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</o:shapelayout></xml><![endif]--></head><body lang=EN-US link=blue vlink=purple><div class=WordSection1><p class=MsoNormal>In case you didn’t see the link on the chat this morning. Here it is along with other SDCD info. <o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>The meeting also is recorded to watch later<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal>Thanks,<o:p></o:p></p><p class=MsoNormal><b><o:p> </o:p></b></p><p class=MsoNormal><b>Lise<o:p></o:p></b></p></div><p class=MsoNormal><o:p> </o:p></p><div><div style='border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in'><p class=MsoNormal><b>From:</b> Lise Grato [mailto:director@albanydowntown.com] <br><b>Sent:</b> Monday, April 6, 2020 9:14 PM<br><b>To:</b> 'Lise Grato (director@albanydowntown.com)' <director@albanydowntown.com><br><b>Subject:</b> LBCC SBDC - Loan updates here / Merkley Town Hall Tues 11:30 am<o:p></o:p></p></div></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b>ADA Members,<o:p></o:p></b></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Here is the latest on the SBA Loans – read Anne Whittington’s evening email below.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal>Highlights:<o:p></o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l0 level1 lfo2'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>Watch the <b>Jeff Merkley Town Hall meeting at 11:30 am tomorrow</b> for more updates and to ask your questions. Register here: <span style='color:black'><a href="https://letskeepconnected.org/lets-keep-connected-town-hall-4-2/">https://letskeepconnected.org/lets-keep-connected-town-hall-4-2/</a></span><o:p></o:p></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l1 level1 lfo4'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='color:black;background:white'>EIDL</span></b><span style='color:black;background:white'> – </span>New shorter form. If you submitted already, you need to resubmit.<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l1 level1 lfo4'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b>PPP</b> – <span style='color:black'>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. </span><o:p></o:p></p><p class=MsoNormal><span style='color:black'><o:p> </o:p></span></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l1 level1 lfo4'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]><b><span style='color:black'>GOOD NEWS</span></b><span style='color:black'>....some loans are starting to be funded!</span><o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoListParagraph style='text-indent:-.25in;mso-list:l1 level1 lfo4'><![if !supportLists]><span style='font-family:Symbol'><span style='mso-list:Ignore'>·<span style='font:7.0pt "Times New Roman"'> </span></span></span><![endif]>More…<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><o:p> </o:p></p><div><p class=MsoNormal>Thanks,<o:p></o:p></p><p class=MsoNormal><b><o:p> </o:p></b></p><p class=MsoNormal><b>Lise<o:p></o:p></b></p></div><div style='border:none;border-bottom:solid windowtext 3.0pt;padding:0in 0in 1.0pt 0in'><p class=MsoNormal><o:p> </o:p></p></div><p class=MsoNormal><o:p> </o:p></p><p class=MsoNormal><b>From:</b> Anne Whittington <<a href="mailto:annesbdc@gmail.com">annesbdc@gmail.com</a>> <br><b>Sent:</b> Monday, April 6, 2020 5:12 PM<br><b>To:</b> Anne Whittington <<a href="mailto:annesbdc@gmail.com">annesbdc@gmail.com</a>><br><b>Subject:</b> NEW, yes new updates!<o:p></o:p></p><p class=MsoNormal><o:p> </o:p></p><div><div><div><div><div><div><div><div><div><div><div><div><div><p class=MsoNormal>HI ALL,<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal>Here are the most recent updates and it's not all good sorry to say....<o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'>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. <o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'>2. EIDL Loan applicants will rec<span style='color:black;background:white'>eive 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. </span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black;background:white'>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.</span><span style='font-family:"Arial",sans-serif;color:black;background:white'> </span><a href="https://covid19relief.sba.gov/#/">https://covid19relief.sba.gov/#/</a><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'>4. EIDL advance of UP TO $10,000 is based on number of employees. ($1,000 per employee)<o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'>5<span style='color:black'>. EIDL is being rolled into the PPP if you have both. Please see the example below of how to calculate.*</span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>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.</span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>7. </span>Register here for Jeff Merkely Townhall meeting at 11:30 am tomorrow for more updates and to ask your questions: <o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><a href="https://letskeepconnected.org/lets-keep-connected-town-hall-4-2/">https://letskeepconnected.org/lets-keep-connected-town-hall-4-2/</a><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>8. PPP form was revised. If your forms say "March 2020" on bottom need to get new version that says "April 2020".</span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>9. April 10, sole proprietors allowed to apply for PPP.</span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>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.</span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>11. Do not have to hire current employees for PPP. But 2019 numbers will be used.</span><o:p></o:p></p></div><div><p class=MsoNormal style='margin-bottom:4.0pt'><span style='color:black'>12. Work share enables you to reduce employee time by 20-40%. AND they may receive partial unemployment.</span><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='color:black'>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. </span><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='color:black'>GOOD NEWS....some loans are starting to be funded!</span><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='color:black'>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. </span><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='color:black'>Let me know if I can help further and be well,</span><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><span style='color:black'>Anne </span><o:p></o:p></p></div><div><div><div><div><div><div><div><div><div><div><div><div><div><p><span style='font-family:TimesNewRomanPSMT;color:#2F5597'>*EXAMPLE:</span><span style='color:#2F5597'><o:p></o:p></span></p><p><span style='font-family:TimesNewRomanPSMT;color:#2F5597'>No employees make more than $100,000, outstanding EIDL loan of $10,000.</span><span style='color:#2F5597'><o:p></o:p></span></p><p><span style='font-family:TimesNewRomanPSMT;color:#2F5597'>Annual payroll: $120,000/12</span><span style='color:#2F5597'><o:p></o:p></span></p><p><span style='font-family:TimesNewRomanPSMT;color:#2F5597'>Average monthly payroll: $10,000 Multiply by 2.5 = $25,000</span><span style='color:#2F5597'><o:p></o:p></span></p><p><span style='font-family:TimesNewRomanPSMT;color:#2F5597'>Add EIDL loan of $10,000 = $35,000 Maximum loan amount </span><span style='color:#2F5597'><o:p></o:p></span></p></div><div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><b><span style='font-family:"Tahoma",sans-serif;color:#45818E'>Anne Whittington</span></b><o:p></o:p></p></div><div><p class=MsoNormal><b><span style='font-family:"Tahoma",sans-serif;color:#45818E'>Small Business Development Center LBCC</span></b><o:p></o:p></p></div><div><p class=MsoNormal><a href="mailto:AnneSBDC@gmail.com" target="_blank"><b><span style='font-family:"Tahoma",sans-serif'>AnneSBDC@gmail.com</span></b></a><o:p></o:p></p></div><div><p class=MsoNormal><a href="tel:(541)%20223-2724" target="_blank"><b><span style='font-family:"Tahoma",sans-serif'>541-223-2724</span></b></a><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><a href="https://bizcenter.org/centers/linn-benton-sbdc/" target="_blank"><span style='font-family:"Tahoma",sans-serif'>LBCC SBDC Website</span></a><o:p></o:p></p></div><div><p class=MsoNormal><a href="https://www.facebook.com/lbccsbdc/" target="_blank"><span style='font-family:"Tahoma",sans-serif'>Visit us on FACEBOOK</span></a><o:p></o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div><div><p class=MsoNormal><o:p> </o:p></p></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></body></html>