While attorneys are sorting through the details of the newly-enacted Families First Coronavirus Response Act (FFCRA) and Coronavirus Aid, Relief, and Economic Security (CARES) Act, summaries of the acts and their impacts on local churches and employees are being presented from a wide array of experts. Guidance from Wespath and the General Council on Finance and Administration legal departments will be made available this week to address specifically how these acts may provide benefits to churches in the United Methodist connection. As specific guidance becomes available, details will be shared through NC Conference communications avenues. For now, information is available at the links provided below for your research. Several sources agree that the first steps at this point while awaiting further guidance should be:
- Ensure your 2019 Financial Statements are complete and your first-quarter financial statements are prepared as soon as possible.
- Review your church’s polity on receiving a loan and take steps toward notices of meetings that may be required. If a church vote is necessary, think about how you will accomplish that during social distancing using mailed ballots or online meetings (such as Zoom) that can accommodate large numbers of people. Determine if approval is required to apply for the loan or just to sign documents.
- Locate an SBA approved bank and let them know you would like to apply. Ask them to immediately provide you loan documentation requirements once published by the SBA.
More information will be posted as guidance from the legal departments of Wespath and GCFA become available.