Time-Sensitive Financial Relief for ABCCONN Churches – Federally Funded CARES Payroll Protection Plan (PPP)
- Posted by: brittany-n-stephenson
- Posted: 4/7/2020
- Tags: Local Church Ministries
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ABCCONN Churches are encouraged to make an application for federal funds under the Payroll Protection Plan, a part of the CARES Act recently approved by Congress and signed by the President.
Eligibility and Requirements
Churches and other non-profits are eligible under this program.
Churches would be eligible for a loan of approximately 2.5 times the monthly payroll. The loan would be through a participating Bank of your choosing.
Using the Quarterly 941 forms, your church can determine the potential amount of your church loan.
This is a first come, first serve program. It is important that your church file an application quickly.
- What can the loan be used for? Payroll Costs (This is the prime reason for this program), Utilities, or Group health benefits
- If this is a loan, what is the interest and how long do we have to pay it back? It will depend on your bank. No guarantee or collateral is required.
- Is there Loan Forgiveness? Any monies spent for payroll during the eight-week period after the loan is originated (starts) are forgiven. Also, utility payments made prior to 2/15/20 are eligible for forgiveness.
- Is there a down-side to this application? Your church would have to make every effort to retain the number of current staff.
For additional information please click here.
Further assistance is available by calling the ABCCONN office during normal business hours at 860-521-5421. Please follow the prompts to be connected with the Executive Minister.