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Changes to the PPP Business Loan Program

We received information from Pr. Amy Reumann of ELCA Advocacy regarding applications for the Paycheck Protection Program. The next two weeks are set aside only for applications from businesses and nonprofits with fewer than 20 staff (i.e., most churches!), because these entities have been disadvantaged in the application process in the past.  The Admin-istration is making reforms to the program so it provides more equitable access to the smallest businesses, persons with a criminal record and non-citizens. The shares of funding to small businesses with less than 10 employees, rural and minority-owned businesses are all up.

Additionally, this also being opened up to those who received the previous PPP loan if they show a loss of at least 25% of their income. You can find more information in this fact sheet.

The ELCA Credit Union will assist congregations with applications, even if you are not currently a member, although you will need to become a member.

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