The CARES Act economic stimulus package created a forgivable loan program in the wake of the COVID-19 crisis. Religious organizations are among those who may qualify for assistance. Here’s what you need to know about the Paycheck Protection Program, which distributed $349 billion in early April and received an additional $310 billion from Congress April 23. It began accepting new applications April 27.
If your ministry has already received a PPP loan, there’s nothing else to do. The new funding doesn’t increase how much you may borrow. If your ministry wasn’t successful in obtaining a PPP loan before the first round of funding ran out on April 16, find out how to take full advantage of the stimulus. Below are 7 quick takeaways that could help your ministry remain operational. Brotherhood Mutual encourages you to talk with your ministry’s financial institution/advisor or legal counsel for details.
* We do not endorse any particular service providers. This information is being offered as an additional option ministries may consider.
Updated April 27, 2020
The information provided in this article is intended to be helpful, but it does not constitute legal advice and is not a substitute for the advice from a licensed attorney in your area. We strongly encourage you to regularly consult with a local attorney as part of your risk management program.
Thank you for your interest in Brotherhood Mutual. We appreciate the opportunity to provide your church or other ministry with an insurance quote and will reply to your request as soon as possible.
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