New PPP Forgiveness Rules

Extend the “covered period” under which small businesses can spend the loan proceeds from eight weeks to 24 weeks, or until Dec. 31. Remove the limits on loan forgiveness for small businesses that were unable to rehire employees, hire new employees or return to the same level of business activity as before the virus. Expand…

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Senate approves House-passed Paycheck Protection Program reform bill

The Senate on Wednesday evening passed by voice vote a House-passed Paycheck Protection Program reform bill, clearing it for President Donald Trump’s signature. Earlier in the afternoon, GOP Sen. Ron Johnson of Wisconsin objected to a prior effort to pass the bill via unanimous consent, blocking approval. But Johnson agreed to let the bill pass…

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What’s next for PPP?

When the House convenes next Wednesday, it is expected to vote on the Paycheck Protection Program Flexibility Act, a standalone bill that would, among other things, lengthen the time churches may spend the funds from their PPP loans. The bill would also eliminate the requirement that 75 percent of a loan’s proceeds must be spent on…

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IRS Sending Out New Coronavirus Stimulus Debit Cards

If you are still expecting to receive stimulus payments from the IRS in the form of a paper check, there may be a surprise coming in their mailbox soon.  The U.S. Treasury Department has announced that the IRS will begin sending out stimulus payments on prepaid debit cards instead of mailing paper checks. With these…

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5 Commonly Asked Stimulus Tax Questions

The COVID-19 outbreak has hurt the U.S. economy to a degree beyond what many of us could have imagined. Thankfully, the $2 trillion CARES Act has already been providing relief in the form of $1,200 stimulus payments that started hitting Americans’ bank accounts in April. But there’s still a lot of confusion surrounding those stimulus checks, so…

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Direct Deposit Deadline for Stimulus Payments

The IRS announced Friday that time is running out for ministers and other taxpayers to go to the Get My Payment website to enter their direct deposit information in order to receive an electronic economic impact payment. You must enter your bank account information, if needed, by noon on Wednesday, May 13. After that date, any stimulus…

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How do I qualify for PPP loan forgiveness?

Once you’ve received a PPP loan, you must spend the loan on approved expenses in order for it to be eligible for forgiveness. Luckily, the loans are intended to help with payments many churches are struggling with right now, including:  Payroll costs  Interest for mortgages Church rent obligations Church utility payments  Health care benefits If…

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A quick analysis of important economic data

Clergy Financial Resources has received permission and partner with Elliott Pollack to provide an analysis of economic data. This is what the Founding Fathers were referring to when they called America “13 laboratories”.  Except now it’s “50 laboratories”.  As the country starts to open back up, (more than 30 states appear to be easing restrictions…

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