Roman Catholic Archdiocese of St. Louis
MEMORANDUMTO:Parishes with PPP LoansFROM:Steve Hunk, Director of Parish Accounting ServicesSUBJECT:PPP Loan Forgiveness Application DATE:May 29, 2020______________________________________________________________________________On May 15 and May 22, the Small Business Administration (SBA) finally issued the much-awaited guidance for recipients of Paycheck Protection Program (PPP) loans to calculate and apply for loan forgiveness. I have attached the forms, worksheets, and accompanying instructions issued by the SBA, as well as a more “plain English” interpretation of these guidelines prepared by the U.S. Chamber of Commerce. The third document attached was prepared by Parish Accounting Services to help our parishes make sense of this new SBA guidance and how it will apply to their situation.While this guidance provided clarity in some areas, the SBA is expected to issue a series of FAQs at some point to further clarify and address questions surrounding the application of the loan forgiveness rules. Furthermore, there is growing support in Congress to overhaul the PPP by extending the 8-week covered period for eligible expenses and possibly reducing the threshold requirement that at least 75% of the forgiveness amount be used for eligible payroll expenses during the covered period. For these reasons, we advise parishes not to rush to submit their loan forgiveness applications, especially if they currently expect a portion of the loan amount will not be forgiven.The forgiveness application requires calculations to determine the amount of reductions, if any, in loan forgiveness due to reductions in FTEs or salaries and wages that are not cured by June 30, 2020. These calculations need to be performed at the employee level and not in the aggregate. We are working with the payroll dept. to run the special payroll reports (PR261) that parishes on Lawson payroll will need to complete these calculations.We will continue to update parishes as more information becomes available. For parishes in Shared Accounting, your assigned accountant will be working on your loan forgiveness application and supporting documentation. As with the initial loan application, the forgiveness application also includes representations and certifications that the pastor must attest to and sign on behalf of his parish. ................
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