TO:  active pastors, church offices,  congregational presidents, congregational treasurers,  and school administrators of the Southern District

RE: Loan Application Guidance (from Concordia Plan Services)

Last night the Small Business Administration issued guidance around the process of obtaining loans through the Paycheck Protection Program. As a reminder, applications are being accepted starting today (Friday, April 3).

You can access a summary of the guidance here and read the full guidance from the SBA here.

There are aspects of the guidance that are different from what was previously expected, and these changes were made by the SBA in consultation with the Secretary of Treasury to emphasize the fact that the purpose of the loans is to retain employees. Those changes are:

• Loan interest rate set at 1%
• Loan maturation period limited to two years
• Only 25% of the loan forgiveness amount can be for non-payroll expenses

For further information about the Paycheck Protection Program, including a link to the loan application, and other aspects of the CARES Act please visit our website.

"What is more, I consider everything a loss because of the surpassing worth of knowing Christ Jesus my Lord, for whose sake I have lost all things. I consider them garbage, that I may gain Christ and be found in him, not having a righteousness of my own that comes from the law, but that which is through faith in Christ-the righteousness that comes from God on the basis of faith." (Philippians 3:8-9)