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

[LDA Main Street]

Thank you!

On Tue, Apr 7, 2020, 11:09 AM Lise Grato <director at albanydowntown.com>
wrote:

> 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>
> *Sent:* Monday, April 6, 2020 5:12 PM
> *To:* Anne Whittington <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*
>
> *AnneSBDC at gmail.com* <AnneSBDC at gmail.com>
>
> *541-223-2724* <(541)%20223-2724>
>
>
>
> LBCC SBDC Website <https://bizcenter.org/centers/linn-benton-sbdc/>
>
> Visit us on FACEBOOK <https://www.facebook.com/lbccsbdc/>
>
>
>
>
>
>
>
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