Financial Assistance for Churches and Ministries is available through the CARES Act 2020 or the Employee Retention Credit
Applications for the Payroll Protection Program through the Small Business Administration are scheduled to be accepted as early as this Friday, April 3.
Contact your church’s bank ASAP to see if they are accepting applications. If they are not, the Small Business Administration has a search engine to assist you in finding a participating bank in your area.
Several ministries are giving step-by-step guidance and sample forms to show how to calculate your church’s application.
Regular Baptist Ministries has posted a helpful article on their website (www.garbc.org) regarding this opportunity, as well as the potential of a tax refund via the Employee Retention Credit. It is a wise investment of your time to read through this information.
As one MARBC pastor has observed, “Most churches should simply do the simple payroll calculation that is available on the simple application. Most of our churches would receive minimal “loans” from this program and should weigh the cost/benefit in large part based on the analysis of that number.” Be sure to use the Loan Calculator available on the GARBC CARES Act article on the GARBC home page to determine if your church or ministry would be best served by applying for a loan via the Payroll Protection Program or a refund via the Employee Retention Credit.
Let’s continue to pray for one another as we seek to honor Christ, declare the glorious gospel of God’s grace, and encourage others, as we recognize God’s plan in placing us in our communities “for such a time as this.”
Praying for you fervently,