Chaos abounds today (April 3, 2020) on the first day of applications for the Paycheck Protection Program (PPP) loan program through the Small Business Administration (SBA). Local banks and financial institutions received guidance from the SBA one day before the opening of the application period and are scrambling to interpret and implement the program, signed into law only one week prior. In an April 3 update, Wespath described some of the confusion and provided reassurance that local churches are included in the PPP. Some local banks have stated they are not included and may not understand the eligibility of a church or may choose not to prepare applications for churches. If you are running into roadblocks with your bank, check the SBA website to search for other approved lenders in your area. We hope that with more time to fully interpret the SBA guidance, banks and financial institutions will begin to more broadly include churches. As a sign of hope, there are churches who have already received preliminary approval!
April 4, 2020 Update: Please see the guidance issued late April 3, 2020, clarifying the inclusion of churches in the Paycheck Protection Program. Provide this information to your lender if needed to assist in your application.