Financial Update #4: (Urgent) COVID-19 Paycheck Protection Program

Please note the following timely information to help you prepare your PPP Application.

• SBA Form 2483 Application updated today

• Interim Final Rules for PPP from the SBA that affect the application process.

• Please note the bottom of page 27 and top of page 28 where further assurances are given to religious organizations on the application to current law.

• There is still confusion over whether housing allowance is included in the calculation.  It likely will not be included.  My counsel is to compute the loan amount however your bank interprets.  Worst case, you would just not be forgiven for the portion that is for housing allowance

As I discussed in our zoom call yesterday, the MOST IMPORTANT step is to contact your bank as soon as possible to see what documentation they require and how they want you to calculate payroll to determine the loan amount.  Each bank will have their own standards for how to interpret the calculation and you will want to follow their interpretations.  If you decide to pursue this loan, please do so as quickly as possible.  There is a good chance that the funding from this program could quickly run out.

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.