The COVID-19 Pandemic Phase III Stimulus Package signed into law March 27 by President Trump will provide potential relief for churches and pastors. The package provides churches with the same options as small businesses and self-employed individuals attempting to financially weather the economic turmoil wrought by COVID-19.
Churches that are exempt from tax under Section 501(c)(3) of the Tax Code may apply for a Paycheck Protection Loan to cover payroll and related employee expenses for the period February 15 through June 30, 2020, to help them sustain their ministries. The loan proceeds may be used to pay payroll costs, group health insurance benefits, paid sick leave, medical and insurance premiums, mortgage interest payments, rent payments, utilities or interest on other loans outstanding at the time of the pandemic.
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