Paycheck Protection Program for Churches and Nonprofit Organizations

Anita Staver, Esq., President and General Counsel of Liberty Counsel, presented an online workshop in partnership with the Leadership Institute regarding the Small Business Administration's Paycheck Protection Program, on April 9, 2020. Watch the replay below. Download a free copy of a whitepaper about the PPP. Note that Congress has passed new legislation that alters some of the rules about the PPP, and the Small Business Administration has issued new guidelines. A current summary by a national CPA firm is available here.

TOPICS INCLUDE:

What Money? (Background)

Should You Take the Money? (Ethics)

Can You Take the Money? (Eligibility)

How to Take the Money (Application)

How Not to Owe the Money (Loan Forgiveness)


       

RESOURCES:

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which became law on March 27, 2020, includes the Paycheck Protection Program. This Program provides loans to keep Americans working during the Coronavirus (COVID-19) emergency. Many churches and nonprofit organizations will qualify for forgivable loans.

Batts Morrison Wales & Lee – updates on COVID-19 aid and relief legislation by a CPA firm providing tax and audit services to nonprofits, churches and ministries. They work with clients who are interested in full-service audit and tax assistance. They also have information about the Economic Injury Disaster Loan program. 

The Small Business Administration (SBA) issues guidance and oversees the Paycheck Protection Program. The U.S. Department of Treasury and the SBA posted information online about the Program. 

Useful Links:

Coronavirus (COVID-19) Relief Funding Options from the SBA 

EIDL (Economic Injury Disaster Loan Emergency Advance) 

Families First Coronavirus Response Act Paid Sick Leave Refundable Credit

Full-time Equivalent Employee Calculator

Internal Revenue Code Section 501(c)(3) requirements for nonprofit tax-exemption

PPP Borrower Application Form

PPP FAQs for lenders and borrowers

PPP FAQs dated April 8, 2020

PPP Interim Final Rule

PPP Interim Final Rule on Affiliation

PPP Links from the U.S. Treasury Dept.

PPP FAQs Regarding Participation of Faith-Based Organizations

Search Tool to Find a Lender

Search Tool for Local SBA Assistance