ISSUE

We’ve now got three pieces of Coronvirus relief/stimulus legislation – with (apparently) a fourth on the way.  Where can Bible colleges and seminaries turn for information?

 

SITUATION

Troas Bible College (TBC) is a private college exempt under Internal Revenue Code section 501(c)(3) and 170(b)(1)(A)(ii).  They are required to file Form 990 annually.

The Accounting Team at TBC has many, many questions about where to find answers on things like the CARES Act, the Families First Coronavirus Relief Act, Payroll Protection Program loans/grants, Emergency Economic Injury Disaster Loans/grants, New Sick Leave plans, Expanded Family and Medical Leave Act rules, what it means for schools with fewer than 50 employees, deadlines and thresholds for all of the above, etc.

We tell them that there is a lot going on right now.  There is a great deal of information on the street and some of it is wonderful, some is speculative, some is wrong, and some is from a here-to-for undiscovered planet.  Most federal agencies have Coronavirus webpages and many are doing an excellent job of developing guidance and posting that to their sites.  Agencies like the IRS, Department of Labor, Department of Education, Small Business Administration, Department of the Treasury, etc. are doing excellent work to produce informative documents.

Although it is difficult to get your arms around all the information you need, one place that is attempting to provide the information you need and keep you up to speed (Shameless plug alert in full effect) is the Moja & Company Coronavirus Resources page.

The page can be accessed at:  www.mojacompany.com/covid-19-resources

 

RULES

From The CARES Act, H.R. 748 (Page 1 of 880):

Purpose: Providing emergency assistance and health care response for individuals, families and businesses affected by the 2020 coronavirus pandemic.

 

BOTTOM LINE

• There are currently three pieces of federal Coronavirus (COVID-19) relief/stimulus legislation that feature programs that can be beneficial to Bible colleges and seminaries.
• First, your school should decide whether you are planning to pay employees/workers (both full-time and part-time) through this crisis and devise a budget and cash flow projections accordingly.
• Then, you should research the programs, loans, grants, credits, etc. that would provide the best opportunities for your institution.  Work with your financial and tax advisors!
• For links to several pertinent resources, check out the Coronavirus Resources web page mentioned above.

 

Specific questions? Email Dave Moja

The information provided herein presents general information and should not be relied on as accounting, tax, or legal advice when analyzing and resolving a specific tax issue. If you have specific questions regarding a particular fact situation, please consult with competent accounting, tax, and/or legal counsel about the facts and laws that apply.

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