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Navigating the Great Pause: Assessing Your Situation, Money and Legal Resources - Shared screen with speaker view
callie
15:18
Please press record!!
gibbsv@kenan-flagler.unc.edu
23:16
Thank you to everyone for coming!
APittman
23:19
https://www.dol.gov/agencies/whd/pandemic/ffcra-questions
Keysha Jones
29:18
SBTDC COVID-19 Resources for Entrepreneurshttp://www.sbtdc.org/coronavirus/https://www.ncsbc.net/events.aspx?mode=4
Keysha Jones
33:56
Please use the chat to post any questions you have for the panelists
Mark Self
34:47
The $350B for the ppp is “tapped out”-how about the money allocated for the $10K economic disaster recovery loans?
Keysha Jones
37:02
Mark, does that answer your question?
Mark Self
37:45
yes. the answer is there is still money for that one.
Keysha Jones
37:58
Great!
Keysha Jones
38:48
Here's that again: SBTDC COVID-19 Resources for Entrepreneurshttp://www.sbtdc.org/coronavirus/https://www.ncsbc.net/events.aspx?mode=4
Tim Griffin
40:12
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?
La-Tasha
41:20
@TimGriffin
La-Tasha
42:08
Tim, For employees that make more than $100K, there is a formula to calculate the loan. Yes employees can apply for PPP
Tim Griffin
44:38
Thank you.
Keysha Jones
46:43
These are additional SBTDC resources that are available via the website
Mark Self
48:09
Team—Gin Martini’s have helped me with the whole “calm” thing…highly recommended.
gibbsv@kenan-flagler.unc.edu
48:19
Thanks Gary! My internet connection is unstable today … The challenges of remote :)
Ray Collins
50:11
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?
Mark Self
51:08
I just got a WSJ “flash” email that stated the PPP is tapped out…that hit my inbasket this morning
Fanalytical
51:28
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
Mark Self
53:02
So is the PPP tapped out AND the EIDL funds?
La-Tasha
53:04
Ray Collins, the PPP funds are available via financial institutions/ banks. Some banks have exhausted funds. The EIDL have an "lapse in appropriations"
Mark Self
53:19
Thank you La-Tasha
Ray Collins
54:33
So my bank has not said their funds are tapped out, and are still processing loans….So I will remain hopeful!
La-Tasha
54:45
PPP alternative lenders are Kabbage, Pay Pal, Square, Intuit,
ehage
54:46
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.
La-Tasha
54:50
• 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/
Thomas Little
55:21
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.
gibbsv@kenan-flagler.unc.edu
56:44
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
Jim Kitchen
57:13
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.
APittman
57:19
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.
gibbsv@kenan-flagler.unc.edu
57:28
Understanding the minimum cash flow you need to stay afloat is important and setting boundaries that creates stability in the present moment
APittman
58:03
I also know Pilot Bank is tapped out.
Mark Self
58:13
The EIDL application is on line and directly with the SBA, not through a bank. The PPP is through a bank.
Keysha Jones
58:13
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
58:24
Has anyone been successful in applying to Truist (BB&T/Suntrust)?
Jim Kitchen
58:30
I filled out applications with all mentioned, and Lendio is the only that that I heard back from after applying with all previously mentioned.
ehage
58:53
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.
Jim Kitchen
59:47
Rich - You have to be a Truist commercial customer as of 2/15 to apply with them.
Tim Griffin
01:01:00
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."
Ray Collins
01:01:59
Yes, can you send us that spread sheet as a template?
Ray Collins
01:02:29
thank you so much!!
johningles
01:02:35
Thank you Gary!
Sean Martin
01:02:45
Thank you Gary!
ehage
01:02:48
thank you
Gary Traynor
01:05:15
my contact info: gary@venturecxo.com 2032737214
Gary Traynor
01:05:57
can’t help with NC specifics but shoot me a note if you think i can help.
Keysha Jones
01:07:06
Our Upcoming Session on 4/30 will be focused on Marketing. RSVP here: https://www.eventbrite.com/e/102213740048
Jill Willett
01:08:34
That’s a really great reminder, thanks Gary!
La-Tasha
01:09:01
My contact information: lgaddy@sbtdc.org or 919-428-5144 cell
La-Tasha
01:10:16
SBTDC is a FREE resource
brianspencer
01:12:30
Thank you everyone
Keysha Jones
01:12:34
We will include a survey link in the follow up email as well: https://www.surveymonkey.com/r/6YZ52V3
La-Tasha
01:12:41
Thank you Everyone!
Keysha Jones
01:12:47
4/23 How to Operate Effectively in the New Normal-Experts in Operations https://www.eventbrite.com/e/102213376962
Theresa T
01:12:59
Great training. Thank you!
Keysha Jones
01:13:03
Thank you everyone for joining us! See you next week!
Thomas Little
01:13:03
Thank you! Have a great week! Stay. Well
jonathancollins
01:13:27
Thank you!