In a rapidly changing situation with new information constantly arriving, Bishop Dietsche wrote as follows on April 3.
My Brothers and Sisters,
This morning I received the following email from my chancellor Alice Yurke. Her email and the attachment are given below. Please remember that applications for the Payroll Protection Program (PPP) are being rolled out today. The funds are limited, and applications will be approved on a First-Come-First-Served basis. If you want to access this potentially significant relief you must act now.
One of our priests reported that she found the application process daunting, and sought the help of her parish’s bookkeeper to sort it out. She engaged that bookkeeper through Creative Financial Services, and was charged only $40 per hour. If you need help, reach out for it, but remember that this program will require your timely action. If your bank is a participant in the PPP, they should be able to answer your questions. Alice recommends:
“Get the application in, sort out details later, don’t be conservative in the amount you’re requesting. Just. Do. It.”
The Right Reverend Andrew ML Dietsche
Here is Alice’s email and attachment (which in itself requires a careful read):
I’ve reviewed the SBA’s interim final rule regarding the paycheck protection program loans under the CARES Act. I found the information for borrowers, which is presented in the form of an FAQ section (Part III, pp. 4-19), to be very helpful in terms of describing eligibility and documentation requirements, as well as presenting different scenarios in calculating the maximum loan amounts. Clause m (p. 13) reminds potential borrowers that the loans are “first come, first served.”
The rule is called an interim final rule because, in the interest of time, the SBA is publishing the rule and dispensing of a waiting period for comments. However, the SBA is accepting comments and notes that there may be additional guidance based on the comments that it receives.
I hope this may be of use to our parishes.