Donations to donor advised funds do not qualify for the CARES Act charitable giving provisions.
For the Paycheck Protection Program (PPP), eligible nonprofits, churches and businesses are permitted to apply for the lesser of 2.5 months of payroll costs or $250,000 through Everence. Up to 100% of the loan is forgivable when funds are used for certain approved expenses and employee retention requirements are met. Churches and organizations wishing to apply for a PPP loan must contact an SBA-approved lender. Everence clients and Everence Federal Credit Union members may apply for this government-sponsored lending program through Everence. Other SBA-approved lenders may be found at sba.gov
Organizations and churches that receive a loan under the PPP are not eligible.
The Employee Retention Credit is in addition to the payroll tax credit provided under the Families First Coronavirus Response Act.
The Employee Retention Credit provision prohibits employers from obtaining both the Employee Retention Credit under the CARES Act and either a Work Opportunity Tax Credit under Internal Revenue Code (IRC) Section 51 or an Employer Credit for Paid Family and Medical Leave under IRC Section 45S.
The Internal Revenue Service treats all churches as tax-exempt, even if they have not applied for 501(c)(3) status or if they claim such status under the umbrella of a larger 501(c)(3) nonprofit organization.
Everence gift plans administered by Everence Foundation.
The situation surrounding COVID-19 is evolving and, therefore, the subject matter discussed on this page may change on a daily basis.
Information contained on this page is for general educational purposes only. It is not intended to serve as legal, accounting or other professional service or advice. Additionally, due to the nature of the U.S. legal system, laws and regulations constantly change. If legal advice or other expert assistance is required, consult with a competent legal, accounting and/or financial professional.