April 9, 2020
The following is from Brian Walsh of our Faith and Giving Coalition, which follows tax issues for Accord Network:
Faith & Giving Coalition members and other faith-based organizations (FBOs) are reporting that some eligible faith communities/denominations and FBOs may be having trouble securing CARES Act funds through the SBA Paycheck Protection Program (PPP).
In part, this may be due to how quickly the PPP’s initial ($350 billion) funding is running out. Some lenders are informing new aSppplicants they have already lent out all PPP funds allotted to them.
However, some eligible FBOs – especially smaller FBOs – may be having trouble getting PPP loans due to their:
- Limited banking relationships.
- Faith mission.
If your organization or your member/affiliate organizations are eligible for a PPP loan but are having trouble securing one for reasons along these lines, please describe the problem(s) you or your members are encountering.
Your response will be compiled with other responses, and the compilation will be passed along to Capitol Hill contacts and the Administration without any information identifying you, your organization, or your members.
Of course, if you or your members/affiliates encountered no significant trouble securing PPP loans, it would be helpful to know that as well.
Brian W. Walsh | Executive Director
Faith & Giving Coalition | Washington, D.C.
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