Paycheck Protection Program Update (April 19, 2020)

Paycheck Protection Program Update (April 19, 2020)

We are writing to inform you that the authorized funding for the Payroll Protection Program was used up last Thursday [see the link below].

https://www.usnews.com/news/economy/articles/2020-04-16/paycheck-protection-program-runs-out-of-money-as-additional-funding-stalls-in-congress

In the Diocese, we hope the Parishes did apply through their local banking relationships.  Your local bank has to be an SBA [Small Business Administration] lender. 

If you have not applied, we would encourage you to do so as soon as possible, even if this first traunche of funds is apparently used up

Across the country, other Dioceses have had success reaching out to smaller, more local or regional banks, as the national banks have generally been overwhelmed by the higher demand for SBA funding.

The Diocese has completed and submitted an application on behalf of the Mission churches.  If you are a Mission church, no action is needed at this time.

The most important thing is for Parish churches to apply and do it now if you haven’t yet.

https://www.cnbc.com/2020/04/19/mnuchin-pelosi-say-very-close-to-a-deal-on-second-round-of-small-business-loans.html

If the program receives more funding from Congress, as expected, we expect another spike in demand.  It is likely that those PPP loan applications already in the queue for further review and underwriting will be processed before new applications.

Below, for your reference, is a link to our PP resource previously distributed.

Our blessings for your success.

Michael Dotten, Chancellor
Sydney Brewster Fitzpatrick, Vice Chancellor
Rick Grimshaw, Treasurer