Navigating the Great Pause: Assessing Your Situation, Money and Legal Resources - Shared screen with speaker view
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SBTDC COVID-19 Resources for Entrepreneurshttp://www.sbtdc.org/coronavirus/https://www.ncsbc.net/events.aspx?mode=4
Please use the chat to post any questions you have for the panelists
The $350B for the ppp is “tapped out”-how about the money allocated for the $10K economic disaster recovery loans?
Mark, does that answer your question?
yes. the answer is there is still money for that one.
Here's that again: SBTDC COVID-19 Resources for Entrepreneurshttp://www.sbtdc.org/coronavirus/https://www.ncsbc.net/events.aspx?mode=4
La-Tasha, for employees making more than $100,000, can they apply for PPP and be capped at $100,000 or are they completely excluded from applying?
Tim, For employees that make more than $100K, there is a formula to calculate the loan. Yes employees can apply for PPP
These are additional SBTDC resources that are available via the website
Team—Gin Martini’s have helped me with the whole “calm” thing…highly recommended.
Thanks Gary! My internet connection is unstable today … The challenges of remote :)
La-Tasha said that the EIDL funds were tapped out. But she did not say anything about the balance of the PPP funds. Are those funds still there? If not will they be getting replenished by a new authorization?
I just got a WSJ “flash” email that stated the PPP is tapped out…that hit my inbasket this morning
Here is the link. Initial tranche exhausted: https://www.wsj.com/articles/funding-exhausted-for-350-billion-small-business-paycheck-protection-program-11587048384?mod=hp_lead_pos7
So is the PPP tapped out AND the EIDL funds?
Ray Collins, the PPP funds are available via financial institutions/ banks. Some banks have exhausted funds. The EIDL have an "lapse in appropriations"
Thank you La-Tasha
So my bank has not said their funds are tapped out, and are still processing loans….So I will remain hopeful!
PPP alternative lenders are Kabbage, Pay Pal, Square, Intuit,
It's not just the "essential business" part, it's also the business processes. A lot of stock trading organizations are demanding people be on site in NYC, which gets dicey.
• Kabbage: kabbage.com/paycheck-protection-program-loans• Lendio https://www.lendio.com/business-loans/sba-loans/• Fundera https://www.fundera.com/ppp• Credibly https://www.credibly.com/
For Vicki and the Panel or anyone: what assessments or new assessments do you recommend to know you are on track for meeting your end state.
it’s important to establish a new set of KPIs and targets during this time. Depending on your business, those may relate to cash flow in and out, customer engagement online, and items related to your supply chain
Mark - I am/was a Wells Fargo customer and engaged Lendio b/c WF was not lending at all. Square wasn’t helpful, and Kabbage, Credibly, and Fundera all said they were “open” however encouraged pp to apply elsewhere.
I'll add just as anecdotal support that we had a client apply for a loan through PayPal and obtained it and received the funds quickly and easily.
Understanding the minimum cash flow you need to stay afloat is important and setting boundaries that creates stability in the present moment
I also know Pilot Bank is tapped out.
The EIDL application is on line and directly with the SBA, not through a bank. The PPP is through a bank.
La-Tasha, question for you...……………..i applied for a EIDL and received a loan application number on April 6. I have not heard anything. Is there anything i should / could do to learn the status of my application? Or should i assume its been denied since i have not heard anything?
Rich g Kenny
Has anyone been successful in applying to Truist (BB&T/Suntrust)?
I filled out applications with all mentioned, and Lendio is the only that that I heard back from after applying with all previously mentioned.
Regretfully, it may cost more to stay partially open with or without loans than to shut down for a period. We are a resilient people and our knowledge will make us able to survive. Our knowledge will allow us to start up again with the market is beginning to return.
Rich - You have to be a Truist commercial customer as of 2/15 to apply with them.
La-Tasha, I literally just received this message 2 minutes ago from another SBDC representative in TN: "The EIDL application portal is disabled and banks cannot submit PPP applications to SBA for approval until further notice.We have to wait if Congress appropriates more funds."
Yes, can you send us that spread sheet as a template?
thank you so much!!
Thank you Gary!
Thank you Gary!
my contact info: email@example.com 2032737214
can’t help with NC specifics but shoot me a note if you think i can help.
Our Upcoming Session on 4/30 will be focused on Marketing. RSVP here: https://www.eventbrite.com/e/102213740048
That’s a really great reminder, thanks Gary!
My contact information: firstname.lastname@example.org or 919-428-5144 cell
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4/23 How to Operate Effectively in the New Normal-Experts in Operations https://www.eventbrite.com/e/102213376962
Great training. Thank you!
Thank you everyone for joining us! See you next week!
Thank you! Have a great week! Stay. Well