April 1, 2020 - Paycheck Protection Program
Assistance for Small Businesses The CARES Act includes a Paycheck Protection Program which authorizes up to $349 billion toward job retention and certain other expenses. Churches are among the small businesses covered by this program, which allows them to borrow up to 250% of their total payroll. The loan amounts will be forgiven as long as: • The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8 week period after the loan is made; and • Employee and compensation levels are maintained. Loan payments will be deferred for 6 months To see further guidelines, visit: https://home.treasury.gov/policy-issues/top-priorities/cares-act/assistance-for-small-businesses
Questions? Contact Canon Terri Bays, Diocesan Disaster Coordinator and NGO/Government Liason