Why Churches Should NOT Take The PPP Loan From The Government!Many charities are suffering significant falls in income as a result of coronavirusand are therefore not in a position to compensate employees for any additional costs incurred by them from having to work at home.
People also ask
What is the prevalence of churches that accept PPP loans?
The prevalence of churches that accepted PPP loans is probably starling. As a matter of public record, all loans over $150,000 are public record, and the largest churches in the United States partook.
Can churches participate in the Paycheck Protection Program (PPP)?
Special guidance released Friday stated that religious employers including churches would be able to participate in the Paycheck Protection Program (PPP). It allows small businesses that have suffered financially due to the COVID-19 outbreak to apply for loans, which can be forgiven if used to cover payroll and mortgage costs.
Are church loans a matter of Public Record?
As a matter of public record, all loans over $150,000 are public record, and the largest churches in the United States partook. Evangelical media partook. Seminaries and state conventions partook.
What does the government loan program mean for your church?
For churches and ministries experiencing financial shortfalls at this time, the loans represent a 鈥渟ignificant opportunity,鈥?said CPA and tax attorney Ted Batson, writing for Church Law Tax. But the program is new for everyone鈥攏ot just recipient churches but also the government and the banks.