The Treasury Department under Trump waived the religious-affiliation rules when it implemented the PPP, allowing not only religious-affiliated businesses but also churches to receive help. … At least, 10,000 Baptist organizations received PPP loans, for a total of $735 million.
Are churches eligible for PPP Round 2?
It includes $284 billion dollars for a second round of Paycheck Protection Program (PPP) Loans for which churches and nonprofits are eligible to apply through participating banks.
Why are churches getting PPP loans?
In a written statement, a spokesperson for the Diocese of Orange told Eyewitness News, “The money received from these loans were used only as they were intended: to keep people working and to avoid critical activities from being halted throughout the Diocese, including teaching children and providing important support …
How does PPP work for churches?
How does PPP loan forgiveness work? … The loan proceeds are used to cover payroll costs, eligible mortgage interest, rent and utility costs over the 24-week period (Covered Period) after the loan is disbursed; and.
Is it too late to apply for PPP?
And the deadline to apply for PPP loans is in any case quickly approaching (May 31, 2021). Any companies still looking to access the remaining funds in the program, whether in bankruptcy or not, will therefore need to act quickly. 1.
What is PPP loan forgiveness?
PPP Loan Forgiveness. Borrowers will have their loans forgiven if they use the money for designated expenses. Participants are eligible for loan forgiveness for the amounts spent on authorized expenses over 24 weeks after loan disbursement (or eight weeks if they choose). Total payments for payroll may be forgivable.
How many churches get PPP?
Combing through millions of PPP records from around the United States, NBC Bay Area’s Investigative Unit found at least 4,982 religious organizations in California, including churches, mosques, synagogues and the like, received $608,438,703.60 in PPP loans designed to keep small business afloat during the pandemic.
Which churches got PPP loans?
Data from the SBA showed churches led by Evangelical TV stars received anywhere from $250,000 to $5 million in loans. Multi-millionaire Joel Osteen’s Lakewood Church received $4.4 million in PPP loans, while Robert Jeffress’ First Baptist Dallas received $2.2 million and Joyce Meyers Ministries received $5 million.
Is there money in PPP?
The nearly $670 billion PPP program is down to about $9 billion reserved for community financial institutions. … First, there’s still about $9 billion in the PPP chest that the SBA set aside for minority depository institutions and community development financial institutions to lend to businesses.
Do churches have to pay back PPP?
Under the PPP, a church is eligible to receive funds covering up to 2.5 times their average monthly payroll, with a cap of $10 million per loan. … This loan is forgivable if certain conditions are met. Under the EIDL, a church may ask for an emergency grant advance of $10,000. The advance does not have to be repaid.
What is needed for PPP loan forgiveness?
How to Get Your PPP Loan Forgiven
- Name of your business: business legal name, DBA, trade name (if applicable)
- Business Tax Identification Number (TIN): Social Security number (SSN) or Employer Identification Number (EIN)
- SBA loan number.
- Your PPP loan amount.
- EIDL advance amount (if you got one)
How many times can apply for PPP loan?
There is a limit of one PPP loan per tax ID. If your second business has a separate unique EIN, it’s eligible to apply for the PPP as well.