Many of you have heard that, late Wednesday night, the U.S. Senate approved a bill proposing a $2 trillion stimulus package that may offer certain forms of relief to small business, including churches, schools and other operational models within The Foursquare Church ministry context. Already, the central and district offices have received numerous questions about applying for loans and other forms of aid.
Please do not rush to action. There are numerous implications to this stimulus bill that are still unclear concerning our local church structure and what authorizations banks will require. We have assembled an interdisciplinary task force of ministry professionals who will delve into the specific provisions of this proposed legislation to understand whether this aid will be available to local churches individually, or whether we will have to apply for such aid as a singular corporation. We also need time to unpack the reporting provisions and applicability to ministers’ payroll, housing allowances, parsonages and tax withholdings.
We are writing to assure you of the following:
- We are closely watching this on your behalf.
- We have some of our best and brightest legal and financial minds involved.
- We will disseminate clear and relevant information to you as it becomes available and actionable.
To this end, we have established a dedicated page on our News + Resources website to share church administration-related COVID-19 resources and updates.
We are with you during this season. We are thankful for you and look forward to hearing reports of how the Lord is working through your local church.