Zion suspended hiring activities, reduced the number of hours or completely laid off some employees, and asked the pastors to take a pay cut in March because of the COVID-19 pandemic. If you desire to understand the details of the action taken, please send an email to the address at the end of this article.. Other employees volunteered to suspend or defer their pay while we worked through these very uncertain financial times. On April 20, the congregation approved on a vote of 335 to 8, that we enter into a Paycheck Protection Program loan with Old National Bank. This loan is part of the stimulus package approved by the federal government and has very favorable terms of 1% interest, no fees, no penalty for early pay back, a maturity date of April 2022, and the potential for the bank to forgive the loan all together. With the approval of the congregation, the loan was finalized, and we received $120,900 on April 20.
We have contacted all of the church employees and they are currently returning to their previous employment with Zion. We will immediately start filling the vacant administrative assistant position and the two vacant Children, Youth and Family ministry support positions. We will use the loan money to pay for salaries of all of our employees, utilities, and mortgage interest over the next eight weeks, including retroactive pay as allowed by the program. We will then compile the necessary documentation and work with Old National Bank to determine the amount that will be forgiven. Meanwhile, your continuing contributions to the church will potentially enable us to do much needed maintenance and upgrades to the church building and other deferred projects. There is a potential that most of the loan will be forgiven, the amount that is not forgiven will immediately be paid back, and the loan will be paid off as soon as possible.
The leadership of the church will continue to monitor our financial situation closely and are willing to address any concerns or questions you may have.
A new email address has been set up which will immediately forward an email received to all members of the church council. Please send your comments to firstname.lastname@example.org.
With your continued financial support, Zion will continue its mission of sharing Christ’s word, strengthening faith and serving those in need.