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 Stimulus package and small business loans? |
Dentanner |
Since Senator Marco Rubio of Florida made it a point to include in this financial stimulus package, assistance for churches. This assistance is for full and part time salaries for staff members only.
Would it be possible for our pastors to include the amount they are paying each month for missionaries as part of their salary packages when they apply for the loans?
I am concerned for our churches and pastors durning this very difficult time of the 'shutdown'. As a missionary I am already seeing a drop in giving and I can only imagine what our pastors are experiencing regarding membership giving and how the mortgage payments, utility bills, and salaries will be met. The first week of April will be the first full week for most people to be on unemployment benefits and the stimulus money may not arrive until May or June.
_________________
Dennis Tanner
Administrative Bishop Scotland
Church of God Career Missionary
Last edited by Dentanner on 4/4/20 12:35 pm; edited 1 time in total |
Hey, DOC
Posts: 97
4/4/20 11:41 am
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| We applied yesterday for the PPP loan |
jimmyjon |
What is allowed to be included in the computations are: salaries, housing allowances, all benefits (health insurance, retirement payments), and FICA payments (matching funds for employees). You can take all of those payments for the previous year 2019 or for the 1st qtr 2020 and come up with a monthly average. This average is then multiplied by a factor of 2.5. The actual application is very short (only 2 pages) however the bank will require your quarterly 911 IRS payments forms or W-2's. It will require a detailed summary of your health ins. payments, benefits and fica payments. In addition you must provide your 501 c 3 IRS determination letter (you should have one from your denomination or if you are independent you should have one already). It took a bit of work to go through and gather all of that but it wasn't overwhelming. We just finished renewing our mortgage with our local community bank so we have a relationship with them and we use them for our checking etc anyway. They will be providing us the funds next week assuming all docs are in order with their dept that is being set up for this program.
Now to your point about missions. Once you have received the funds, it is actually a loan. But the loan will be FORGIVEN if you agree not to lay off any workers or cut their hours for the next 8 weeks. IF you have enough income to do normal business you will have a surplus of funds. Technically, you can only use these funds for payroll expenses, benefit payments, the interest portion of your mortgage, rent payments and all utility payments. However, that should free up funds to help you pay your missionaries and for other areas where you might be lacking income during this time.
We intend to use the funds to any missions and help support our in house food and benevolence program. Any additional surplus will be used where needed.
Every pastor needs to be utilizing this program. IT is relatively easy to facilitate and it will help your ministry. It is about time the wealth of the unrighteous be given to the righteous for a change.
TO any lay people on this forum. DO NOT STOP GIVING YOUR TITHES TO THE LOCAL CHURCH (unless you are unemployed of course) just because the govt. is going to help churches with payroll. Many of the churches I know have already seen shortfalls the first few months. All this will do is help us stay afloat during the crisis. |
Hey, DOC
Posts: 87
4/4/20 11:59 am
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| Re: We applied yesterday for the PPP loan |
Dentanner |
Thank you for this reply!
| jimmyjon wrote: | What is allowed to be included in the computations are: salaries, housing allowances, all benefits (health insurance, retirement payments), and FICA payments (matching funds for employees). You can take all of those payments for the previous year 2019 or for the 1st qtr 2020 and come up with a monthly average. This average is then multiplied by a factor of 2.5. The actual application is very short (only 2 pages) however the bank will require your quarterly 911 IRS payments forms or W-2's. It will require a detailed summary of your health ins. payments, benefits and fica payments. In addition you must provide your 501 c 3 IRS determination letter (you should have one from your denomination or if you are independent you should have one already). It took a bit of work to go through and gather all of that but it wasn't overwhelming. We just finished renewing our mortgage with our local community bank so we have a relationship with them and we use them for our checking etc anyway. They will be providing us the funds next week assuming all docs are in order with their dept that is being set up for this program.
Now to your point about missions. Once you have received the funds, it is actually a loan. But the loan will be FORGIVEN if you agree not to lay off any workers or cut their hours for the next 8 weeks. IF you have enough income to do normal business you will have a surplus of funds. Technically, you can only use these funds for payroll expenses, benefit payments, the interest portion of your mortgage, rent payments and all utility payments. However, that should free up funds to help you pay your missionaries and for other areas where you might be lacking income during this time.
We intend to use the funds to any missions and help support our in house food and benevolence program. Any additional surplus will be used where needed.
Every pastor needs to be utilizing this program. IT is relatively easy to facilitate and it will help your ministry. It is about time the wealth of the unrighteous be given to the righteous for a change.
TO any lay people on this forum. DO NOT STOP GIVING YOUR TITHES TO THE LOCAL CHURCH (unless you are unemployed of course) just because the govt. is going to help churches with payroll. Many of the churches I know have already seen shortfalls the first few months. All this will do is help us stay afloat during the crisis. |
_________________
Dennis Tanner
Administrative Bishop Scotland
Church of God Career Missionary |
Hey, DOC
Posts: 97
4/4/20 12:50 pm
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| You're welcome |
jimmyjon |
Also, there are some articles out there now warning churches to be careful about accepting these loans from the federal Gov't due to concerns about losing our religious freedoms.
The Assemblies of God General Council head legal counsel Dr. Richard Hammar has studied this program extensively already and he says literally "go for it". This will not influence your non profit status nor endanger your religious freedom from Gov't which is protected under the 1st amendment of the constitution. |
Hey, DOC
Posts: 87
4/5/20 9:33 am
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