April 23, 2020
Dear Clergy and Parish Leadership:
PAYROLL PROTECTION PROGRAM AND THE ECONOMIC INJURY DISASTER LOAN PROGRAM UPDATE
As you may have heard, the funds that were available under the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program were depleted last week. Based on the responses I have received from parishes that applied for this support, approximately one-half were funded.
Congress has approved additional funding for both the PPP and EIDL
. If you have either 1) applied for PPP or EIDL or 2) have not yet applied but intend too, you should reach out to your bank immediately. If your application is submitted, check with the bank to see if any additional steps need to be taken if the programs receive additional funding. If you have not yet submitted an application, find out what the bank needs in order for you to do so. Either way, you want to be ready and proactive.
I haven’t talked much about the Economic Injury Disaster Loan program due to a lack of clarity. Based on the latest information, this program may be a more practical source of funds for some parishes than the Payroll Protection Program. I have provided a link below that provides a side-by-side comparison of EIDL and PPP. After you have had a chance to review the comparison, please let me know if you have any questions or would like to discuss in further detail to see what option may be most practical. Please note, you CAN NOT receive both an EIDL and a PPP loan/grant.
For a small business loan side by side comparison,
CLICK HERE.
PARISH LEADERSHIP INFORMATION NEEDED
For the past couple of months, the Diocese has been transitioning to a new database system. As part of this process, we are asking that all parishes provide current leadership and staff contact information. This update will assist the Diocese with making sure the right people are receiving timely information. The form is a fillable PDF and can be accessed here:
PARISH CONTACT UPDATE FORM.
Please email the completed form as an attachment to the address located at the top of the form by April 30th.
FINANCE COMMITTEE UPDATE
The Finance Committee of the Council of Trustees continues to meet on a monthly basis to closely monitor the impact that the current pandemic continues to have on both the Diocese and parishes. We encourage parishes to share any trends related to income and/or expenses they are starting to notice with the committee. Additionally, members of the Finance Committee and I are available to provide guidance around finances and investments. Please feel free to reach out to
clinder@diocesecpa.org
.
ZOOM MEETINGS FOR CLERGY AND TREASURERS
I will be hosting two Zoom meetings next week for clergy and treasurers. I thought it would be useful for parishes to have the opportunity to gather, ask questions, and share how parishes are managing finance and operations during these challenging times. Meeting links and passwords are listed below.
Time: Apr 27, 2020 10:00 AM Eastern Time
(US and Canada)
Join Zoom Meeting
Meeting ID: 957 8614 2262
Password: 169501
Dial In: +1 253 215 8782 US
AND
Time: Apr 30, 2020 02:00 PM Eastern Time
(US and Canada)
Join Zoom Meeting
Meeting ID: 998 0546 9527
Password: 083370
Dial In: +1 253 215 8782 US
ONLINE GIVING
In March, the Diocese launched an online giving platform on the Diocese’s webpage for parish donations. These donations, totaling over $7,000, were distributed April 10
th
to parishes who received gifts. In addition, I sent emails to those parishes containing the contribution information of the donor.
The process is straightforward and allows for donations either by credit card or directly from a bank account. Donors also have the option to set up reoccurring contributions so that they do not need to enter a gift every week or month manually. If you have not visited the link, I encourage you to do so. Better yet, make an online contribution so that you can convey to your parish how easy the process is.
Please let me know if you have any questions.
