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bottom left of the screen...the little mic

1) Daily new case rates in Montana and other states appear to be slowing. Most models predict a peak in April and then a decline into May of new infection rates. Are there discussions of how to remove current restrictions such as 14-day quarantines, shelter at home, non-essential business closures?

2) Will there be a "soft opening" or tapering off of current restrictions?

3) What criterion will be used to determine when restrictions will start to ease, is it simply very low new case rates or will other requirements need to be in place as well before restrictions on businesses and travel ease?

4) Is the online system now accepting independent contractors?

Several guides and outfitters applied last week for Unemployment to only get a red screen pop up that reports they did not qualify and they had to call the department. For those that called and got through, they had their information recorded and were told they would be put into the que when the changes were made to accept Independent Contractors. Were they put into the que, or do they need to reapply?Is there a way to confirm that they are in the que?

5) Is the online system now accepting applicants that lost a future job prospect due to COVID (but have yet to work for that future employer, example a lodge chef that had a contract to start that was delayed by COVID)?

6) How do seasonal independent contractor fishing guides that are not working due to COVID report their average weekly pay?

Do they take their total 1099 earnings from the last 12 months and divide by 52?Is there any guidance for seasonality? For example, if pay was averaged over 12 months the weekly pay would be much lower than what a fishing guide normally makes during the season

7) Once in the system, when can independent contractors expect to see payments from Unemployment, both state and federal?

8) If employees are currently receiving benefits from Unemployment Insurance and begin receiving paychecks from employer’s PPP loan, should the employee continue receiving UI benefits?

9) If I am approved for, and accept, Unemployment benefits, do I need to document how that money is spent, and if so, what is the best way to do that?

10) Can you explain the current status of the EIDL Loan/Grant?

We have been hearing that small businesses may only qualify for as many employees that they employ. Many in our situation hire ICs and do not have W-2 employees. So, are we looking at 1k at most for the grant?

With the EIDL loan, the duration says up to 30 years, who decides the term of the loan?

11) I have applied for the SBA disaster loan (EIDL). I have applied using both the long and short applications. I received an email saying I qualify for (X amount). I have completed step two of the short application. If I qualified for an amount under 10K, is this a Grant or is this the max they will loan me at 3.75%?

Will the EILD loan amount need to be spent on only certain expenses? IE Payroll, mortgages etc…

Good clarification on both EIDL & PPP - thanks for asking Jason

12) We applied for a disaster loan around March 14th when the old application form was still in place. This is the much longer application that required numerous documents to support it. We received an SBA loan application number via email but have not heard back. We then also applied using the new streamlined EIDL application. Will the old loan application be discarded?

This is creating more confusion. Again, guides do not hire employees. So, do we as guides, qualify for this or not?

Josh, you can qualify for up to $1,000 through the EIDL grant but because you don’t have employees or contractors, you won’t qualify for the PPP funds.

Thanks, so we can’t get loan. So, does this mean that we are at the mercy of only unemployment, excluding the 1,000?

Joshua, you can get a loan through the EIDL beyond the $1,000 grant. You will need to show your operating expenses.

There is a rumor that we need to re-apply for the EIDL?

Crap! Only $1k grant for businesses that hire a bunch of IC guides?

13) What is the timing to hear back on the EIDL advance and other SBA loans?

Is there a method to check on our status for these loans?

14) What will the EIDL look like if we want to apply for more - will a loan office then reach out to us for a longer application?

Long term, should we require guides (not outfitters) to get business licenses, so that we could potentially pay ourselves if another disaster occurs?

Create LLCs?

15) Can we receive more than $10K through the EIDL and apply for the PPP as long as the EIDL is used for other business costs not covered by the PPP?

16) Most banks are turning away applicants for the PPP. Wells Fargo, for example, only opened up their application process for a few hours before shutting it down. This is also the case with many other large national bank branches. Many small businesses then called smaller banks and were rejected because they did not have an account. How can small businesses and guides apply for the PPP if banks are turning them away?

I am a wells fargo customer and they are not processing my application “yet” They suggested to call other banks I have called numerous banks that all turned me away because I am not a customers theres

I have to sign off for a business meeting

17) $350 Billion sounds like a lot, but there are 30 Million small businesses in the US. Even if the request for $250 Billion scheduled for the Senate this week is approved and we have a pool of $600 Billion for small businesses, that works out to only $200 per small business. Not every small business will apply for the PPP and EIDL (although initial interest appears to be substantial), if only 20% of businesses apply that leaves only $1,000 per small business. Further, many of the larger lenders like Bank of America, JP Morgan, etc. reported receiving hundreds of thousands of applications within a few hours before closing their application processes with loan requests collectively in the tens of billions. So, it appears that there will be a much higher demand for the PPP than funding allows. Will this then become a first come first serve?

Will funding be reduced per applicant?Will there be a selection process ranking some businesses higher than others?How will the shortfall between demand for funds and approved funds be addressed?How do we find out where we stand?

18) If we are not approved by SBA for any of the loans or grants, what do we do then?Who can help us if we don’t get approved or if we just never receive funding?

19) If I am approved for and accept an SBA loan, do I need to document how the money is spent, and if so, what is the best way to do that?

So a sole proprietor LLC with no employees should apply for PPP?

20) When financial help arrives in the form of an SBA Loan, or Unemployment benefits, are there pitfalls that we need to watch out for, such as tax implications?

My contact info if anyone has a follow up for us: jwillauer@bldc.net, 406.925.9622

Thanks for putting that on FOAM - very informative!

Thanks everyone!

Thanks Jason and Mike! You’re doing a great job keeping us informed.

Thanks everyone

Thanks Jason and Mike!

thanks for the updates guys!!

Thank you all

Thanks everyone.