The Paycheck Protection Program (PPP) has been reopened by the U.S. Small Business Administration to provide additional loans to nonprofit organizations, including churches, impacted by the COVID-19 crisis. A new presentation is available for Texas Baptist congregations that outlines how churches qualify for the loans and key distinctions related to the program.
CFO/Treasurer Ward Hayes noted the qualifications for the second round of PPP loans still rely on payroll as a process for calculating the eligible amount for the grant. However, there is also a gross income requirement that stipulates the church showing a reduction of at least 25% from one quarter in 2020 to one quarter in 2019. The reduction requirement makes the process unique. It also has some different maximum amounts to apply for and some special considerations for minority churches. Funds are available as soon as February 1, 2021, and the application deadline is March 31, 2021.
This presentation is being translated and will soon be made available en Espanol. For more information, church leaders can reach out to Hayes or independent consultant Cristian Murdock.
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