It includes $284 billion dollars for a second round of Paycheck Protection Program (PPP) Loans for which churches and nonprofits are eligible to apply through participating banks.
Do churches qualify for PPP?
The Treasury Department under Trump waived the religious-affiliation rules when it implemented the PPP, allowing not only religious-affiliated businesses but also churches to receive help.
Can churches apply for the new PPP loan?
Under the Economic Aid Act, borrowers who were in operation on February 15, 2020 and fall into one of the following categories are eligible to apply for a PPP First Draw loan: Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans. Nonprofit organizations (including churches).
Can you apply for a second round of PPP?
The eligibility for the second round of PPP loans is different from the first round of funding. To apply for funding, your business must have been in operation on February 15, 2020. Eligibility requires a business to have 300 employees or fewer.
Can a pastor apply for PPP?
Is a church eligible to receive PPP/EIDL loans? Yes. The United States Small Business Administration (“SBA”) has expressly indicated that faith-based organizations, including houses of worship, are eligible to apply for and receive PPP/EIDL loans.
Did Catholic churches get PPP money?
But an Associated Press investigation found that the Roman Catholic Church, through its various parishes and entities, received more than $3 billion in PPP funding when it already held more than $10 billion in cash and short-term investments.
Can religious organizations get PPP loans?
Faith-based organizations, including houses of worship, and entities that provide services that are religious in nature, are eligible Paycheck Protection Program loan applicants as long as they meet all other requirements of eligibility. … You can find all of the SBA’s PPP related online postings here.
When can we apply for 2nd round of PPP?
Small businesses hit hardest by the coronavirus pandemic can receive a second forgivable loan under the newly revived Paycheck Protection Program. The application for “second-draw” loans opened to all eligible borrowers on Jan. 19. The deadline to apply is May 31, 2021.
Can I get 2 PPP loans at the same time?
You can’t apply for a first-draw PPP loan AND a second-draw PPP loan at the same time, but if you act quickly, you can get your first draw funding and spend it in a legal fashion (i.e., on payroll expenses—which in the case of independent contractors, eligible self-employed individuals, or sole proprietors means paying …
Can a small business get a second PPP loan?
PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan. Second Draw PPP loans can be used to help fund payroll costs, including benefits.
What documents do churches need for PPP?
Documentation verifying the number of employees on payroll and pay rates, including IRS payroll tax filings and state income, payroll and unemployment insurance filings. Documentation verifying payments on covered mortgage obligations, lease obligations and utilities.
Can housing allowance be included in PPP?
Minister’s Housing Allowance Can Be Included in Payroll Costs for PPP Loans. … Payroll costs includes all cash compensation paid to employees, subject to the $100,000 annual compensation per employee limitation.