6000 Parishes in US receive loans to support crippling businesses amid COVID-19 crisis

By AGNUS DEI -



An estimated 6000 Parishes in the US have received loans from the state’s Paycheck Protection Program aimed at reviving crippling businesses amidst the COVID-19 struggles according to a CBS report.
In consonance with COVID-19 stimulus efforts, the PPP was created to ease the burden on individuals with the majority of the Catholic Churches in the US between 12,000- 13,000 applying for the loan.
According to Pat Markey, Executive director of the Diocesan Fiscal Management Conference, the latter part of March saw about 3,000 parishes receiving the funding through the fourth coronavirus relief bill that passed last month.
On his part, he explains  “that the funding is not exactly for “houses of worship or churches” but to ensure that the necessary employees of the Catholic church are kept on payroll. 
ABOUT THE PPP
The PPP is a federal funding program provided through the Small Business Administration (SBA) that administers forgivable loans to small businesses provided they use most of that money to keep their employees on staff. 
According to guidelines set by the SBA, "Churches (including temples, mosques, synagogues, and other houses of worship), integrated auxiliaries of churches, and conventions or associations of churches qualify for PPP and EIDL [Economic Injury Disaster Loan Emergency Advance] loans as long as they meet the requirements of Section 501(c)(3) of the Internal Revenue Code, and all other PPP and EIDL requirements." 
Source: AGNUS-DEI MEDIA 

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