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…
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…
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…
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…
SBA Approves Minister’s Housing Allowance for PPP Loan
PAYCHECK PROTECTION PROGRAM LOANS In an FAQ released on April 24, 2020, the U.S. Small Business Administration (SBA) states that it has approved the inclusion of the minister’s housing allowance in payroll costs for purposes of applying for a Paycheck Protection Program (PPP) loan and seeking forgiveness of that loan. 32. Question: Does the cost…
What is the Employee Retention Credit?
Under the CARES Act, an eligible church may be able to offset the impact of COVID-19 with an Employee Retention Credit. You must continue to pay employees during a COVID-19 related closure and carry on with church at some point during 2020 to be eligible for the credit. A qualifying closure occurs during any calendar…
How Do I Get the PPP Loan Forgiven?
You are eligible for loan forgiveness for the amounts you spend over the next eight weeks after receiving the loan on certain qualifying expenses. The qualifying expenses of the church over the eight-week period include payroll costs, rent, interest on mortgage debt and utilities. If the number of full-time employees is reduced over this time…
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. When you take a long view of what’s been done to help the economy over the past few weeks, in total it’s been quite favorable. The CARES Act is a $2.3 trillion disaster relief act that, if…
FAQ – Paycheck Protection Program (PPP)
The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to churches and small businesses to pay their employees during the COVID-19 crisis. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, and utility costs over the 8…
Sick Leave & Child Care Leave Credit – COVID-19
Churches can begin taking advantage of two new refundable payroll tax credits designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing COVID-19-related leave to their employees. This relief to employees and small and midsize businesses is provided under the Families First Coronavirus Response Act (FFRCA). The act gives businesses(including churches) with…
