Paycheck Protection Program Loans and Recordkeeping

Paycheck Protection Program Loans and Recordkeeping

Share
New! Best Practices and Forgiveness Information and Webinar

On March 31, the application for the CARES ACT, Payroll Protection Program was posted on the Treasury Department’s website. The application requires much less information than tthe Small Business Administration (SBA) typically requires. The most cumbersome part of the application is the payroll calculation.
 
Beginning April 3, 2020, SBA approved financial institutions will begin accepting applications. Starting April 10, 2020, independent contractors and self-employed individuals can apply. We encourage interested churches to apply as soon as possible due to the funding cap.

Update from Heather Kimmel, UCC General Counsel (PDF) 
 
PPP Borrower information Fact Sheet

SBA Information Page on this Program

Spreadsheet for PPP Loan Application and Recordkeeping -
Provided by Rev. Karen McArthur of Congregational Finance, LLC. Contains links for additional information.

Who Owns Your Church
 
To Apply:

Download the application from the Treasury Department’s website.  

You will need the following information about your business or organization:
·     TIN number
·     Average monthly payroll based on:
·     Employee wages (excluding costs over $100,000 on an annualized basis for each employee) for 2019, including paid time off, sick pay, and family medical pay. You can obtain this information from your payroll providers, if you use one.
·     Withholding for state and local taxes on employee compensation.
·     Documentation regarding amounts paid for employee health insurance for 2019.
·     Documentation regarding the amounts paid for retirement plan funding for 2019.  
·     Number of employees in your church.
·     Specific uses for loan money.
 
After you complete your application, we recommend that you contact your current bank. If your bank is not an approved SBA lender, ask them to help you find one. All loans have the same terms regardless of the institution.

Contact Information

Charles Kuchenbrod

Subscribe to our emails
Framingham, MA Office

1 Badger Road
Framingham, MA 01702
508-875-5233
Fax: 508-875-5485

Hartford, CT Office

125 Sherman Street
Hartford, CT 06105
866-367-2822 (Toll Free in CT)
860-233-5564

General Email: friends@sneucc.org