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PIDC - Financial Resources during COVID-19 Crisis - Shared screen with speaker view
MARLA S HAMILTON
09:13
RIchard Seitchik, please disable your video.
MARLA S HAMILTON
10:32
karen singer please disable your video
Jazmund Walker
13:12
PIDC Business Resource Library for COVID-19: http://pidcphila.com/covid-19
Jazmund Walker
14:23
Follow us on Twitter, Facebook, Linked In, and Instagram @PIDCphila for updates on all things Philadelphia, business, financing, real estate, and more! -- PIDC Marketing Team
luis torrado
16:45
hello Marla
luis torrado
17:00
hello
tiffaney hobbs
29:47
yes
Mike Cleavinger
31:13
I hear on my phone. will there be anything on the screen?
Jazmund Walker
31:57
Thank you for joining us! The webinar will start soon. Please standby. --PIDC Marketing Team
Jazmund Walker
32:51
Could you provide Sonia's email address to jwalker@pidcphila.com and I will send login information.
Mamapalo Mokeyane
33:40
no.. just signed in from link.
Helena Lilley
33:43
just an FYI - I did not receive a password I just received a link
Cara Frank
34:02
I signed in with my gmail
cagri oktem
34:45
Zoom required me to sign in with my personal Zoom email Zoom pswd.
Jazmund Walker
35:33
Good to know moving forward. Thank you all for keeping us informed. --PIDC Marketing Team
Joseph Livewell
35:36
if it helps, this required me to create a zoom account in order to follow that link. Previous Zoom meetings did not require that. if it helps.
Kariema Milligan
38:19
Greetings, I can see everyone but cannot hear anyone..
Philadelphia Industrial Development Corporation
38:42
Is the speaker on your computer muted?
Kariema Milligan
39:26
No
Duane Howard
39:45
I can hear the speaker - Thank you
MARLA S HAMILTON
45:01
1099 Contractors will be addressed.
Malhon Sutton
47:19
when will we hear if we were funded
Krystal Cunillera
47:54
How do we know if our application has been submitted? (cwca)
Nancy Burd
49:36
Where can I find the application for the PIDC Microenterprise Grants?
Ronette Streeter
49:49
Krystal email rstreeter@pidcphila.com re: application submittal.
Ronette Streeter
51:24
@Nancy Burd. https://www.phila.gov/programs/philadelphia-covid-19-small-business-relief-fund/
tiffaney hobbs
51:39
How can I find a financial institution that will process my PPP application. My credit union is not participating. I had 2 bank request my application and all supporting documents and then a few days later stated they were only working with current customers
MARLA S HAMILTON
52:15
We will provide an excerpt from the Phila. Business Journal with participating banks.
Sonia Smith
52:18
Tiffany - we will address you Q in the PPP presentation
Sam Rhoads
55:53
Krystal: for the State's PIDA CWCA program, if you are in Philadelphia and applied through PIDC, then you should have received notice that we received your application and letting you know whether or not we were able to submit it to the State. If your application was submitted to PIDA, we expect you will hear in the next two weeks.
luis torrado
56:13
what is the criteria to be denied the EIDL Loan
Sonia Smith
57:12
Luis- you may have a credit freeze on your account. SBA Disaster will tell you the reason why. You have 6 months to request a reconsideration and provide the documentation requested.
mirta nieves
57:24
denial may be because of derragatory credit report
richard podulka
57:55
I hope everybody is well; from what I've learned, companys with no W-2 employees do not qualify for SBA Covid loans. Is there a loan product for company's subcontract all of their work?
luis torrado
58:03
personal credit or business credit or both
Sonia Smith
58:06
Check your credit at annualcreditreport.com
Louis Cavaliere
58:19
Is the 10K advance required to be paid back with interest or at all?
Malhon Sutton
58:24
It has been widely reported, including the Small Business and Entrep. Council that no one has received the EDIL loan advance or loan itself? When should folks expect to hear about actual disbursements?
Sonia Smith
58:25
Luuis - personal & biz credit
Pete Rose
58:42
what if you get the $10,000 advance, then get approved for the EIDL loan…but then turn it down? Can the $10K still be kept as a grant?
Sonia Smith
59:05
the advance is not required to be paid back. We advise keeping docs on what used for. You cannot double-dip.
skip schwarzman
59:16
Our S Corp filed for an EIDL, will a personal credit report be pulled, i.e., do we have to unlock personal credit freezes or will it be requested as needed?
Sonia Smith
59:51
Ok to keep the advance and decline the eidl loan
Sonia Smith
01:00:18
Unlock your personal credit freezes now.
Joan Schiff
01:00:36
How does the program determine how much individual businesses can borrow?
skip schwarzman
01:00:36
thanks re credit freezes
Sonia Smith
01:01:17
SBA Disaster makes the determination. You will have a loan officer if loan mod is required
cagri oktem
01:01:26
If loan is <$200k, do we still need to complete personal financial statement?
Kendra Okolo
01:01:36
Are there labor law resources you can share
Sonia Smith
01:01:48
Cagri - we go thru the appl keep watching
Jennifer Paynter
01:01:59
Can a small business apply for loans outside these programs for business expansion.
cagri oktem
01:01:59
ok thx
Thane Wright
01:02:15
Is checking the 10k box the same as requesting for the advance?
Sonia Smith
01:02:46
For biz expansion, talk to PIDC & your lender on traditional financing.
skip schwarzman
01:02:47
Am I correct that if we applied for EIDL by the original due date we will not hear gack until next week, i.e., we would not have heard anything yet?
MARLA S HAMILTON
01:03:06
PIDC still has all its usual programs available for expansion.
skip schwarzman
01:03:09
back > back
Sonia Smith
01:04:13
SBA Disaster has started the eidl processing
Malhon Sutton
01:05:26
Can you offer more information on the eidl processing. Do you mean the up to 10k advance or the EIDL loan-at large?
Giang Nguyen
01:05:32
Oops, I predicted 6 months of rental loss on mine. How do I edit this?
Sarah Ries
01:05:54
When I did this application, that portion was not there?
Sonia Smith
01:06:09
Giang - you can discuss the error with the loan officer. Do not put in another appl please
Sonia Smith
01:06:36
Sarah - you can do this now & ask for the advance.
cagri oktem
01:08:41
What if you are a US citizen, but born abroad
Sonia Smith
01:09:08
Cagri - that is OK. You have a SSN
cagri oktem
01:09:17
perfect, thx
Randy Washington
01:09:32
Thank you for all the useful info. The EIDL loan never asks for what amount we are requesting. How is that established?
Sonia Smith
01:10:11
SBA Disaster makes the determination.
Joan Schiff
01:10:58
what does SBA make tehat determination based on? greoss revenues,etc I wouldlike to know what range of money we might be able to apply for?
Sonia Smith
01:11:36
Joan - you do not request an amount. SBA Disaster makes the determination. You will have an officer to discuss loan modifications.
Louis Cavaliere
01:12:27
That was excellent Kim!! Thank you.
cagri oktem
01:13:35
Yes, thank you very much!
Thane Wright
01:14:36
Was there a reason why certain lenders/banks were left of the city’s approved lenders list
Thane Wright
01:14:38
?
THANE MARTIN
01:14:59
Do you have to have payroll to apply for PPP? What if you have no payroll but you do have rent and utilities?
Kim Stout
01:15:19
Banks have the opportunity to decide if and when they are offering the PPP
cagri oktem
01:15:23
If one bank has not approved us yet, should we apply with another bank also... in case funds run out?
Thane Wright
01:15:34
For ex, TD - thank you
Kim Stout
01:15:40
PPP is primarily for payroll costs to be forgiven
Pete Rose
01:15:45
What if the bulk of your workers are 1099/subs? Can they be included in your payroll calculations?
Joan Schiff
01:16:07
are cell phones considered utilities?
Kim Stout
01:16:12
1099s are not employees and cannot be used in your payroll costs, they can apply on their own
Lily sun
01:16:36
I do not have Business Income & Receipts Tax (BIRT) Account Number:*, can I apply for Microenterprise Grant?
richard podulka
01:16:48
but can I as the owner apply for the PPP if I have no w-2 employees , I only have 1099 subcontractors?
Kim Stout
01:16:59
Utilities are typically water, electric, gas, etc.
Pete Rose
01:17:06
What if the owner receives a W2 salary, can that be included in the total head count/payroll? Even if the owner opts to stop receiving and use that amount/head count to rehire a previous let go employee??
James McMillan
01:17:28
@Pete, my understanding is yes.
Joan Schiff
01:17:29
someone mentioned phone and internet. Is that only hardwired phones?
Sharada Singh
01:17:40
Can the bank charge fees? How much
Krystal Cunillera
01:17:45
PPP (April 10 application portion) —— do you still need to have employees prior to Feb 15?
Kim Stout
01:17:47
If the owner is included in a W2 (part of payroll) it's included in payroll
Carmine Verrecchia
01:17:52
how statutory employee treated for PPP loan as they file a Shed C form along with their 1040
Jennifer Low
01:18:24
What if my employees don’t want to return immediately? Let’s say 1/3 return asap, but the rest return by 6/30
Carmine Verrecchia
01:18:24
are they considered self emoloyed?
malikha washington
01:18:30
how much do we pay them if they are not actually working for payroll
Cynthia Fillmore
01:18:38
If you as the owner are not on Payroll w/no employees, can you still apply for the PPP to pay Utilities, Rent, etc.?
Thane Wright
01:19:00
Same question as Jennifer Low
Kim Stout
01:19:29
You pay employees their standard wages, what you would pay them if they were working regardless if they are working or not, the idea behind the program is to keep them off unemployment
John Thomas
01:19:49
Why is EIDL linked to amount of Employees? $1,000 per Employee doesn’t help Self Employed/Independent Contractor with $10+ in losses. Wouldn’t even pay rent. Is there any thought to make it based on real need vs. how big payroll is?
Tom Woltjen
01:20:14
In regards to PPP, my EE’s have told me it makes more sense for them to stay on UE, with the extra $600 in benefits now available to them, then to come back on the books, and not work since we are still closed?
Pete Rose
01:20:39
Do the people you pay via W2 during the 8 weeks have to have previously been w2 employees…or could you put previous 1099 subs on a W2 payroll….as long as the total $$ and head count matches your previous #’s?
Kim Stout
01:21:01
You must maintain average head count and average salaries for the loan to be forgiven.
John Armstrong
01:21:04
How does the PPP work with unemployement benefits
Kim Stout
01:21:58
We are not unemployment experts, you need to consult with someone else about unemployment. This program is to pay your staff for an 8 week period, to keep them off unemployment
Bernadine Lewis
01:23:07
I am an employee (W-2) of one company and an IC 1099 with another company. Where do I fit in. How many applications for PP can I submit.
Jennifer Low
01:23:40
I have some staff that would want to return to payroll ASAP and others that may not want to return so quickly. Do I have to have a full return to payroll for the entire 8 weeks after disbursement, or can it be a ramp-up by 6/30 as long as the payroll is still 75% of what I use the loan for (rent, utilities being the other 25%)
cagri oktem
01:23:45
Are owner/partner distributions considered as payroll cost, though they are not W-2.
Kim Stout
01:23:56
You can only apply once for PPP
April Nett
01:23:58
If my business is awarded a loan, do I have the chance to accept or decline the amount, or does the loan money go directly into the company’s bank account?
David Fine
01:24:12
great point about the clock starting. Any knowledge about the timeline between application processing and the first disbursement? Is there some control the applicant has over when the clock starts between acceptance, closure, etc.
THANE MARTIN
01:24:18
If a client has defaulted student loans would that keep them from attaining a PPP loan?
John Thomas
01:24:49
PPP says it’s open to Self Employed/1099 contractors. Some banks are telling folks that don’t qualify and still putting strict restrictions on who can apply. What role or conversations is SBA having to get lenders that are non traditional in FinTech lenders like PayPal and others to work with their qualified business clients?
David DiFilippo
01:24:53
Can you get both the EIDL loan and the PPP loan?
Kim Stout
01:25:06
You and your lender should have communication about when the disbursement will be available to give you a chance to bring employees back
mirta nieves
01:25:08
When is the estimated time for funds to be released for PPP?
Andy Toy
01:25:13
How long is it taking for folks to be notified of acceptance to PPP?
Krystal Cunillera
01:25:16
Please repeat the part about sole prop/self-employed payroll equivalent?
Kevin Cafferky, MBA, MST
01:25:20
Do 1040 Schedle C Filers take Annual Net Income then divide Net Profits by 12 and multiply by 2.5x
Tom Woltjen
01:25:24
Thank you PIDC for putting this together
J Andrew Greenblatt
01:25:24
If you hire new employees, can those costs count towards the payroll total?
Steven Freiberg
01:25:34
Is the 100K just payroll or includes benefits erc?
J Andrew Greenblatt
01:25:53
If you hire new employees, can those costs count towards the payroll total?
Steven Freiberg
01:26:01
thanks
Jennifer Low
01:26:11
What if our re-hire isn’t al at once, but does happen by 6/30?
Bernadine Lewis
01:26:11
Best idea to use chat quests. Gives every one a chance to be heard. thanks
Andy Toy
01:26:18
Is it for the same people and jobs or can you hire different folks?
Tom Woltjen
01:26:33
Can I pay my people more under the PPP? I need to give them an incentive to come off UE with the now $600 in weekly benefits available to them
Pete Rose
01:26:35
same question as Andy Toy
Steven Freiberg
01:26:36
OS the 72 hour period still on track? Even during passover? Or does that depend on our bank?
Victor Milbourne
01:26:38
If you are self employed .. How do you pay yourself a salary with the loan? Do you write a check to yourself?
Regina Ulrich
01:28:28
We bank at Wells Fargo (who is not taking applications) & we just had to apply through Centric bank. They have approved us internally at their bank and have sent our application onto the SBA. When will we hear? Will it defintiely get funded for the approved amount? Will they run out of money?
Steven Freiberg
01:29:50
If you the business continues to pay your staff and no one is on UC, are we still eligible to borrow?
David Fine
01:30:30
but ideally we would bring them back when we can re-open, correct? So is there some strategy to timing this?
Pete Rose
01:30:40
Is monthly software costs for our operating systems considered a utility??
Nani Chong
01:32:34
One of my employee quit therefore another employee is working more hours at home. So the amount of payroll is about the same but the head count is short 1. What happens in this scenario?
Sam Rhoads
01:35:08
I have to sign off for another meeting. Thanks so much to each of you for joining our webinar and for investing your time and energy into helping your employees and this great City! Please keep up to date on ever changing information through our website at http://www.pidcphila.com/covid-19. I offer to all my best wishes in these difficult times! - Sam
Andy Toy
01:36:02
Thanks Sam
rafael calzadilla
01:36:30
ive heard you don't have to pay the advance back. if loan not accepted
Jennifer Low
01:36:35
can you speak to the interplay of the 10k advance and the PPP loan?
ANGIE GIRALDO
01:37:01
can you speak to the interplay of the 10k advance and the PPP loan?
ANGIE GIRALDO
01:37:11
can you speak to the interplay of the 10k advance and the PPP loan?
Susan Bishop
01:37:47
is there a different PPP application for independent contractors than is currently available?
Giang Nguyen
01:38:32
Thanks so much for taking the time to do this webinar to give us information and answering our questions! Much appreciated!
Regina Ulrich
01:41:34
If we are accepted in one bank and submitted to the SBA already, should we apply to another bank to insure we will get funded?
Thane Wright
01:42:05
what if you were in the process of hiring a person but the paper wasn’t processed. they left to go home and will return after this is over
Rafiq Al-Fareed
01:42:09
Is either Program's approval based upon a Credit Score ? If so, what is it ?
marina kats
01:43:23
my bank says that someone will contact me from SBA and they have no information when. how can i talk to SBA representative?
Pete Rose
01:45:00
thank you for this! Good luck everyone! Stay Safe Stay Sane! Pete :)
ANGIE GIRALDO
01:45:08
For example if my monthly payroll is $12,000 do we multiply by that by 2.5 and that is the loan amount we qualify for?? Please clarify this thank you
Regina Ulrich
01:45:37
Are we guaranteed funding if the bbank approved us and submitted us to the sba?
malikha washington
01:47:47
what is the average wait time for any communication from the sba. I applied a couple weeks ago but haven’t gotten any type of communication at all
mirta nieves
01:48:56
the $2T stimulus is 1/3 of the federal government's total fiscal budget, relief is not going to be expedited for some of us - relationships are going to be key
Kate Julyan
01:54:40
Also if many of you work through payroll programs such as Paychex or ADP, they supply you with these specific reports needed for the PPP and have provided a CARES Act Report for this function of understanding eligibility and calculations needed for the loan application
malikha washington
01:57:55
but what about eidl
Andy Toy
02:00:35
We were told by sent guidance by our bank that you cannot do both the PPP and the EIDL, but you say that is not the case
Jennifer Low
02:02:23
thank you
Kim Stout
02:05:18
You can apply for both, EIDL and PPP, but you cannot double dip meaning you cannot use the loan for the same expenses for example the same 8 weeks of payroll.
Tavis Dockwiller
02:06:17
thank you all
Tavis Dockwiller
02:06:23
good luck everyone
Denise Adkins
02:07:20
Great information! Thank you all verty much!!
Denise Adkins
02:08:41
Stay Blessed everyone And be safe!
Thane Wright
02:08:52
Is there a link to the application for the cash advance, or was it just a box to check in the EDL?
Rafiq Al-Fareed
02:09:13
Great presentation and very useful information!!!
Justine Hoffman
02:10:17
Thank you very much for hosting such a wonderful and informative session. Will the slides be available after the zoom call?
Duane Howard
02:11:13
Thank you ALL very much! Best wishes all.
Denise Adkins
02:14:07
I took screenshot of the PP Slides to share our Admin team, however I too was going to ask will the slides be available after this presentation.
ANGIE GIRALDO
02:14:14
Please answer my questions
ANGIE GIRALDO
02:14:21
Please answer my question
Nani Chong
02:14:29
thank you. it was very helpful!
cagri oktem
02:14:59
Thank you for all this good info. Much appreciated.
Victor Milbourne
02:15:02
Thank you
Thane Wright
02:15:04
Thank you
Christine Maycole
02:15:13
Thanks so much. Very Informative!
Genya Gliwa
02:15:58
Thank you for your time. Stay safe, Genya Gliwa
Jennifer Paynter
02:16:00
Thank you so much
Trinh Truong
02:16:22
Can you email out the recording to our emails? I missed the beginning.
Andy Toy
02:17:22
Thank you Marla, Sonia and all for great information
Lawrence Williams
02:17:43
Thanks Marla!