COVID-19 Information and Resources

Paycheck Protection Program

Bishop and Chancellor urge parishes to move quickly to apply for Paycheck Protection Program loans/grants.

April 3, 2020

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.”

+Andy

The Right Reverend Andrew ML Dietsche


Here is Alice’s email and attachment (which in itself requires a careful read):
Dear all:

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.

Best,
Alice

Related Links

PKF O’Connor Davies COVID-19 Resource Center
Current information from an accounting firm.

Small Business Administration Paycheck Protection Program FAQ
The most current version of the SBA’s ever-lengthening PPP FAQ

Diocesan Paycheck Protection Program FAQ
A PPP FAQ prepared by the chancellor of the diocese, Alice Yurke, Esq.

PPP Loan Forgiveness Links

PPP Loan Forgiveness Application
The official application form for PPP loan forgiveness.

PPP Loan Forgiveness Application Overview (by PKF O’Connor Davies)
An overview of the PPP loan forgiveness application by an accounting firm.

PPP Loan Forgiveness Application In-Depth Analysis (by PKF O’Connor Davies)
An in-depth analysis of the PPP loan forgiveness application by an accounting firm.

PPP Loan Forgiveness Application Guide (by Withum)
A guide to the PPP loan forgiveness application by an accounting firm.

PPP Loan Forgiveness Application Guide (Forbes)
A guide to the PPP loan forgiveness application from Forbes.

PPP Flexibility Act Summary (Forbes)

Please note: These links are provided as a service to our congregations. Where they lead to the websites of professional firms or publications, they do not indicate or imply the diocese’s endorsement in any way of the content to which they lead, or of the individuals or organizations that prepared them.

Staff Contact

The Rev. Canon John D. Perris
Canon to the Ordinary
jperris@dioceseny.org

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