[OMS_MANAGERS] FW: LBCC SBDC - Loan updates here / Merkley Town Hall Tues 11:30 am

[Lise Grato]

In case you didn’t see the link on the chat this morning. Here it is along with other SDCD info. 

 

The meeting also is recorded to watch later

 

Thanks,

 

Lise

 

From: Lise Grato [mailto:director at albanydowntown.com] 
Sent: Monday, April 6, 2020 9:14 PM
To: 'Lise Grato (director at albanydowntown.com)' <director at albanydowntown.com>
Subject: LBCC SBDC - Loan updates here / Merkley Town Hall Tues 11:30 am

 

ADA Members,

 

Here is the latest on the SBA Loans – read Anne Whittington’s evening email below.

 

Highlights:

*         Watch the Jeff Merkley Town Hall meeting at 11:30 am tomorrow for more updates and to ask your questions. Register here:  https://letskeepconnected.org/lets-keep-connected-town-hall-4-2/

 

*         EIDL – New shorter form. If you submitted already, you need to resubmit.

 

*         PPP – Money for PPP may be gone by this week, so apply now if you have not. There may be a new wave of funding once this is gone. 

 

*         GOOD NEWS....some loans are starting to be funded!

 

*         More…

 

 

Thanks,

 

Lise

 

 

From: Anne Whittington <annesbdc at gmail.com <mailto:annesbdc at gmail.com> > 
Sent: Monday, April 6, 2020 5:12 PM
To: Anne Whittington <annesbdc at gmail.com <mailto:annesbdc at gmail.com> >
Subject: NEW, yes new updates!

 

HI ALL,

 

Here are the most recent updates and it's not all good sorry to say....

 

1. Some banks have already capped PPP loan applications they will take. If your business bank is no longer taking PPP apps, try your personal bank. If you need another option, US Bank is madly trying to get the whole PPP process online. They are taking single owners first, then two owners, then multiple owners. 

2. EIDL Loan applicants will receive a phone call from SBA about their loan application. To ensure it’s actually the SBA not a scam, businesses should write down their application number and ask the caller to verify that number before providing personal information. 

3. IF you filled out the EIDL before the new streamlined form, GO BACK and fill out the new form. They are not processing the first ones. https://covid19relief.sba.gov/#/

4. EIDL advance of UP TO $10,000 is based on number of employees. ($1,000 per employee)

5. EIDL is being rolled into the PPP if you have both. Please see the example below of how to calculate.*

6. SBA Administrator announced that SBA issued guidance clarifying that all faith-based organizations impacted by Coronavirus (COVID-19) are eligible to participate in the PPP and the EIDL program.

7. Register here for Jeff Merkely Townhall meeting at 11:30 am tomorrow for more updates and to ask your questions: 

https://letskeepconnected.org/lets-keep-connected-town-hall-4-2/

8. PPP form was revised. If your forms say "March 2020" on bottom need to get new version that says "April 2020".

9. April 10, sole proprietors allowed to apply for PPP.

10. Unemployment: If you ask employ back to work and they do not come back their UI (unemployment insurance) will be denied unless an exclusion applies such as health or children. Employees cannot be covered by UI and PPP.

11. Do not have to hire current employees for PPP. But 2019 numbers will be used.

12. Work share enables you to reduce employee time by 20-40%. AND they may receive partial unemployment.

 

I recommend if you apply for and get both EIDL and PPP, use EIDL for expenses (mortgage, rent, utilities, interest) other than employees and use PPP for employees. As always please check with your accountant and bank before making financial decisions. 

 

GOOD NEWS....some loans are starting to be funded!

 

Money for PPP may be gone by this week, so apply now if you have not. There may be a new wave of funding once this is gone. 

 

Let me know if I can help further and be well,

 

Anne 

*EXAMPLE:

No employees make more than $100,000, outstanding EIDL loan of $10,000.

Annual payroll: $120,000/12

Average monthly payroll: $10,000 Multiply by 2.5 = $25,000

Add EIDL loan of $10,000 = $35,000 Maximum loan amount 

 

 

Anne Whittington

Small Business Development Center LBCC

 <mailto:AnneSBDC at gmail.com> AnneSBDC at gmail.com

 <tel:(541)%20223-2724> 541-223-2724

 

 <https://bizcenter.org/centers/linn-benton-sbdc/> LBCC SBDC Website

 <https://www.facebook.com/lbccsbdc/> Visit us on FACEBOOK

 

 

 

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