COVID-19 Financial Update #1: Families First Coronavirus Act and CARES Act

I just wanted to let you know that we are monitoring information that could affect churches, particularly relating to government-sponsored relief through the Families First Coronavirus Act and the CARES Act.  As we become aware of information to help you understand the impact on your church, we will let you know where helpful resources are available. 

Specific parts of the laws that could directly affect churches include (1) payroll tax credits for up to two weeks paid leave for employees related to COVID-19; (2) Paycheck Protection Program Loans/Grants; and (3) Expanded Unemployment Benefits.  Here  are a few places that I have found helpful to keep up-to-date currently for those who aren’t afraid to dive into the details (or send to your finance committee team to review):

• ECFA COVID 19 Resources

  • https://www.ecfa.org/Content/ECFA-COVID-19-RESOURCES

• BMWL CPAs COVID-19 Resources

  • https://www.nonprofitcpa.com/covid-19-updates/

• Also, here is an excellent review today by Mike Batts on the CARES act as it affects churches

  • Mike Batts Cares Act Summary

• Vanderbloemen Church Resources for Navigating COVID-19

  • https://www.vanderbloemen.com/covid19 

There will be a rush of articles and materials interpreting these things for all businesses and churches.  For now, I would recommend letting the experts spend more time interpreting these things and the government to provide us clear guidelines and instructions for how to best apply these new laws.

Tommy Hill serves as the Director of Finance for Sovereign Grace Churches. He is also the Administrator for Cornerstone Church of Knoxville where he lives with his wife Elizabeth and their children.