[OMS_MANAGERS] FW: Cares Act Update
kelly at exploredowntowntigard.com
kelly at exploredowntowntigard.com
Fri Apr 3 15:49:44 PDT 2020
I just got off a conference call with Washington County EOC. They said per their knowledge, Umpqua is the only bank currently accepting applications - and only from their existing clients – and all others are not yet pending clarifications from the Treasury.
However, they said that if you can, when you can, submit your application as soon as possible as they are expecting a backlog similar to that experienced by the unemployment folks. And the funding is finite, despite the vast amount allocated, it will be less than needed and certainly less than requested so applicants won’t want to get behind the curve.
Also the PPP and the EIDL interact and receiving both can risk the $10k forgiveness. It was strongly suggested the applicants consult with a CPA or an attorney about the implications of applying for both funding options. While they are blanket programs, the implications are unique to each specific situation.
So in a nutshell, they support the eagerness, but encourage some research and patience.
Just sharing info…
Kelly
From: OMS_MANAGERS <oms_managers-bounces at listsmart.osl.state.or.us> On Behalf Of HENRY Katie * OPRD via OMS_MANAGERS
Sent: Friday, April 3, 2020 3:07 PM
To: HARVEY W SCHUBOTHE <ninerharv2 at msn.com>; Oregon Main Street program managers <oms_managers at listsmart.osl.state.or.us>
Subject: Re: [OMS_MANAGERS] FW: Cares Act Update
Hi All,
I’m on the new Nonprofit Association of Oregon COVID-19 listserve they created (I’m pretty sure anyone can join) and there is a ton of chatter about what everyone’s bank is saying about the PPP.
I did see on there that Umpqua is accepting applications and that Bank of America has an online application.
There was also a lot of people sharing what their banks told them which is the equivalent of “we are trying to get this figured out”. One bank said there is an internal call happening with their banks at this moment. So this is ever evolving.
Katie
Katie Henry
Heritage Outreach Specialist
Oregon Heritage
Oregon Main Street
Oregon State Historic Preservation Office
(503) 986-0671
725 Summer St NE, Ste C - Salem, OR 97301
www.oregonheritage.org <http://www.oregonheritage.org/>
www.oregonmainstreet.org
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Oregon Heritage Exchange Blog <https://oregonheritage.wordpress.com/>
weekly Heritage News Listserv <http://listsmart.osl.state.or.us/mailman/listinfo/Heritage>
From: HARVEY W SCHUBOTHE <ninerharv2 at msn.com <mailto:ninerharv2 at msn.com> >
Sent: Friday, April 3, 2020 1:50 PM
To: Oregon Main Street program managers <oms_managers at listsmart.osl.state.or.us <mailto:oms_managers at listsmart.osl.state.or.us> >; HENRY Katie * OPRD <Katie.Henry at oregon.gov <mailto:Katie.Henry at oregon.gov> >
Subject: Re: [OMS_MANAGERS] FW: Cares Act Update
Our local SBA lender says things keep shifting and the loan application material sent out last night still is not final. He is having businesses submit a simple one page information form promising to deliver the final SBA form and guidelines when they are ready. But as of 1:46, he says the several things he has received from SBA even today have been changed and are in flux.
We did a zoom yesterday with our business owners and the banker which was highly informative and well received and he suggested that this would happen and not to trust the April 3 date.
_____
From: OMS_MANAGERS <oms_managers-bounces at listsmart.osl.state.or.us <mailto:oms_managers-bounces at listsmart.osl.state.or.us> > on behalf of W Darin Rutledge, Executive Director <darin at downtownklamathfalls.org <mailto:darin at downtownklamathfalls.org> >
Sent: Friday, April 3, 2020 1:34 PM
To: Oregon Main Street program managers <oms_managers at listsmart.osl.state.or.us <mailto:oms_managers at listsmart.osl.state.or.us> >; HENRY Katie * OPRD <Katie.Henry at oregon.gov <mailto:Katie.Henry at oregon.gov> >
Subject: Re: [OMS_MANAGERS] FW: Cares Act Update
We have a few that are already starting to accept inquiries (even if their application system/process is not yet in place). When did you talk to them? New guidelines from SBA just went out last night after regular working hours.
D
From: OMS_MANAGERS <oms_managers-bounces at listsmart.osl.state.or.us <mailto:oms_managers-bounces at listsmart.osl.state.or.us> > on behalf of Liz Hannum <liz at downtownoregoncity.org <mailto:liz at downtownoregoncity.org> >
Reply-To: Oregon Main Street program managers <oms_managers at listsmart.osl.state.or.us <mailto:oms_managers at listsmart.osl.state.or.us> >
Date: Friday, April 3, 2020 at 1:32 PM
To: HENRY Katie * OPRD <Katie.Henry at oregon.gov <mailto:Katie.Henry at oregon.gov> >, Oregon Main Street program managers <oms_managers at listsmart.osl.state.or.us <mailto:oms_managers at listsmart.osl.state.or.us> >
Subject: Re: [OMS_MANAGERS] FW: Cares Act Update
I called around to all of our local banks today to try and see if I can spread the word about their process for taking applications and they have heard that the PPP is on hold for now.
The rumor is that the big 4 banks have backed out of the program until they have time to create better guidelines. Our local banks are unsure that they will have the capacity to participate in this program either. The only one I found locally who is actually moving forward is USBank. They have an inquiry process that allows you to get in the queue to put in an application at some point in the future.
Anyone else having any better luck?
On Fri, Apr 3, 2020 at 1:25 PM HENRY Katie * OPRD via OMS_MANAGERS <oms_managers at listsmart.osl.state.or.us <mailto:oms_managers at listsmart.osl.state.or.us> > wrote:
Hi All,
Below is a CARES Act update from Travel Oregon regarding the Payroll Protection Program and the Economic Injury Disaster Loans.
Hang in there.
Also, Happy Birthday to Sheri! 😊
Katie
Katie Henry
Heritage Outreach Specialist
Oregon Heritage
Oregon Main Street
Oregon State Historic Preservation Office
(503) 986-0671
725 Summer St NE, Ste C - Salem, OR 97301
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Hi Everyone,
Travel Oregon was on a call with US Travel late this morning and was provided an update on federal CAREs Act programs for small businesses.
US Travel confirmed that the Payroll Protection Program <https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.sba.gov%2Ffunding-programs%2Floans%2Fcoronavirus-relief-options%2Fpaycheck-protection-program-ppp&data=02%7C01%7C%7C05971bf2d28f4ca544cf08d7d80e6a28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637215428725688195&sdata=CgA4KNTzEVKTRC012yMmPDYfNiMiKfQ2YrmpMhvgGCA%3D&reserved=0> (PPP) opened today (April 3) through the US Small Business Administration (SBA) and that funding for the program was capped at $349B nationally. They advised that if businesses want to participate in the program, that they fill out the paper work as soon as possible and work with approved lenders to ensure their loan application is processed.
Travel Oregon also learned that Economic Disaster Injury Loans <https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.sba.gov%2Ffunding-programs%2Floans%2Fcoronavirus-relief-options%2Feconomic-injury-disaster-loan-emergency-advance&data=02%7C01%7C%7C05971bf2d28f4ca544cf08d7d80e6a28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637215428725688195&sdata=NrTnIWX8QIuUvWFjYIjsHJegr6VUBgT2tePLf2D2V94%3D&reserved=0> should be utilized as well as it is possible to apply for these funds directly through SBA (it is not necessary to go to a SBA lending bank like the PPP). Businesses are able to participate in both the EDIL and PPP*. Make sure to do your research online to determine which program is best for your business or if you should participate in both programs.
*501c6 businesses are NOT currently eligible for PPP. US Travel is aware of this challenge and is talking to federal leadership about this.
Business Oregon has also launched a Small Business Resource Navigator webtool to help businesses access information. Find that tool here <https://eur05.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.oregon4biz.com%2FCoronavirus-Information%2F&data=02%7C01%7C%7C05971bf2d28f4ca544cf08d7d80e6a28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C637215428725688195&sdata=mui6dHSdVOS6wyeJ8TZnPFAVIf92VbmxrEQVCJzBh8E%3D&reserved=0> .
Please let me know if you have any questions. Yours in partnership.
Lisa Itel | Director, Global Strategic Partnerships
Travel Oregon/Oregon Tourism Commission
530 Center Street NE, Suite 200 | Salem, OR 97301
D: 503.967.1564 | O: 971.717.6205
Email: lisai at TravelOregon.com <mailto:lisai at TravelOregon.com>
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