loans that are available to assist non-profits, including churches, during these very challenging times. One part of this law is the Paycheck Protection Program (PPP). This program through the Small Business Administration helps businesses and churches with a loan for payroll, benefits, mortgage interest, rent and utilities and is forgivable if there is no reduction of staff during an eight week period.
We have included some basic information about the new law in the links below. A church that applies for the loan goes through a financial institution that is an SBA lender. We encourage you to consult with your bank and legal, tax, and accounting advisors right away to determine whether this loan is a good option in your context. If you have a PILP loan, please check in with PILP as well in connection with your application.
There are also some new laws that affect you as an employer. One of our Council members is providing a free webinar on the Paycheck Protection Act and the other new laws on
Monday, April 6, at 2 p.m. If you would like to register for the webinar, use the button below.