New COVID Financial Relief Available for Churches
In a little-known change, churches have access to a new round of COVID relief funding. Unlike the PPP (Paycheck Protection Program) program, a church qualifies even if it only suffered operational impact stemming from a government order. Proving a negative financial impact is not required to be eligible for Employee Retention Tax Credit (ERTC) relief. In short, churches that cut back programs or services qualify for these refunds.
Consider whether during COVID your church experienced any of the following?
Camps cancelled
Youth group cancelled
Small groups cancelled
After service fellowship cancelled
Training and meetings cancelled
If any of these things happened to your church for a period of time the ERTC may be available to your church.
So, what is the big deal with the ERTC?
Refunds available under the ERTC can be as large as $5,000 per qualified employee for 2020 and as large as $21,000 per qualified employee for 2021.
One of our CPA partners, Wisdom Over Wealth has helped claim over $4 million in ERTC relief. Wisdom is equipped to evaluate the benefit of the ERTC for your church. They will calculate the credits available and prepare the necessary forms for filing with IRS.
Wisdom is hosting a Webinar on Thursday, November 3rd at 1PM EST to share more information on the ERTC. Join for more information and to learn how Wisdom can help your church claim these funds. Register here and we will “see” you there!
Interested in getting your evaluation started before the webinar?
Click here and let us know!