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03/30/2020

Congregations included in CARES Act benefits-Please read to see how this act impacts your congregation

Bishop Dillahunt and our accountant, Joy Hacker, received the following letter from our auditors, Apple Growth Partners, regarding the newly passed CARES Act from the Federal Government. Some of the programs within this act do apply to congregations as 501(c)3 organizations. Please read the following message and connect with your congregation's financial institution and accountant to see how you can help your congregation during this time. Please also share the attached 'Employee Rights' flyer that contains information about paid sick leave for those affected by the COVID-19 pandemic.


To our loyal clients, friends, and family:

The passage of the CARES Act and signage into law on Friday brought a reason to momentary celebrate as a nation. One of the most advantageous sections of this act is known as the Paycheck Protection Program (section 1102). Simply put, this section allows an opportunity for business owners to use SBA loan funds for items such as payroll/compensation costs, health care benefits, debt interest, rent, and utilities. It allows a chance for you, the business owner, to “repair and restore” your business. Sounds great, and it is, and as such, we are asking you to act NOW before this once in a finite lifetime program runs out of funding. As with any business decision, consideration must be given to all of the economic impacts. Some businesses may decide not to use the Paycheck Protection Program, but this determination cannot be made without learning about the program.

The CARES Act has designated $349 billion for this program. This may seem like an extraordinary amount, but considering all the businesses that will be deemed eligible, the businesses that are first in with their applications stand the best chance to benefit from this program. A true testament to the saying the early bird catches the worm. If businesses are slow to react, they stand a chance of waiting for the funding amount to be increased or worse, to be on the outside looking in. Hopefully, we have your attention at this point. The trusted business advisors at Apple Growth Partners are here to guide your business to success.

ACTION STEPS TO TAKE NOW:

Time is of the essence, which is why we are contacting you now. Again, loan applications will be processed on a first-come, first-serve basis.  We suggest your team start now:

Here are additional resources to getting started:

 
Your AGP COVID-19 Response Team

 

USDL Employee Rights Flyer 4.1.20

 

 

 

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