New and Vital Faith Church COVID-19 Loan/Grants
$500,000 for loans has been set aside from the New Faith Endowment. The loan is forgiven if apportionments are contributed in full through the end of the year. Re-payment begins only if apportionment giving is less than 100% for 2020. Alternatively, loan payments can be structured in monthly payments and payments could be re-evaluated by the appointive cabinet if apportionment giving is less than 100%. Loans will be at 60 monthly payments at 0% interest.
Each applicant must complete the following before applying in order to be eligible for this grant/loan:
- • The church wasn’t in financial crisis before COVID-19 pandemic
- • Solicited congregation for extra mile giving
- • Created a plan for congregational care, engagement, and generosity during the pandemic. (and plan approved by church leadership)
- • Cut non-critical non-employee expenses
- • Attempted to negotiate modified payment terms with the landlord or bank (if rent or mortgage)
- You might benefit from applying for the CARES ACT loan. Here is a link regarding the government process: dscumc.org/worship-online/#Web-Off
- • Provide a monthly report to your District Superintendent and to the Director of New & Vital Faith Communities (). You will receive a blank form if your request is granted. .
- • Loan amounts up to $10,000 per applicant church. If funds remain after the first round of applications, then a second round for applications can be opened.
- • The fund expires at the end of 2020 but could be renewed. Remaining funds go back to New Faith endowment.
- • Money can be used to pay employees, rent/mortgage/utilities, and can also be used to purchase tech support and equipment for digital worship.
- • Loan/Grant requests will be evaluated by the New Faith Team and the applicant’s District Superintendent.