By Renee Little
Churches are eligible for economic relief related to the coronavirus pandemic, and the time to apply is NOW! The Paycheck Protection Program was approved through Congress and signed by the president. Approximately $349 billion in forgivable loans will be given out to small businesses (under 500 employees). Nonprofits, including churches, are included. Now is the time for church leaders to strongly consider whether to seek relief through this program and to take action.
Here are the next steps:
1. See this page on the Vanderbloemen website that includes videos and other information providing the most recent updates about the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
2. Fill out your application today—do not wait! These funds will be in high demand and the lines at banks will grow long. Be first in line.
3. Call your local bank and submit your application. Most banks will be ready to accept applications by this Friday, April 3. If your local bank is slow in ramping up on the CARES Act, try another one. Still stuck? Call The Solomon Foundation and we will help you find an SBA-approved lender to help you.
Our prayer is that the church is at the front of the line to receive these funds. Information is being updated daily, so be sure to check back.
http://www.churchcovid19.com: This page, developed by Vanderbloemen, includes a variety of church resources for navigating COVID-19, including videos and links to relevant websites, forms, and tools.
Updated 4/5/2020: SBA Clarifies Eligibility of Faith-Based Organizations to Participate in Paycheck Protection and Economic Injury Disaster Loan Programs
The SBA Paycheck Protection Program (PPP) Page
Application for CARES Act Paycheck Protection Program (PPP)
The SBA List of 100 Most Active SBA 7(a) Lenders in the U.S.
Know that the teams at The Solomon Foundation and Christian Standard Media are praying for you! We believe in you and want to resource, encourage, and help you network with others.
Renee Little directs operations for Christian Standard Media and serves as senior vice president of project management for The Solomon Foundation.
This is so helpful. Thank you for keeping us informed and providing such good resources.