Is your congregation eligible for a Paycheck Protection Program loan? The deadline for the second round of PPP loans is quickly approaching. Applications submitted by March 22, 2021, will be processed in time to meet the federal deadline on March 31, 2021. Learn more and apply now.

Another round of Paycheck Protection Program (PPP) loans is now available for small businesses and organizations, including congregations, to help protect staff members’ pay and other operating expenses during the pandemic. Even if your congregation already received a loan, it may be eligible for a second draw if it can demonstrate a 25% reduction in recurring revenue during any quarter of 2020. Borrowers will be able to apply for loan forgiveness following the term of the loan.

Review the criteria for first and second draws

The Mission Investment Fund is cooperating with our financial partner, the ELCA Federal Credit Union (FCU), to offer these loans to eligible congregations and ministries. The FCU can help your congregation navigate its first or second draw, even if you received your first PPP loan through a different lender. As a ministry of the ELCA, we know our congregations best. And we are prepared to help you every step of the way. Nearly 300 congregations have already received a PPP loan with the help of the FCU.

For more information about the ELCA Federal Credit Union and eligibility for a PPP loan, please visit our website. Thank you for your continued leadership during this time of great need. Do not hesitate to reach out and see how the Mission Investment Fund and the ELCA Federal Credit Union can be of service. We’re here to help.