CARES Act Question

Congress has recently passed major legislation designed to reduce the economic impact of the COVID-19 pandemic.  Some of the provisions impose new requirements on employers regarding paid sick leave, expanded family and medical leave and unemployment benefits.  Other provisions of this legislation provide payroll tax credits and offer SBA loans which may be partially or fully forgivable.  

Wespath, GCFA and others have provided excellent guidance summarizing this legislation.  We have included links to some of those resources below and will add more as they become available.  We have also prepared the following executive summary of those resources. 

As with any new legislation, there are many unanswered questions and provisions that lack clarity.  

Significantly, it is uncertain at this time whether or not local United Methodist churches are eligible for the SBA loans.  

If you receive an SBA loan under this legislation, and UM churches are subsequently determined not to be eligible, it is likely that you will be required to repay the loan in full.  Representatives of GCFA and Wespath are seeking to resolve these issues as soon as possible.  

Note this checklist for the Louisiana Conference regarding applying for an SBA loan:

  • Contact your District Superintendent
  • Read this Executive Summary
  • Consider seeking advice from both legal and financial professionals where appropriate.

 

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