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To: Pastors, principals and business managers
From: Michael Warren, Director of Financial Services, Office of Finance
Noted below are FOUR KEY DOCUMENTS TO REVIEW, along with the attached documents. As Brad’s memo about the CARES Act rules states, each parish business office/pastor/finance council will need to participate in making key decisions on what costs to pay, and when – based on how the current PPP loan “forgiveness” rules are defined.
Please read Brad’s memo, and PPP FACT SHEET before reading the balance of this email. In addition, Paychex has a very good set of FAQs at the following link: Paycheck Protection Program.
After you have read both of these items, you should also review an option that Paychex has suggested be considered, below, given the current rules of “earning” and “paying” within the 8-week post-funding schedule. Here we are including an example that Paychex has suggested be considered by each location for including/excluding portions of payroll costs to fit within the “forgivable” rules. Please note the spreadsheet has two tabs to read. Here is the example of how the reporting should be completed.
We recommend that pastors, principals and business managers review these areas, and consult with parish finance councils or school advisory boards in determining how to follow the rules specified by the SBA, in order to maximize loan forgiveness.
The reports that substantiate these “forgivable” loan amounts will be used as the basis to request funds from the parish/school D&L at the appropriate time, and applying for “forgiveness” will be the responsibility of each parish or school. We will provide further guidance in the coming weeks about how to retrieve funds from the D&L.
Please review all of this information, and consult with parish and school advisors about the decisions to be made, and if it would be helpful, share any other key conclusions you reach as your parish/school deals with compliance with the loan provisions. Thanks.