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Posted by: Charles P Myrick CPA Posted on: Apr 06 2020 Posted in: church management, nonprofit finance, Pandemic

Churches: Apply Now for Forgivable SBA Paycheck Protection Loans

Sometimes it doesn't pay to reinvent the wheel, and this is one of those times! This special blog post includes, in its entirety, an important and time-sensitive message for church leaders, from the Rev. Saeed Richardson, Program & Operations Officer at the Samuel DeWitt Proctor Conference.

Use the links included in the letter to view the conference presentation and get details about this special part of the $2.2 trillion CARES Act stimulus package that is specific churches.

As always, if the Myrick CPA team can be of additional assistance during this unprecedented moment in history, please let us know

Stay well and stay home,

Charles P. Myrick and team

[from Rev. Richardson...]

By now we’ve all at least heard of the Coronavirus Aid, Relief, and Economic Security (CARES) Act that was just passed through congress and became law last week. Its purpose is to provide financial assistance to 501-C3’s, non-profits and small businesses under 500 employees. Churches have intentionally been included in this Act. The goal is to keep finances in the bank accounts of American organizations and their employees.

Within the Act is a specific provision called the Paycheck Protection Program (PPP) which provides funding for 2.5 months of an organization’s average monthly payroll (full-time and part-time), including benefits, as a forgivable loan, so long as the organization's workforce remains the same in 2020 as it was in 2019. Click for more details.

On April 1, SDPC presented a video conference  (PowerPoint slides here) outlining five major points for the PPP. You should also view the Information Sheet which provides more details. We’ve been privy to a number of conferences and briefings regarding the Act and its provisions, been in contact with individuals from the highest levels of the federal administration, to those who helped write the bill and advocate for churches to be included, so we are petitioning you to regard this information as valid and seek access to this opportunity. (more info here in the “CARES Act section”)

Click here to read the entire article.

Stay encouraged,

Rev. Saeed Richardson

Program & Operations Officer

Samuel DeWitt Proctor Conference