CONGRESSMAN WELCH Webinar
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paycheck protection plan: does he know when this will become available? Rachel Moore
How will the federal unemployment get to laid off workers? Also does this apply to employees who are on reduced hours collecting partial unemployment.
As a sole proprietor wedding event coordinator who hires seasonal workers I have a couple of questions:
How does one apply for the Small Business Debt Relief program that covers up to 6 months of payments on SBA loans?
Do single member LLCs qualify for the Sole Propietor unemployment?
People who are sick are being told that they cannot get a test - since this is a health problem that created the economic downturn - is there anything Congress can do to put pressure on the Executive Branch to do the required testing.
I am hearing from many business owners concern over how to best approach the different loans and grants available. There is also concern that the 8 week forgiveness period starts at loan origination. Many of us think we are going to crawl back into businesses and concerned this reduction I payroll will not allow us to be eligible for some of this forgiveness. When should we expect banks to be ready to roll out these loans?
as a buisness owner who pays himself and my wife primarly through "owner draw" and does not collect a salary, how can I continue to pay myself using the new loan/grant program? I am quite clear on paying my employeees normally.Thanks, Chris Conte - Northshire Living
Sorry, hit send too quickly. 1. Wedding industry is seasonally impacted and brides and their families are seeking advice on whether they should move their July and August weddings? 2) How and when will we know how sole proprietors can determine how they pay themselves and their employees? 3. When can we expect to hear about unemployment benefits arriving?
With the Emergency Injury Disaster Loans and the associated $10k advance, there has been much explicitly stating that if you’re denied the EIDL loan, you still keep the $10k advance. But what’s not clear is if you’re approved for the EIDL loan — is the $10k still money in addition to and on top of the loan, and the business keeps the $10k? Or is the $10k just advancing proceeds of the eventual EIDL loan and it becomes part of the EIDL loan to be repaid?
For the Economic Injury Disaster Loan (EIDL) – apply here:https://covid19relief.sba.gov/#/
For the Paycheck Protection Program (PPP) Loans, check with existing financial lenders, more will be added soonhttps://www.sba.gov/offices/district/vt/montpelier/resources/vermont-participating-lenders
For details on the unemployment insurance
For PPP, rules by April 11 per SBA
If you have an SBA banking relationship, talk to your banker!
Regarding commercial insurance policies that deny loss-of-business claims due to “viruses”, is there a movement on the State or Federal level to mandate a change to those policies? Insurance claims would have provided immediate relief
Concern from professional services firm- It looks like I cannot pay health insurance premiums with PPP money. Next to payroll, it is my largest monthly cost. Is this correct?
The PPP loan has a maximum of 8 weeks. And loans will only be forgiven if there is no reduction in employees. With my industry (video production and marketing) being a lagging indicator, my fear is that we will be nowhere close to 100% of pre-Covid revenue after 8 weeks, and layoffs may be necessary. Will loans still be forgiven in that scenario? What assurance do I have that if this scenario comes to pass, I won’t be stuck with a sizable loan and a struggling business?
My contact information isRebecca.Ellis@mail.house.gov
Mark A. Hughes
Thank you Rebecca!
Main Street Alliance Vermont
MSA Resources:MSA National Covid Website: www.smallbizcovid19.comSummary of all 3 Federal Bills https://static1.squarespace.com/static/5e6a768131c8f538ad00b294/t/5e7e7ef3971cba01a84a9c92/1585348339837/What%27s+In+the+Stim+3+Package+032720_0615+ET.pdfMSA-VT Resources https://vermont.mainstreetalliance.org/covid19
can we please focus on small business and not talk about testing?
can we do it again next week?
Mark A. Hughes
Main Street Alliance Vermont
I will keep the call open after the end of this - PLEASE ask your questions and we will make sure that they get answered!
How long is the window open for the loans? For example this is our normal slow season and its hard to determine how this downturn will affect our busy season in 8 weeks. If the loan is not needed now can you still apply later? Or is it best to apply for all the loans/grants now so you don't lose the opportunity?
Thank you Rep Welch, Morgan! And Everyone!
THANK YOU Morgan, Melinda and Congressman Welch!
Thanks Morgan & MSA!
Thank you so much to everyone
- for the PPP loans, so that they get “forgiven” what percentage of the payroll needs to be maintained? Any rules there? All my employees are part time and some get benefits, so I was going to furlough them and keep paying their benefirts a s a way to maintain the link that Kelly was talking about. Does that entitle me to the PP grant?
Thanks Morgan. I look forward to a few more answers
Thank you. Please share my contact with the person about landlords