We apologize for the link error, as the link has not been working for some people. We have updated it below.
March 27,2020
Dear Church Leaders,
It is vital to share this information with every church in the country.
The CARES Bill just passed Congress and is making its way to the President to be signed. The money will be available to churches almost immediately. However, the funds are limited to a first-come, first-served basis. Approximately $350 Billion is allotted for this program.
The CARES Bill (
Coronavirus Aid, Relief, and Economic Security Act
)
is designed to help our nation's businesses and non-profit organizations survive the pandemic.
The critical parts of the Bill for churches to understand are this:
1.
No collateral needed for the loan.
2.
No tax returns or other significant documentation is needed.
3.
The money will be available in as little as seven days.
4.
No personal guarantees are needed. (Your credit and the church's credit do not matter)
5.
There are no payments until 2021.
6.
The interest rate is fixed for ten years and will be about 3.5%
7.
100% of the loan is forgivable. Important details apply.
