Central Presbyterian Church issued the following announcement on July 12.
Awarded in April 2020, the $8.85 million loan covered some payroll expenses during the pandemic
On June 24, word arrived that the Small Business Administration had fully forgiven the $8.85 million Paycheck Protection Program loan received by the Presbyterian Church (U.S.A.), A Corporation in April 2020.
“We give thanks to God for this day and for the breathing room the loan gave us,” A Corporation President Kathy Lueckert said announcing the news. “While we expected forgiveness, we did not count on it. The uncertainty has been a burden.”
The Paycheck Protection Program was established by the CARES Act to provide loans to businesses to keep their workforces employed during the COVID-19 crisis. The Small Business Administration, with support from the Department of the Treasury, implemented the program. Loans carried the possibility of forgiveness, assuming certain conditions were met.
The loan covered the payroll of A Corp employees who work in the Administrative Services Group, the Presbyterian Mission Agency and the Office of the General Assembly. It also included employees of Stony Point Center and The Hubbard Press.
Conditions of loan forgiveness included that the loan proceeds be spent on payroll costs and other eligible expenses and that employee and compensation levels would be maintained. These, and all the conditions, were met.
Original source can be found here.
Source: Central Presbyterian Church
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