SBA Emergency Relief Loan Assistance Help with SBDC's Laura Katz - Shared screen with speaker view - Recording 2/2
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
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.
thanks guys - we will be asking!
I really want to know what the “forgiveness” criteria really is...
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?
What if no one person owns 20% or more? We have several partners that each own less than 20%
It is only for faith based entities - ignore it if that isn’t what you are
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?
What is the difference between the EIDL and the Paycheck Protection Program?
Kristen Bach TREEHOUSE kid and craft
If you get the 10000 can you still apply for the PPP loan?
Do you have to been in operation to get EIDL Grant?
So the grant is completely separate from the loan amount?
Can you get this EIDL loan or grant and still apply for Paycheck protection program
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?
eidel grant...ok to use for payroll?
Does this include Real Estate Agents?
@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
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.
Which is the forgivable loan for payroll?
can we have links ?
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.
Is that PPP forgivable?
What info do you have currently for CARES?
SBA Helpline: 800-659-2955
Is the interest forgivable?
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…)
Tricky I mean. The information out there is very different about that.
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?
Laura can you make the template available
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.
Where do we go, again, to sign up for the eidl grant?
But the EIDL doesn't effect our ability to take on the PPP Loan?
Mac: yes this is business related not personal
You can get both EIDL and PPP
what is for independent contractors ?
Go to the sba website to apply for EIDL
Whats the emails? :)
what is the SBDC website address?
what’s the email to reach out to SBDC and set up a consultation?
Best way to contact any office: www.georgiasbdc.org/contact
is there a sba bridge loan program?
More information forthcoming on the PPP? (These serviced through a local bank and not SBA directly?)
SBDC is awesome. Every business owner should take advantage of their services.
PPP is loaned to you by your bank, but is guatanteed by SBA.
On SBA's site to apply for EIDL: covid19relief.sba.gov
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
do we have a link for the EIDL grant?
On the SBA website, they are calling the “Grant” a “Loan Advance”
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.
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!
PPP can be forgiven as I understand
Yes!! Greatly appreciate your time Laura!!!
PPP information just released from Treasury: Here is the borrower information: https://home.treasury.gov/system/files/136/PPP%20Borrower%20Information%20Fact%20Sheet.pdf
If PPP funds are used to provide payroll costs for 8 weeks they can be forgiven
Only 8 weeks of the PPP is forgiven… they have a fun calculation that is confusing
please please repeat contact info
you got it
pls do so slowly
PPP is a partial possible forgiven…but only 8 weeks of calculated costs.
type info here
If the decide to forgive it…
Laura Katz. firstname.lastname@example.org
right agree K long
for child care.... what do we include in cost of goods sold???
Thank you so much for your time!
is any of this for independent contractors ?
or just business owners ?
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
EIDL doesn't effect eligibility for PPP?
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?
can you state again what expenses should be included in COGS calculation?
please repeate limits for what PPP can b spent for sorry for the lousy worded question!
EIDL yes applicable to sole proprietors , thanks .
I have two businesses and one 1099 spouse so, should do it for all I’m assuming?
Will this call be saved anywhere so we can go back and watch this again?
Kristen Ashley MacCarthy
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
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?
Where will this be recording be available?
Mac and Chad: I think you do both. Separate companies with separate tax returns, right? You will have to disclose ownership of course.
yes posted to Athensga.com COVID page today and time stamped by early tommorow
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.
Yeah I don’t think so. Telling my clients to get EIDL done and get in line.
This was really helpful thank you
If EIDL can't be spent on payroll, rent, and utilities? what can it be spent on?
Thank you so much Laura!
Thank you to Laura and David!
this was one of the best webinars I’ve seen - thank you Laura and David!!
Thank you so much!
Awesome information. Thanks
This was so much useful information. Thank you both so much.
yes. thank you laura!
Thanks Laura Katz! good luck to everyone!
Thank you Laura & David
Thank you all
Great - thanks for being there for us!
Super appreciate both the chamber and sbdc !
Agree on PPP and UI