Financial Resources during COVID-19
Federal Resources
Federal ACTS
Congress has passed three acts recently in response to the COVID-19 pandemic. The latter two, the Families First Coronavirus Response Act (FFCRA) and the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), provide significant assistance that is available to churches, religious organizations and their employees. Read full CARES act bill on Congress.gov.
The ELCA provides shares three resources on the FFCRA and CARES Act:
Update and Resources on COVID-19-related Benefits for ELCA Congregations, Synods, Other Ministries and their Employees: English | Spanish
The ELCA also provides FAQs on Paycheck Protection Program Loans.
SBA Resources
View the SBA’s main COVID-19 page for an overview of resources.
Read the SBA’s FAQs regarding participation of faith-based organizations in the Paycheck Protection Program and the Economic Injury Disaster Loan program.
Economic Injury Disaster Loan (EIDL)
Loans available statewide to small businesses and private, nonprofit organizations to help alleviate economic injury caused by the Coronavirus (COVID-19). View the main EIDL page.
Paycheck Protection Program (PPP)
An SBA loan that helps businesses and nonprofit organizations keep their workforce employed during the Coronavirus (COVID-19) crisis. View the main PPP page.
Under this program:
Eligible recipients may qualify for a loan up to $10 million determined by 8 weeks of prior average payroll plus an additional 25% of that amount.
Loan payments will be deferred for six months. If you maintain your workforce, SBA will forgive the portion of the loan proceeds that are used to cover the first 8 weeks of payroll and certain other expenses following loan origination.
PPP Resources