Finances, CARES and PPP Loans, UCC Insurance Info & Conducting Business

Insurance Board ~ Conducting Church Business  ~  CARES Act   ~   Families First Coronavirus Response Act  ~  Additional Resources

Church Finances

LATEST NEWS:  Second Draw PPP Loans Available to Churches - blog from the Rev. David Cleaver-Bartholomew - January 2021

Webinars:

Conference Staff have held four webinars to date on Church Finances during COVID-19. Find recordings here:

• Fourth webinar - Oct. 15
  Hosted by the Rev. Marilyn Kendrix, Bridge Conference Minister; Mr. Charles Kuchenbrod, Executive Associate Conference Minister; Ms. Lee Gagen, Fundraising and Development Specialist; Rev. Mary Nelson, South Central Regional Conference Minister; Rev. Dr. Dale Azevedo, Senior Minister, Barrington Congregational Church, RI; and Rev. Dr. David Cleaver Bartholomew, Transitional ACM for Stewardship and Financial Development.
  . 
• Third webinar - July 1
  Hosted by Kent Siladi, Bridge Conference Minister; Charles Kuchenbrod, Executive Associate Conference Minister; Lee Gagen, Fundraising and Development Specialist; David Cleaver Bartholomew, Transitional ACM for Stewardship and Financial Development; Rev. Dr. Ginger Brasher-Cunningham, First Church, Guilford, CT; and Mary Nelson, South Central Regional Conference Minister.
   
• Second webinar - May 28
  Discussion of the results of the financial section of the Conference’s all church survey, including: negotiating the long haul and post-PPP options; encouraging generosity and continued “giving” during these anxious times; what other churches are doing successfully.
  
  
• First webinar - April 16
  Discussion of new legislation (e.g., the CARES Act and the Family First Coronavirus Response Act) and how it may affect your church; receiving offerings and donations during a time of no public worship; encouraging generosity and continued “giving” during these anxious times; what other churches are doing successfully.

Resources:

• Search for grants using Candid, providing temporary, remote access to Foundation Directory Online Essential through the Morse Institute Library. Use this link.

• Unexpected Money Can Become Unexpected Generosity  Rev. Dr. David Cleaver-Bartholomew encourages churches to invite members and friends of their congregations to donate a portion or all their stimulus check to a charity.
  -  He also provides a Sample Letter churches can use - available here in Word and PDF.
   
• Scarcity or Generosity?  By Rev. Dr. David Cleaver-Bartholomew,  Transitional  Associate Conference Minister for Stewardship and Financial Development. We can resist the demon pulling us to focus on what we lack and are losing, and instead more fully embrace our abundance and move to generosity, by staying grounded in, and drawing upon, the abundant life we’ve experienced in Jesus Christ and in our relationships, by working together, and encouraging one another.
   
• Extravagant Generosity During a Pandemic
  By Rev. Andrew Warner, Generosity Outreach Officer for the United Church of Christ. Includes four alternatives for church giving when in-person worship has stopped, including a chart of fees for payment processors. 
  (See March 26 video of Andrew Warner speaking with the Bridge Conference Ministers)
   
• 'Be Not Afraid' About Church Finances During This Time
  By Charlie Kuchenbrod, Executive Associate Conference Minister.  What to do now if you share financial oversight responsibilities for your congregation.
   
• Tax Laws and Giving to Your Church
  Updated! Recent tax law changes provide people an opportunity to make tax-free charitable contributions to your church from your IRA
   

• Baker-Polito Administration Announces $10 Million Small Business Recovery Loan Fund
  MA churches impacted by COVID-19 will have access to capital assistance under this small business program.

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UCC Insurance Board 

         Please visit the Insurance Board website for excellent resources. Contact info for regional agents.

• COVID-19 Liability FAQ: There may be potential legal consequences is a church does not follow reputable health care guidance from the CDC and state and local health officials.

• COVID-19 Resources  from the Insurance Board

• UCC Insurance Board - Coronavirus Coverage:  High level summary of important policy provisions.

• Commonly asked questions about Insurance Board Coverage

• UCC Insurance Board - Coverage Considerations - Covid19:  A summary of what the Insurance Board believes is most relevant and beneficial for churches.

• UCC Insurance Board - Business Income Changes: Endorsement (optional additional coverage) that provides coverage in event of  “communicable disease".

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Conducting Church Business

• Re-opening Your Church Office - Tips from the Insurance Board

• Understanding Your Insurance Board Coverage 

• On-boarding a New Church Leader Remotely

• Planning Ahead to Re-Open Safely - Advice from the UCC Insurance Board

• Church Financial Management in Challenging Times Church Law & Tax Webinar, Apr 23,  11 AM-Noon

• HR Issues and Your Ministry During COVID-19, a webinar by the Insurance Board, recorded April 15, 2 PM
  (Scroll down to see video)
• Thinking Pastorally and Practically About Money at a Time Like This: from Alban 

• The National Council of Nonprofits website has a wealth of updated resources for churches

• Video - Families First Act: Response to COVID-19 March 31 Webcast  with Heather E. Kimmel, General Counsel for the United Church of Christ 

• How do you make congregational decisions in a time of pandemic isolation
  Specific guidance on CT, MA and RI law from Heather Kimmel, General Counsel, UCC   
   

• Covid-19 Procedure for meeting Changes  (PDF)
  Additional wisdom for church decision making during this pandemic from our national UCC by Thomas J. Balch, J.D., Professional Registered Parliamentarian

• Quick Guide For Using Zoom
  SNEUCC-produced quick guide for using this video conferencing platform, including a printable PDF version you can share with folks in your congregation.  Also:  Super Easy Guide to Zoom
   

• Hosting Zoom Gatherings with Lots of People
  Tips from quick learning, lots of listening, and trial and error. Written for the United Church of Christ (and friends!)  by Chris Davies, Faith Education, Innovation & Formation Team Leader

• Pandemic Preparations Checklist  (PDF)
  by the SNEUCC Disaster Resource and Response Team

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CARES Act and Paycheck Protection Program

• Second Draw PPP Loans Available to Churches - blog from the Rev. David Cleaver-Bartholomew - Jan 2021

• PPP Interim Rule: On October 8, the SBA issued an interim rule regarding the forgiveness process for Paycheck Protection Program loans $50,000 or less and guidance regarding lenders' responsibilities reviewing borrowers' expenses over those necessary to qualify for full forgiveness for all loan sizes.  

• PPP Loan Forgiveness: No need to rush, and other tips -  July 24 update from Whittlesey, the auditors for the historic Connecticut Conference 

• Applying for PPP Loan Forgiveness - The latest instructions from Church Law & Tax to help ensure the maximum amount of your church’s loan converts to a nontaxable grant 

• Eight Key Updates About PPP Loan Forgiveness - This article is from Horizons Stewardship.  They are also providing a "Completing the PPP Loan Forgiveness Application" webinar on July 21.  You can find registration information here.

• New Loan Forgiveness Guidance - Update from Whittlesey Advising based on June 22 guidance from the SBA

• Paycheck Protection Program Forgiveness Applications and Guidance  - Update from Whittlesey, the auditors of the Historic Connecticut Conference, including a new EZ Loan Forgiveness Application

• Paycheck Protection Program Flexibility Act - UCC General Counsel, Heather Kimmel, summarizes the provision of the Act signed into law on June 5, 2020 

• Horizons Stewardship Coronavirus and Social Distancing Resource Center - A good resource especially for, but not limited to, Paycheck Protection Program information

• Church Law & Tax has provided a free detailed article walking through the forgiveness application.  There is also a recording of a one-hour webinar going into more detail.

• PPP Loan Forgiveness Application

• 5-13 Update: Paycheck Protection Program Loans Frequently Asked Questions (FAQs) FAQ #46 creates a “safe harbor” provision:  “Any borrower that, together with its affiliates, received PPP loans with an original principal amount of less than $2 million will be deemed to have made the required certification concerning the necessity of the loan request in good faith.”

• Our Church Got a PPP Loan - Now What?  May 20 webinar by Church Law & Tax

•  CARES Act Summary from UCC General Counsel Heather Kimmel 
  May 4 update, includes a review of concerns regarding church acceptance of government funds

• Paycheck Protection Program – Liquidity, Necessity and  FAQs  UCC General Counsel Heather Kimmel comments on the uncertainty of loan forgiveness and other matters

• CARES Act:  Unemployment Compensation for Church Workers
  UCC General Counsel, Heather Kimmel, reviews the Unemployment Compensation provisions of the CARES Act

• CARES Act: Impact on Charitable Giving  ​A summary of major takeaways from United Church Funds and a list of additional resources

• Payroll Protection Program Loan Application Process  Information for churches interested in applying for a loan.

• Small Business Administration: Frequently Asked Questions Regarding Participation of Faith-Based Organizations in the Payroll Protection Program and EIDL  

• SBA Lenders, in Connecticut in Massachusetts and in Rhode Island

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Families First Coronavirus Response Act

• Webcast Video: Families First Act: Response to the COVID-19. Heather E. Kimmel, General Counsel for the United Church of Christ, offers information on the new Families First Coronavirus Response Act, which may cover some churches that are not ordinarily covered under federal employment laws. 
  
  Heather Kimmel has provided a memorandum and summary chart to help explain the new law. There is also an excellent summary of what we know thus far available at the Church Law and Tax website here.
   
• Information on reimbursement for part-time leave may be found in items 20-22 of this Q&A from the Department of Labor, which also contains a wealth of other details.  Español
• Department of Labor requires churches to post this information.

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Additional Resources
 

• Coronavirus and the Church: The Latest News and Advice from Church Law & Tax
  Church Law & Tax, a subscription service,  is offering this free page is designed to help churches assess the legal, tax, financial, and risk management considerations of this rapidly changing situation—and then make sound decisions.
   
• www.ucc.org/coronavirus

  Our denominations web site is an excellent source of information and resources.

• Congregational Finance LLC 
  Another well-researched subscription-based resource to consider provided by the Rev. Karen McArthur.  Includes regular updates on major legislative and regulatory issues affecting local churches, with implementation tools designed for church treasurers and finance teams.  Subscriptions are currently $25/year.
  ​

 

Top SBA Lenders in Connecticut:

state Rank	Bank	Headquarters	# Loans
1	Webster Bank	Waterbury, CT	112
2	People's United Bank	Bridgeport, CT	80
3	TD Bank	Wilmington, DE	64
4	Liberty Bank	Middletown, CT	52
5	M&T	Buffalo, NY	39
6	Newtek Small Business Finance	Lake Success, NY	26
7	Wells Fargo	Sioux Falls, SD	21
8	Berkshire Bank	Pittsfield, MA	18
9	KeyBank	Cleveland, OH	17
10	First Home Bank	Saint Petersburg, FL	13
11	Santander Bank	Wilmington, DE	13
12	Newtown Savings Bank	Newtown, CT	12
13	Citizens Bank	Providence, RI	12
14	United Midwest Savings Bank	De Graff, OH	12
15	Celtic Bank	Salt Lake City, UT	10
16	Thomaston Savings Bank	Thomaston, CT	9
17	Savings Bank of Danbury	Danbury, CT	8
18	JPMorgan Chase Bank	Columbus, OH	7
19	Stearns Bank	Saint Cloud, MN	7
20	Live Oak	Wilmington, NC	6

 

Top SBA Lenders in Massachusetts:

State Rank	Bank	Headquarters	# Loans
1	Eastern Bank	Boston, MA	421
2	TD Bank	Wilmington, DE	153
3	Webster Bank	Waterbury, CT	94
4	Citizens Bank	Providence, RI	51
5	Santander Bank	Wilmington, DE	51
6	Leader Bank	Arlington, MA	50
7	Salem Five Cents Savings Bank	Salem, MA	42
8	Cambridge Savings Bank	Cambridge, MA	39
9	St. Mary's CU	Marlborough, MA	36
10	People's United Bank	Bridgeport, CT	25
11	UniBank for Savings	Whitinsville, MA	25
12	Berkshire Bank	Pittsfield, MA	23
13	Nortern Bank and Trust	Woburn, MA	22
14	United Midwest Savings Bank	De Graff, OH	20
15	Century Bank and Trust Company	Somerville, MA	20
16	Needham Bank	Needham, MA	19
17	Live Oak	Wilmington, NC	18
18	Cape Cod Five Cents Savings Bank	Harwich Port, MA	17
19	Independence Bank	East Greenwich, RI	17
20	Bristol County Savings Bank	Taunton, MA	17
21	First Home Bank	Saint Petersburg, FL	16
22	Cornerstone Bank	Worcester, MA	16
23	Newtek Small Business Finance	Lake Success, NY	13
24	Avidia Bank	Hudson, MA	13
25	Rockland Trust Company	Rockland, MA	13

 

 

Top SBA Lenders in Rhode Island:

State Rank	Bank	Headquarters	# Loans
1	Navigant CU	Smithfield, RI	22
2	Webster Bank	Waterbury, CT	18
3	Bank Rhode Island	Providence, RI	17
4	HarborOne Bank	Brockton, MA	16
5	Freedom National Bank	Greenville, RI	16
6	Greenwood CU	Warwick, RI	10
7	TD Bank	Wilmington, DE	10
8	Citizens Bank	Providence, RI	9
9	Independence Bank	East Greenwich, RI	9
10	Bristol County Savings Bank	Taunton, MA	8
11	Santander Bank	Wilmington, DE	8
12	Newtek Small Business Finance	Lake Success, NY	6

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