No comments yet

PPP Loan Forgiven

In the early days of the pandemic, I submitted our detailed application from our Church to PNC Bank for a Pandemic PPP Loan equaling $72,700. We used the funds to pay our full staff’s salaries and benefits thru the end of Summer, 2020 and then we saved the equivalent dollars. This past Spring, I worked with PNC Bank to prove that the loan amount was justified based on 2019 salaries and benefits and then applied for “forgiveness” of the loan amount.
Since we complied fully, we received full forgiveness from the Federal government and the funds are now ours. The plan is to judiciously use the funds as necessary over the coming years. Our operating budgets for 2020 and 2021 are tight and have not allowed funding from the operating budget to specified reserve funds such as the Search Reserve and Maintenance Reserve. Thanks go to Marina and Chrissy for helping to provide lots of needed documentation.
Steve Cohen