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Our Chief Financial Officer, Erik Mathiesen, returns this week to provide an update on financial tools and government assistance information that will be useful to church treasurers. He'll be joined by Clyde Harris, a regular facilitator in our Webinars for Church Treasurers series, who has extensive experience supporting and training congregational treasurers.
New for June 24
Churches can now apply for CEBA, the federal government’s $40K small business loan program. Initially excluded in April, the Canada Emergency Business Account (CEBA) is available now to churches that meet the other eligibility criteria, notably generating revenue from rentals or the sale of goods and services as reported on their annual charitable return. Churches can apply online.
“This is good news for churches that have seen their revenue from rental tenants dramatically drop off because of the pandemic,” says Erik Mathiesen, Chief Financial officer for The United Church of Canada. But he stresses, "This is a loan program, so churches need to factor in the repayment terms in their budgeting for the next two years.”
The Canada Emergency Business Account (CEBA) extends interest-free loans of up to $40,000 to eligible small businesses and non-profit organizations. A quarter of the value of these loans (up to $10,000) is forgivable if the balance is repaid by December 31, 2022.
This webinar will review the details of this program as they apply to churches, and walk through the steps your church needs to follow to apply for it. We'll also respond to any other questions treasurers may have about the various pandemic relief financial programs.
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