CARES ACT Paycheck Protection Program

If you have not heard by now the CARES Act provides a specific program for small businesses and non-profits, including churches, to help them retain employees through the worst of the coronvirus pandemic. It is called the Paycheck Protection Program. In summary, a church experiencing financial loss due to the pandemic quarantine requirements may apply for a loan based on 2.5 times the average total monthly payroll of its employments including benefits. If the church has not reduced compensation or laid off employees during the first 8 weeks after receiving the loan it may apply for forgiveness. (This is a VERY simplified summary leaving out critical details.)

Throughout this last week information regarding the CARES Act PPP has been disseminated through various webinars and online blogs. Because the CARES Act is complicated the information has been confusing, sometimes inaccurate and in need of government clarification.

One of the better sources for staying current on the PPP may be found at the Vanderbloemen web site. These folks have posted "real time" information, and will continue to do so to help churches understand the program and how they can benefit from it.

Go to their special COVID-19 page, watch the webinar on 4-3-20 and catch up with their blogs and other information they offer. I highly recommend this outstanding resource. ~ Charles Revis

https://www.vanderbloemen.com/covid19