Many who love ECA have been wondering whether or not we will apply for the CARES Act / Paycheck Protection Program Load from the Federal Government. This is a very good question. ECA is very careful about borrowing. In fact, but the grace of God, we are debt free at the moment. It would certainly be nice to stay that way. Furthermore, ACCS (our accrediting association) discourages accepting any money where we might become beholden to the lender. We are always very cautious about this, too. However, this aid package has been recommended to us from both ACCS and ACSI. It contains a “forgiveness” feature that may be beneficial and there are no show-stopping strings attached.
The ECA Board met virtually to consider this option for the school and voted in favor of applying for such a loan that could be forgiven. At their urging and approval, I took the necessary steps last week to pull the (98 page) application together. While these monies are available on an “until they run out” basis, we are hopeful for the favor of participation. The application has been officially submitted, acknowledged and money is still available at the time of this writing.
If it comes together as planned, it could make a “very hefty” amount available to back-up ECA during these challenging times. Of course, we intend to be prudent stewards of this and any resource that may come our way. Please join us in prayer for the Lord to bless this opportunity. Also, continued prayers for our nation and world are also sincerely needed. May the name of Christ be lifted high!