Paycheck Protection Forgiveness Application June 11 2020 Summary

Paycheck Protection Forgiveness Application June 11, 2020

Summary of the Plan The Payroll Protection Plan provides loans for employers with fewer than 500 employees to help cover payroll and other limited costs. The amount of the loan granted is 2. 5 times your monthly salary based on 2019 payroll including 1099 wages or supply clergy wages. loans are guaranteed by the federal government and facilitated by local banks and other authorized lenders; overseen by the Small Business Administration (SBA) Are there any origination fees or other fees to apply for the PPP loans? No. It’s free to apply for a PPP loan and there are no origination fees for the Borrower. Please be wary of any third party that asks you to provide up-front fees to apply for PPP loans as the SBA guidance explicitly prohibits such fees. Deadline is June 30, 2020

It is fully forgiven if the following apply On June 5, 2020 a new law was signed to make your Paycheck Protection Program (PPP) Loan more forgiving. Extended the original 8 -week Covered Period forgiveness to 24 weeks from your loan disbursement or December 31, 2020, whichever is earlier. If you received a PPP loan prior to June 5, 2020, you can keep the original 8 -week forgiveness period. Your forgiveness amount won’t be reduced based on a reduction in full-time equivalent employee headcount if you can document: An inability to rehire individuals who were employees on February 15, 2020; An inability to hire similarly qualified employees for unfilled positions on or before December 31, 2020; or An inability to return to the same level of business activity that you were operating at prior to February 15, 2020 due to compliance with certain COVID-19 related measures related to social distancing, sanitation, or other worker or customer safety requirement. Changed loan use requirements to require at least 60% of PPP loans be used for payroll costs, down from 75%, 40% for non-payroll costs, up from the original 25%. In the meantime, we encourage you to stay up to date on the latest developments, which can be found on the SBA’s website and the CARES Act section of the Treasury’s website. If you have funds left over please look into how you can pay bills ahead given the guidelines of the report.

Adaptation Grants up to $2, 500 Go to our website and click on the Financial Guidance Button https: //episdionc. wufoo. com/forms/church-adaptationgrant/ The North Carolina Church Foundation is providing additional support to churches and missions serving the Diocese whose operations have been adversely impacted by COVID-19 Any church under $100, 000 in operating income should probably be applying for this grant.

CPG Pension Waiver Two Months Any Church that has clergy payments they can not make right now or possibly in the vary near future. Any church under $100, 000 in operating income should probably be applying for this waiver. Please email me at Maria. Gillespie@episdionc. org It is a very simple form you tell me the rector’s name and which two months you want waived. Warning: CPG is very slow in its response

Questions? ? Please visit the Episdionc. org website and click on the financial Guidance page button https: //www. episdionc. org/finan cial-guidance-and-support/