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Greetings Pastors, Church Treasurers, Finance Teams, SPRC, and Others -

In an email a few hours ago I provided some links, documents, and commentary on the recently passed CARES Act. As I mentioned then, the implementation of the Act and its various components are changing by the day (with some details changing each hour). For that reason, I remain committed to my previous comments regarding sources of information and helpful documents. You can read my previous email here: Conference Update on CARES Act. (You can also find past Administrative News and Notes here: Previous AST Notes.)
 
During these uncertain times, my on-going commitment will be to provide you with relevant updates as frequently as needed, but not to bombard you with endless email.
  
To that end, several significant updates bear communication:
  • The SBA just issued its Interim Final Rule on PPP
  • The Treasury Department issued a revised Borrower Application Form
  • Treasury Secretary, Steven Mnuchin, changed the interest rate from 0.5% to 1.0%.

As our Conference Auditors are telling me, "Several of these changes clarify some of the information we knew was unclear in the initial bill. Some of the guidance, however, still leaves various matters unclear or even contrary to what was in the CARES Act. We will continue to do our best to make sense of all the information that is being provided."

Finally, please continue to seek out the sources I mentioned in my previous email for updated information. I anticipate our UMC-specific sources (Wespath and GCFA) will be forthcoming with additional, updated, and important details soon related to:

  • PPP updates for UMC churches and organizations
  • PPP Loan Eligibility
  • Church organization and affiliation determinations
  • Possible implications for churches receiving federal funds
As always, please do not hesitate to share your thoughts or insights about how we can best serve you by replying to this email or emailing me at dgarvin@kyumc.org. Feel free to call as well at (502) 425-3884.
 

Grace + Peace,
David Garvin
Conference Treasurer/Director of Administrative Services
dgarvin@kyumc.org | (502) 425-3884


 
 
7400 Floydsburg Rd. Crestwood, KY 40014   (502) 425-3884   (800) 530-7236   Fax (502) 426-5181