The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law and enacted on March 27, 2020. The CARES Act is the third of three stimulus bills to address the growing economic distress being caused by COVID-19, particularly on small businesses. There is the potential for more stimulus bills to be passed in the coming months as Congress discusses what to do as the distress deepens. Specific to pastors, ministerial employees, and the wider church community, the CARES Act makes accommodations for religious groups that past economic stimulus actions did not include.
The coronavirus pandemic and the economy are moving in opposite directions: as the virus spreads, the economy contracts. Only when the virus is contained and lockdowns abate can we work our way back to economic growth. There is, however, another understanding of economics that is already guiding us in hope-filled directions.
The Pension Boards has received several inquiries about the recently- issued legislation and guidance concerning COVID-19, especially provisions bearing on benefits, church employees, including clergy and lay workers, and health plans. We are in the process of evaluating the specific impact of these provisions on our benefit plans and for our members. We will keep you updated through these communications and on the Pension Boards website (www.pbucc.org).
Financial markets have been weak in 2020, with the Standard & Poor’s 500 Index (S&P 500) at -20% year-to-date. (As a reminder, this follows a +31.5% performance in 2019).
During this time when the Pension Boards physical offices are closed: