What happens if I need to take out my investments?
You can take your funds out at any time subject to a 3-month interest forfeiture.
How will my IRA Rate be impacted?
Investments made into a Roth or Traditional IRA rate are in a rolling 6-month rate subject to review December 31st and June 30th. Investments made before January 1st will remain at 3.125% under $100,000 | 3.250% over $100,000. Interest rates for new investments are subject to change on a weekly basis, but once invested they won’t change until the review date. Current rates are listed on the under IRAs.
Have the IRA contribution deadlines changes?
Yes. Contributions can be made to your IRA, for a particular year, at any time during the year or by the due date for filing your return for that year. Because the due date for filing Federal income tax returns has been postponed to July 15, the deadline for making contributions to your IRA for 2019 is also extended to July 15, 2020. More information can be found on the IRS website regarding IRA contributions.
Is CSF able to offer salary/payroll loans to Converge churches?
No. The salary/payroll loans detailed in the CARES Act are funded through the Small Business Administration (SBA) and are only administered through lending institutions (banks) that have delegated authority to issues SBA Loan. We encourage Converge churches to begin the conversation with your current bank.
Will accepting a salary/payroll loan from another lender have a negative impact on my current CSF mortgage or any future loan requests through Cornerstone Fund?
Our understanding is that these salary/payroll loans are fully supported by the Small Business Administration (SBA) and should require no additional collateral and/or guarantees that would jeopardize current and/or future mortgages with Converge Cornerstone Fund. As always, we highly recommend having all agreements reviewed by an attorney before signature to understand any and all implications on the church.