If a parish/school does not have sufficient cash balances for the next month what should they do?

On a case-by-case basis, emergency loans will be considered.

Loans for parishes will be made from the LDP and are for critical expenses required to keep the parish operating: online Mass, outreach support, payroll, utilities, insurance and other facility-related items

Loan terms:

• Amount: Limited to 4 weeks of critical operating expenses –payroll, utilities, and other essential expenses
• Interest rate: 0% (this is reflecting the present interest rate environment)
• Term: Repayable by 12/31/2020
• Documentation: Standard promissory note template. Parish Finance Council chair will need to approve as well
• If loans are not repaid by 12/31/2020, new terms will be established with the parish which may require 1/3 of monthly parish offertory being remitted until the loan is paid off.
• Jeff Wagoner may approve up to $50,000. Amounts greater than $50,000 must be approved by Archbishop Vigneron.
• We will revisit new amounts and overall process for parishes and schools as events progress.