The Coronavirus Aid, Relief and Economic Security (CARES) Act and Small Business Paycheck Protection Program
As part of the federal government’s response to COVID-19, the Coronavirus Aid, Relief and Economic Security (CARES) Act was passed to financially help small businesses, including churches and nonprofits by means of one year forgivable loans. See the various resources below for aiding your church in considering whether or not this program is a wise path in your particular situation as you seek to faithfully steward resources.
Overview of the Paycheck Protection Program, U.S. Department of the Treasury, Accessed April 8, 2020. For more detailed information, see Assistance for Small Businesses
Webinar-On-Demand: The CARES Act—Key Impacts on Churches and Nonprofits by Michael Batts, CPA, and Frank Sommerville, JD, CPA, hosted by the Evangelical Council for Financial Accountability (ECFA)
The webinar is free to view if you register a free user account with the ECFA.
See the outline from the webinar here.
Religious Liberty Concerns Resolved for Churches to Receive CARES Act Stimulus Funds by George Schroeder and Jonathan Howe, posted April 2, 2020, Baptist Press
Do SBA-backed Loans Violate the Separation of Church and State? by Russell Moore, posted March 31, 2020, RussellMoore.com