by George Schroeder and Jonathan Howe, posted Thursday, April 02, 2020 (3 years ago)
NASHVILLE (BP) – An Interim Final Rule published by the U.S. Small Business Administration provides assurance that churches and other ministries are in fact eligible to receive loans as part of a massive financial stimulus bill passed last week by Congress, and that those faith-based nonprofits will not face potential conflict with religious liberty protections.
The Paycheck Protection Program, enacted as part of the $2 trillion CARES Act to relieve economic hardship caused by the COVID-19 pandemic, set aside $350 billion to guarantee loans to businesses employing fewer than 500 employees for expenses like payroll, utilities and rent or mortgage payments. Nonprofits, including churches and other religious ministries, are eligible to receive funds covering up to 2.5 times their average monthly payroll, with a cap of $10 million per loan. Read More