The Paycheck Protection Program (PPP) was created by the SBA in 2020 to help businesses maintain employment through the COVID-19 crisis. This was accomplished by providing forgivable low-interest loans primarily to fund employee payrolls. For the first time in its history, the SBA made a loan program available to non-profit organizations (like churches and other faith-based organizations).
This program is a critical tool to ensure that our churches and other faith-based organizations have the financial resources to continue their ministry. The United Methodist Credit Union is proud to have been able to help hundreds of churches and organizations in 2020 during the initial round of this program (now in its ‘forgiveness’ phase).
Just recently, the SBA has begun the second round of the Paycheck Protection Program and it is again available to churches and other non-profits. This second round, however, does have some qualifying requirements, but is potentially available to both past participants of the first round, as well as those seeking their first assistance from PPP.