A goal of Disciples Church Extension Fund is to keep the congregations we serve aware of the financial relief options available to them. During the coronavirus pandemic, one such resource is the Economic Injury Disaster Loan (EIDL) of which the application deadline is fast approaching.
This federal lending program can benefit churches that have exhausted their working capital or anticipate doing so due to the prolonged challenges presented by COVID-19. The deadline to apply for an EIDL is December 21.
To prevent fraud, each applicant must provide the personal information, including social security number, of a responsible party to be connected to the loan. A credit background check will be performed on this person and the loan could be denied on this basis. In providing their information, this individual is not personally guaranteeing the loan, nor will they carry any liability for it.
The EIDL application process is simple and done on the Small Business Association website. Needed documents include your federal identification number, 2019 financial statements, and an accurate employee count as of December 31, 2019. Many applications will be approved and funded by Automated Clearing House within five business days.
Before deciding to apply for a loan, congregational leadership should consider the church’s current financial health, operating cash on-hand, potential impacts on giving through another possible pandemic shut down, and operational funds needed through June, 2021. All options, including loan terms and conditions, should be considered.
For more information on the EIDL program, email your questions to [email protected].