PPP & Churches

[Lion EA]

I'm an assistant treasurer (mostly pay bills online) in my little church. Suddenly the treasurer and priest and past treasurer are emailing me as they apply for a PPP to continue to pay our part-time employees: priest, secretary, and music director (who's my hubby, so they guess I have a vested interest in getting this loan!). They want to know our ownership structure, ownership percentage, SS#s of owners, etc. We're an Episcopal church and have our own EIN for payroll. We have elected officers (Vestry), but they aren't owners. We belong to CT's Diocese (ECC) and the national church ECUSA), but they don't pay our employees; although, the Diocese does hold our real property in trust on behalf of Emmanuel. How do we answer the banks questions about ownership structure, ownership percentage and SS#s of owners? Have you dealt with this yet in practice or in webinars? The best I've found is franchises that apply under their own EIN and not as part of the parent franchisor. But, a franchise is an entity registered with its state, a partnership or corporation or even a SMLLC. What is a church to a loan officer or to the federal government? 

[Lee B]

Check the national church financial/accounting websites.

[Lion EA]

Apparently the treasurer and priest and past treasurer did that this past week. That's how they were told that little Emmanuel is a trust and to use the CT Diocese as the trustee and use the CT Diocese's EIN. None of that sounds right to me.

[Abby Normal]

Can't they just go on unemployment and keep it simple?

[Lion EA]

With deferred payments (6 months?) and low interest (1%) and potential forgiveness, even for the 25% that can be non-payroll, it's a good deal to try to keep a biz afloat until people can shop and work and go out again.

[DANRVAN]

On 4/5/2020 at 10:47 AM, Lion EA said:

and use the CT Diocese's EIN. None of that sounds right to me.

Me neither.

I applied to today for our parish following guidance form our diocese which I have attached.

Entered n/a for most ownership and ssn questions.

This comes from a Catholic Diocese but that should not make any difference.

EIDL Grant Application Notes.pdf

 

 

[DANRVAN]

1 minute ago, DANRVAN said:

.

EIDL Grant Application Notes.pdf 463.71 kB · 1 download

 

 

Whoops, just realized you are talking PPP instead of EIDL

[Lion EA]

Thanks, Dan. Treasurer is looking into EIDL as well, so I'm passing this on to him.

[Lion EA]

I finally looked at the list of resources on the web page for the Episcopal Church of CT:

https://www.episcopalct.org/covid-19-coronavirus-updates/covid-19-financial-resources/

Without clicking on the above link, you can use your own browser to search for Episcopal Church in Connecticut. The COVID-19 link will schroll across the page.