Due to the amount of resources and information being put out since the CARES Act and FFCRA were signed into law, this landing page was created for local churches to find information regarding effective ministry with our finances during this COVID-19 Crisis.
The Small Business Administration (SBA), in consultation with the Department of the Treasury, is providing this guidance to address borrower and lender questions concerning forgiveness of Paycheck Protection Program (PPP) loans, as provided for under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program Flexibility Act (Flexibility Act). Read more here.
Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify for PPP loan forgiveness. There is uncertainty over some of the program details. Organizations — especially small businesses — worry about meeting the maximizing loan forgiveness requirements. While you may be anxious to apply for forgiveness, there are five main factors affecting the forgiveness application process. Click here to read more.
On June 19, 2020, SBA and Treasury announced in a press release an agreement with bipartisan leaders of the U.S. Senate Small Business Committee to publish additional information regarding PPP loans and borrowers. The SBA will disclose information about a borrower such as the business name, address, NAICS (business classification) code, ZIP code, business type, demographic data, non-profit information, jobs supported, and one of the following loan amount ranges:
According to the SBA, these loan amount categories account for nearly 75% of PPP loans. In addition, the SBA will release aggregate information about PPP loans below $150,000, e.g., total loan amounts will be released, aggregated by zip code, by industry, by business type, and by various demographic categories. It does not appear that SBA will publish business names of individual borrowers with loans of less than $150,000.
As a result, some UMC borrowers are likely to have their organization name, PPP loan amount range, and certain other organizational data published by the SBA.
On June 16, 2020, the Small Business Administration (SBA) and Department of Treasury (Treasury) published revised and additional regulations and guidance about the Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief and Economic Security Act (CARES Act). The SBA published a revised PPP Loan Forgiveness Form and Instructions (dated as of June 16, 2020), a new "EZ" PPP Loan Forgiveness Form and Instructions (a simpler form for certain borrowers), and an interim final rule that revises part of the Loan Forgiveness Rule and the Loan Review Rule from June 1, 2020 based on the new terms of the Paycheck Protection Program Flexibility Act (PPPFA), which became law on June 5, 2020. You can read more about the PPPFA here.
Wespath is working with the General Council on Finance and Administration (GCFA) to revise and update our PPP loan forgiveness guides and FAQs for UMC borrowers. Updated materials should be available soon.