(1) FAQs for Faith-Based Organizations Participating
in the PPP and EIDL loan programs & (2) attached as pdf
SBA Faith-Based FAQ 1-8 Final 3Apr2020 consists of five (5) pages
|
|
FAQ Regarding Participation of Faith-Based Organizations in PPP and EIDL
Frequently Asked Questions for Faith-Based Organizations Participating in the PPP and EIDL loan programs
|
|
|
1. Are faith-based organizations, including houses of worship, eligible to receive SBA loans under the PPP and EIDL programs?
2. Are there any limitations on how faith-based organizations can use the PPP and EIDL loan money they receive?
3. How will churches qualify if have not been informed of tax-exempt status by the IRS? Do organizations have to request and receive tax exempt status or just meet the requirements of 501(c)(3) status to be eligible?
4. Will my organization be sacrificing its autonomy or its First Amendment or statutory rights if it requests and receives a loan?
5. What legal requirements will be imposed on my organization as a result of our receipt of this Federal financial assistance? Will those requirements cease to apply when the loan is either repaid in full or forgiven?
6. Is my faith-based organization disqualified from any SBA loan programs because it is affiliated with other faith-based organizations, such as a local diocese?
7. Does my faith-based organization need to apply for this exemption or include any documentation of its religious beliefs or practices to fall within this affiliation exemption?
8. How do I know where my organization fits in SBA's size standards table? Should I use the table to determine whether my organization is a small business that is eligible to participate in the PPP program?
------------------------------
Neil Sullivan
NEIL A.J. SULLIVAN, CPA TEP
Scarsdale NY
------------------------------