From the Desk of Rev. Bachus 06APR2020

Rev. Reginald L. Bachus
Co-Founder, Chairman of the Board & President, The 400 Foundation, Inc.

Greetings and Salutations,

If you’re reading this email, then we have a reason to thank God. Let us continue to pray for our world and keep the faith!

Paycheck Protection Program (PPP) Update:
The PPP is a part of the COVID-19 spending package that is designed to help churches, not for profits, and small businesses keep their full staff on payroll for two months. If all conditions of the loan are satisfied, the loan is forgivable. For more information visit: Paycheck Protection Program

This is a brand-new program, so the launch suffered some major setbacks. The SBA issued guidance the night before the program launch, many banks were not up and running, and many are still working through implementation challenges.

The Challenge:
Many lending instutions have taken the position that they will only be able to process PPP applications for existing customers due to the SBA guidance and implantation issues. The rationale is that this disadvantages the customers who have been loyal to the lending institutions by adding to the bottleneck with non-customers.

I have conducted a survey with several pastors who shared that their churches do not bank with an PPP participating lending institutions. This is becoming a barrier to churches so we needed a solution.

Possible Solution:
We need you on this call to demonstrate the need! The 400 Foundation is working to facilitate a relationship with a major financial institution. The goal is to help churches establish relationships with a lending institution, by setting up a checking account. Once the checking accounts are set up, the current barrier to non-customers is possibly overcome. The specifics of the account will be addressed on the call tomorrow by the financial institution.

If you have an account with an PPP lender, then it is strongly advised that you work with that lender. If you do not, this may be a possible means to quickly apply for the Paycheck Protection Program while funds are still available.

Follow Up Answers to questions that have been asked:
A good article about the delay and answers to some helpful clarifications on the 1) how to calculate your applicable payroll amounts, 2) how to handle 1099 contractors, 3) the $100,000 salary cap, and 4) how to calculate employer federal income tax withholdings and payroll taxes on employee wages.

https://www.forbes.com/sites/anthonynitti/2020/04/05/paycheck-protection-program-loans-three-things-the-sba-and-banks-need-to-agree-on-now/#593efb951a32

One additional update is that the loan now has an interest rate of 1% on a two-year term, with payments deferred for six months, if you do not comply with the requirement to maintain your full staff for two months.

Who we are:
The 400 Foundation, Inc. is a 501(c)4 founded to organize and mobilize the faith-based community and memorialize the 400thanniversary of forced slavery as an economic system in North America. The 400 Foundation is a political and economic moral movement to accelerate the forward movement of Black people.
Godspeed,

Rev. Reginald Lee Bachus
The 400 Foundation, Inc.
President

How and Why We Started:

The 400 Foundation was birthed in February 2019 as a historical response to the 400th Anniversary of Slavery in North America and a biblical response to the Exodus liberation story after 400 years of oppression. The plan was to learn from and embrace African Americans’ 400 years of experience in North America. Second, mobilize the community’s growing outcry for change. Third, channel that energy to move our communities FORWARD in 2020.

The leadership team is made up of decades of religious leadership; Harvard, Yale, Historically Black Institutions, doctoral and legal degrees; executive level real estate and political resumes; extensive business development; and consultant experience. The list of supporting leaders represents over...

400 Foundation Leadership:

The leadership team is made up of decades of religious leadership, Harvard, Yale, HBCU and doctoral degrees, executive level real estate and political resumes, extensive business development and consultant experience. The list of supporting clergy and leaders expands across 500 houses of worship throughout the State of New York. The founding leadership includes:

REV. JOSEPH HOLLAND, Esq.Executive Director | Elder, Bethel Gospel Assembly, Harlem

“We have the opportunity to right the wrongs of the past by passing legislation that removes the barriers and loosens the grip that individuals have had on the development and construction industry.”

REV. REGINALD BACHUSChairman of the Board and President - Associate Pastor | Abyssinian Baptist Church, Harlem

“We will build stronger foundations for all communities of color in New York City.”

REV. CLINTON MILLERCo-Founder and Vice President - Pastor | Brown Memorial Baptist Church, Brooklyn

“Upon this rock, our moral movement will deliver the good jobs and economic opportunities that have been denied to our brothers and sisters for far too long.”

REV. DR. KAHLI C. MOOTOOCo-Founder and Vice President - Pastor | The Historic Emanuel AME Church, Harlem

Our Plan

IncreaseIncomes

In October 2018 the U.S. Department of Labor released a report that there are 7.18 million jobs that can’t be filled. This is compounded by an aging population exiting the labor force. The 400 Plan is to identify key growth sectors that provide opportunity but lack access to a skilled workforce to fill open positions. Through private and public partnerships, our goal is channel funding into advanced skill training opportunities and create industry partnerships to employ the new skill force.

IncreaseWealth

The Economic Policy Institute and Prosperity Now released a 2017 report that by 2053 the projected Median Black Household Wealth will drop to $0. The 400 Plan is to facilitate wealth creation through business development, real estate development, and homeownership. By forging public and private partnerships that foster wealth creation in the black community with supportive legislation, we will ensure that wealth is not lost, but created going FORWARD from 400.

LegislativeAlignment

The faith and black community has always been a base, but largely untapped voting bloc. By registering voters, organizing the faith community, and engaging our legislative leaders, we aim to support the FORWARD advancement of an economic focused agenda for the black community.

Our Accomplishments

Prevailing Wage, 15A Bill, Data Disclosure Bill Advocacy Success
Built Recognized Brand in 6 Months
Over 400 Houses of Worship Mobilized