Dear Pastors, Church Administrators and Ministry Leaders:
We wish to thank the many of you who attended our Zoom conference call meeting where we explained and answered your questions about the CARES Act and SBA Paycheck Protection Program. During this difficult time of separation from your church families, your financial and spiritual well-being is of utmost importance to Advocates.
So that American workers can continue to be paid during the COVID-19 shelter-in-place and non-essential business and church closures, the Federal Government is rushing to provide financial aid to businesses in the form of Loan-to-Grant (Forgiveness) programs.
The attorneys at Tyler & Bursch, LLP, our support law firm, have spent hours upon hours reviewing and re-reviewing the continually changing government program documents and applications. The information we have compiled for you is provided in these links below. We hope it will greatly assist you in your decision and application process.
CARES Act and Paycheck Protection Program Q&A
CARES Act Q&A
Paycheck Protection Program Regulations from the SBA
View Regulations
Important Note: Paycheck Protection Program applications will be accepted through June 30, 2020, or until funds made available for this purpose are exhausted. There are concerns that funds will run out, so please submit your application as soon as possible. You must use your own bank, or a bank you have a relationship with. The CARES Act Q&A includes a link to find additional SBA lenders as well as a sample application.
Even though our office is closed and we are working remotely from home, Advocates attorneys want you to know we are here for you, so please feel free to call or email us as usual, if you need additional assistance.
May God bless and watch over you and yours.
This post was originally emailed to our subscribers and can also be viewed here.