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SBA Emergency Relief Loan Assistance Help with SBDC's Laura Katz - Shared screen with speaker view - Recording 2/2
iPhone
13:27
do we include operating costs in cogs? why does the form next to operating costs say for all secular services provide by the faith based entity??
DIVAS Who Win Freedom Center
14:37
non profits?
Carmen
16:42
Do we know what sort of documentation will be required for a business in operation for less than a year? I have no employees, I haven't begun paying myself a salary yet, and I'm seeking assistance with rent, utilities, and other overhead.
David
17:04
thanks guys - we will be asking!
Kimberly Long
17:04
I really want to know what the “forgiveness” criteria really is...
mac
17:16
Individual Credit?
Mike Leggett
19:42
The Injury Disaster Loan Application doesn't have any questions related to financial need or "injury" so what is the criteria they are using to determine need or eligibility?
Dan Geller
22:16
What if no one person owns 20% or more? We have several partners that each own less than 20%
laurafrench
23:39
It is only for faith based entities - ignore it if that isn’t what you are
mac
25:15
Are they determining the loan amount or do you just request the amount, if so, should you request for a year’s worth or a certain number of months worth of operating costs?
Carmen
28:00
What is the difference between the EIDL and the Paycheck Protection Program?
Kristen Bach TREEHOUSE kid and craft
28:43
If you get the 10000 can you still apply for the PPP loan?
Barry Westbrook
28:51
Do you have to been in operation to get EIDL Grant?
serrajaggar
29:29
So the grant is completely separate from the loan amount?
Brayden Edmonds
29:39
Can you get this EIDL loan or grant and still apply for Paycheck protection program
Carmen
29:50
I was also told that I needed to go through my bank for the EIDL, but you say there's a web application? Is it one or the other or both?
m wilson
30:46
eidel grant...ok to use for payroll?
mac
31:00
Does this include Real Estate Agents?
Adam Land
31:08
@Kristen - yes, you can receive a 10,000 advance and still apply for a PPP loan. You can also refinance an EIDL, which is not forgivable other than the 10,000 advance, into a PPP loan, which is forgiven if used for payroll, mortgage interest, rent or utilities
Stephanie Johnson
31:41
Do we have clarification of all Non-Profits eligible? We are seeing 501 (c) 3 in info and not an option for 501 (c) 6.
Kimberly Long
31:52
Which is the forgivable loan for payroll?
Laura Camacho
32:12
can we have links ?
Chad Waddell
32:25
I applied the day the EIDL loan was available. last night I recieved an e-mail to fill out a streamline application. during this, I was asked If I wanted the grant as well. just fyi.
Kimberly Long
32:29
Is that PPP forgivable?
Lori
33:12
What info do you have currently for CARES?
stacyjohnson
34:11
SBA Helpline: 800-659-2955
Mike Leggett
34:58
Is the interest forgivable?
Kimberly Long
35:19
tircky
mac
35:21
Is the mortgage interest, rent, utilities etc. from properties owned by the corporate entity? Not personal home loan etc. (given everyone is working from home now…)
Kimberly Long
35:42
Tricky I mean. The information out there is very different about that.
Nick Combs
35:52
It sounds to me that, as a small business I should immediately apply for the EIDL loan if only to get the grant ASAP, even if we don’t end up being granted the EIDL loan itself?
Ron
36:22
Laura can you make the template available
Bruce Williamson
36:58
On the PPP The earned interest is forgivable if the spend is eligible. Anything left over converts to fixed interest rate of 4% with up to 10 years term and deferred payment for 6 months.
Angela Pierce
36:58
Where do we go, again, to sign up for the eidl grant?
Bain
37:19
But the EIDL doesn't effect our ability to take on the PPP Loan?
laurafrench
37:20
Mac: yes this is business related not personal
laurafrench
37:26
You can get both EIDL and PPP
Kimberly Long
37:30
SBA.gov Laurafrench
Laura Camacho
37:53
what is for independent contractors ?
laurafrench
38:00
Go to the sba website to apply for EIDL
Kimberly Long
38:08
Whats the emails? :)
Laura Camacho
38:10
thx
Bruce Williamson
38:14
what is the SBDC website address?
JudahPress
38:27
what’s the email to reach out to SBDC and set up a consultation?
stacyjohnson
38:33
Best way to contact any office: www.georgiasbdc.org/contact
Dax Selton
38:40
is there a sba bridge loan program?
mac
38:53
More information forthcoming on the PPP? (These serviced through a local bank and not SBA directly?)
Mike Leggett
39:29
SBDC is awesome. Every business owner should take advantage of their services.
Teri Smiley
39:31
https://www.georgiasbdc.org
Brayden Edmonds
39:39
PPP is loaned to you by your bank, but is guatanteed by SBA.
Beth M
39:40
On SBA's site to apply for EIDL: covid19relief.sba.gov
Bruce Williamson
39:43
On PPP the SBA will deputize banks to administer the program, Encourage folks to contact their bankers for information on the Paycheck Protection Program. The guidance was released this afternoon
Bain
40:05
do we have a link for the EIDL grant?
Teri Smiley
41:02
http://www.sba.gov/funding-programs/disaster-assistance
Bruce Williamson
41:20
https://home.treasury.gov/system/files/136/PPP%20--%20Overview.pdf
stacyjohnson
41:38
On the SBA website, they are calling the “Grant” a “Loan Advance”
Kimberly Long
41:39
PPP is not forgiven tho and so if we choose to pay our employees instead of apply for unemployment we will be having to pay this back.
Chad Waddell
42:40
2 of my small local banks in So. Ga sent e-mails to me today. so apparently, the info is now getting to those lenders. be sure that you know squeeky wheel gets the greese. stay on your bank!
laurafrench
42:40
PPP can be forgiven as I understand
JudahPress
42:44
Yes!! Greatly appreciate your time Laura!!!
Bruce Williamson
42:58
PPP information just released from Treasury: Here is the borrower information: https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf
laurafrench
43:09
If PPP funds are used to provide payroll costs for 8 weeks they can be forgiven
Kimberly Long
43:10
Only 8 weeks of the PPP is forgiven… they have a fun calculation that is confusing
Sanders Hickey
43:13
please please repeat contact info
David
43:26
you got it
Sanders Hickey
43:46
pls do so slowly
Kimberly Long
43:57
PPP is a partial possible forgiven…but only 8 weeks of calculated costs.
Laura Camacho
44:04
type info here
Kimberly Long
44:07
If the decide to forgive it…
Teri Smiley
44:08
Laura Katz. lkatz@georgiasbdc.org
laurafrench
44:09
right agree K long
stacyjohnson
44:14
georgiasbdc.org/contact
A.L.
44:15
for child care.... what do we include in cost of goods sold???
Winder Resident
44:26
Thank you so much for your time!
Teri Smiley
44:34
athens@georgiasbdc.org
Teri Smiley
44:51
706-542-7436 sbdc
Laura Camacho
45:08
is any of this for independent contractors ?
Laura Camacho
45:17
or just business owners ?
Maggie
45:40
If I begin the EIDL app can it be saved as a working doc or does it have to be done all at once? Not sure if I will have all the info ready when I get into the applicaiton
Bain
45:43
EIDL doesn't effect eligibility for PPP?
serrajaggar
45:55
I read that if we get a loan through another means, like Paypal Working Capital or Kabbage, we wouldn’t be eligible for these loans. Is that true?
Tami Chastain
46:12
can you state again what expenses should be included in COGS calculation?
m wilson
46:24
please repeate limits for what PPP can b spent for sorry for the lousy worded question!
Laura Camacho
46:42
EIDL yes applicable to sole proprietors , thanks .
mac
46:44
I have two businesses and one 1099 spouse so, should do it for all I’m assuming?
owner
47:42
Will this call be saved anywhere so we can go back and watch this again?
Kristen Ashley MacCarthy
48:09
can you talk about partial unemployment vs. PPP — if I’ve already applied for PI, can I apply for PPP if I bring those employees back to their normal hours?
Kristen Ashley MacCarthy
48:20
*PU
Chad Waddell
48:33
Good question Mac. I also have 2 S-Corps. should I apply for both as well? I only did one thinking it might raise flags or stall the process. should we do one, then the other after loan is approved?
Sarah Corley
49:49
Where will this be recording be available?
laurafrench
49:52
Mac and Chad: I think you do both. Separate companies with separate tax returns, right? You will have to disclose ownership of course.
Dax Selton
50:51
yes posted to Athensga.com COVID page today and time stamped by early tommorow
Chad Waddell
51:52
Correct Laura. With the federal gov't, wasn't sure if applying for both at the same time would slow down the loan process for one.
laurafrench
52:37
Yeah I don’t think so. Telling my clients to get EIDL done and get in line.
serrajaggar
52:52
This was really helpful thank you
Bain
52:55
If EIDL can't be spent on payroll, rent, and utilities? what can it be spent on?
Adam Land
52:59
Thanks, Laura!
Ken K
53:02
Thank you so much Laura!
Tami Chastain
53:05
Thank you to Laura and David!
laurafrench
53:10
this was one of the best webinars I’ve seen - thank you Laura and David!!
George Howell
53:16
Thank you!!
jodygraichen
53:24
Thank you so much!
Crystal Sawyer
53:27
Awesome information. Thanks
Sarah Corley
53:29
This was so much useful information. Thank you both so much.
Kimberly Long
53:34
Thank you!
Bain
53:34
yes. thank you laura!
Chad Waddell
53:37
Thanks Laura Katz! good luck to everyone!
Teri Smiley
53:41
Thank you Laura & David
Ron
53:42
Thank you all
mac
53:45
Thanks Laura!
Maggie
53:48
Great - thanks for being there for us!
Kimberly Long
53:55
Me, too
Barry Westbrook
54:02
Super appreciate both the chamber and sbdc !
laurafrench
54:08
Agree on PPP and UI
Mike Leggett
54:21
Thanks Laura!
Lori
54:45
thanksguys!!!
Dan Mayer
01:00:32
Thanks Laura