Paycheck Protection Program (PPP) loans funding approved by the U.S. Senate and going to the House of Representatives for a vote this week.

As you likely know, the Federal Government created a program through one of the recent stimulus packages to specifically help small businesses. Those funds are for small businesses to help pay their employees and would be forgiven if the business spent 75% of the loan on payroll over the first eight weeks after receiving payment. Also, these loans could be used to pay other necessary expenses such as mortgage, loans, and utilities. The monies for that program were used up quickly and if you have not received word that you were approved, chances are you were not.

The good news is that the U.S. Senate passed a bill yesterday for additional funding. This funding still needs the approval of the House of Representatives and is expected to be approved on Thursday. The amount of funding for this program will be over $300 billion dollars. I know that sounds like a great deal of money but it goes quickly.

The reason for this Special E-News is that money is limited and it is first-come, first-served. Applications are done through your local bank. Not all banks can assist, but your first step is to reach out to your local bank and ask to be in the queue. If you cannot get into the queue, please contact the synod's director of finance and administration, Michael DeNise, for assistance connecting with a bank that may be able to help.

It is expected that when funding becomes available, businesses that have already been set up will have their applications pushed through quickly. The key is to get in the queue—and do it now.

Specific questions about this program can be sent to Michael DeNise and he will work to figure out how he can help.

DO NOT WAIT or you will miss this chance to secure funding to keep your staff in place.