In late March, Jim Rissler, President & CEO of the Investment & Loan Program corresponded with churches and mid-councils regarding the Program’s goal for continuous service as the corona virus evolves. We remain connected to our individual presbyteries and now want to update you on how we’re implementing and broadening our services. .
- We are continuing to offer short-term debt service relief on a case-by-case basis for churches experiencing financial challenges as a result of the virus. Congregations that initially received the PPP loan may only now be starting to feel the impact on church budgets. Churches with extraordinary income, such as daycare revenue or rental income, are particularly vulnerable.
- The Program now offers an operating line of credit. This new revolving operating line of credit provides relief for periods of cash-flow fluctuations or for bridging periods. The line of credit is also offered to Presbyteries that may be temporarily carrying church expenses such as insurance or building maintenance while in the process of selling or repurposing a church building.