Why would a church get a PPP loan?

Combing through millions of PPP records from around the United States, NBC Bay Area’s Investigative Unit found at least 4,982 religious organizations in California, including churches, mosques, synagogues and the like, received $608,438,703.60 in PPP loans designed to keep small business afloat during the pandemic.

Do churches get PPP loans?

Churches, mosques and other faith-based organizations have benefited widely from SBA loans as the PPP has been implemented over the past year. All told, more than $7 billion went to roughly 90,000 religious organizations through the program last year.

Do religious organizations qualify for PPP?

Churches (including temples, mosques, synagogues, and other houses of worship), integrated auxiliaries of churches, and conventions or associations of churches qualify for PPP and EIDL loans as long as they meet the requirements of Section 501(c)(3) of the Internal Revenue Code, and all other PPP and EIDL requirements.

How much money in PPP loans did the Catholic Church receive?

But an Associated Press investigation found that the Roman Catholic Church, through its various parishes and entities, received more than $3 billion in PPP funding when it already held more than $10 billion in cash and short-term investments.

How does a church apply for PPP loan?

Churches (including temples, mosques, synagogues, and other houses of worship), integrated auxiliaries of churches, and conventions and associations of churches qualify for PPP loans as long as they meet the requirements of Section 501(c)(3) of the Internal Revenue Code, and all other requirements that any other loan …

How much money Catholic Church has?

The best estimates that investors can make about how much money the Catholic Church has is approximately $10 billion to $15 billion. Out of this, Italian stockholdings alone are up to $1.6 billion, 15\% of the estimation of recorded offers on the Italian market.

Are churches eligible for PPP round $2?

Nonprofits And Churches That May Qualify For A Second Draw PPP Loan. Previously received a First Draw PPP Loan, and have used or will use the entire amount for authorized uses by the time you receive or expect to receive the Second Draw PPP Loan. Have 300 or fewer employees.