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Small Business Disaster Assistance Web Conference - Shared screen with speaker view
Jacy Smith
16:10
I don’t see your screen.
Lauren Crider
16:47
now its working
Lauren Crider
16:58
nevermind
Margie Traylor
16:59
It was working
Russ yelton
17:21
Yes
Tempe Chamber of Commerce
18:51
You can put your questions here.
Neelam Sandesara
24:04
How do we prove and quantify loss when we don't know how long this will go?
Rudi Sinykin
26:35
We'll be out of business in 3 weeks
Russ yelton
29:49
How are loan terms determined and are there any pre-payment penalties?
Michelle Eichner
29:51
Sounds like initially, the amount they’ll loan is based on your existing expenses for 90-Days. Is that correct?
Tyler Bradshaw
31:43
Are personal guarantees required?
BRIAN STINSON
31:43
If we think we are OK for 90 days, but that we'll need help beyond 90 days, should we wait to apply since there are others with more urgent needs or is there a risk of the money running out?
Daniel Kilby
31:45
Will that increase be automatic?
Christie Kerner
32:02
You mentioned they look for ability to repay, do they accommodate for growth companies -those that are not profitable but scaling up? How do they determine ability to repay?
mindi henderson
32:02
what happens if you don’t survive, can these loans be dissolved in bankruptcy?
Russ yelton
32:13
How are the length of the loan periods determined?
David Schultz
32:23
If we have 2 businesses how should we structure a loan?
Michelle Eichner
32:48
What is the loan term e.g. interest rate, payment timeline?
Jenn Thronson
32:53
If the government adds additional business stimulus in upcoming legislation will that have an impact SBA loans or will that be something separate?
Jill Buschbacher
33:10
Can we get info on any hiring that might be done in Arizona to help staff this program?
Sandy Catour
34:18
will they require personal guarantees of the owners?
Rudi Sinykin
34:21
Are they going to ask for personal collateral such as our homes?
Michelle Eichner
34:27
If the company doesn’t survive, are individuals required to pay back the loan?
David Schultz
35:08
What are the typical interest rates on these loans?
Daniel Kilby
35:19
So failing to pay a loan may make you ineligible for grants?
Rudi Sinykin
36:35
What if we get COVID-19 and have to shutdown, we lose our homes then?
jeremiahrosenthal
36:51
agreed with Rudi, what happens in this case?
BRIAN STINSON
37:55
If we think we are OK for 90 days, but that we'll need help beyond 90 days, should we wait to apply since there are others with more urgent needs or is there a risk of the money running out?
Jacy Smith
38:09
Awesome! Thank you to to Tempe Chamber and the SBA for this info. It’s very helpful.
Rudi Sinykin
39:28
What is a typical term for repayment?
Christie Kerner
39:55
How do they determine ability to repay?
Daniel Kilby
40:26
Rudi, 30 years.
Neelam Sandesara
40:59
what happens if we take a 30 year term, but move our primary home sometime during that period?
Steve Bruner
41:10
How long does it take to get a case manager assigned?
Daniel Kilby
41:11
@Christie, debt to income is the typical loan decision.
Christie Kerner
41:29
Right, but any special ratio for this situation
Neelam Sandesara
41:49
do the home profits from a home sale go to pay off SBA even if the loan is in good standing?
Wydale Holmes
42:16
Are applications being processed 7 days are traditional working days?
Daniel Kilby
42:44
Thank you!
Tyler Bradshaw
42:55
Thanks!
Nancy Winters
42:55
Thank you!
jeremiahrosenthal
42:57
thanks
Neelam Sandesara
42:59
thank you