news article
CARES Act Update
April 22, 2020 / By Bob Flask and the Rev. Susan Ranous
The following statement was sent to the Upper New York (UNY) Conference on April 22, on behalf of UNY Treasurer, Bob Flask, and Chair of the UNY CF&A, the Rev. Susan Ranous.
As I am sure most of you have seen, the funding for the Paychex Protection Plan (PPP) and the EIDL Loan under the CARES Act has been fully exhausted. However, there is another stimulus package that is being looked at in the Congress, which may result in additional monies to fund a second round of PPP loans; therefore, it is important, that any local church feeling a financial need to apply for these funds that have not already applied and received funding under these plans, that you continue aggressively pulling together the information needed to make the necessary application AS SOON AS those funds are released. The information needed is contained in the CARES Act information on the Upper New York Conference website.
The forgiveness available under these plans is not automatic and will require some work to prove to the bank and to the Small Business Administration that the funds received were used for allowed forgivable expenses; therefore, good record-keeping is beyond important once these funds have been received. Any questions about this can be directed to Bob Flask, Treasurer, or Rev. Susan Ranous, Chair of CF&A.