free confidential consulting and training to current and ... · shawn allison jamie billesbach...
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https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
Shawn Allison
Jamie Billesbach
Susan Dunn
Michele Hodde
Cheryl Mehaffey
Derrick Neikham
Leanne Pressly
Craig Stuller – Leadville EDC
John Trenary – Leadville EDC and Score
Louise Derengowski – Park County
Sheila Cross – Park County
Mason Green – Town of FairplayCounse
lors
▪ Free confidential consulting and training to current and prospective business
owners and non-profits.
▪ We support entrepreneurs and small business owners with all aspects of business
planning, market analysis, marketing, management, cash flow, and growth strategy.
▪ Tasked to be the Small Business & Non-Profit Support Liaison for SBA Disaster Relief
719.221.0374 – [email protected] – www.CentralSBDC.org
Facebook CentralMountainSBDC – Instagram CentralMtnSBDC
YouTube Central Mountain Colorado SBDC
▪ The Ship is Sailing While it is Being Built
▪ Can be Frustrating & CHANGE Overnight
FEDERAL DISASTER PACKAGES Available
https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
▪ You will
probably
need
▪ HELP
Navigating
▪ Economic Injury Disaster Loan (EIDL) –And - Economic
Injury Disaster Loan Advance
▪ Paycheck Protection Program
▪ SBA (Existing) Small business Debt Relief
▪ Express Bridge Program SBA current clients
▪ Small Business Tax Provisions & Unemployment
▪ Other State and Local Options Becoming Available and
Other Grants Chaffee & Lake County EDC Initiatives
Your Toolkit
Payroll Protection Plan (PPP)
https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
Analyze
PPP vs Unemployment
Part of Your Toolkit
Local 7a Lenders
Economic Injury Disaster Loan (EIDL) &
EIDL LOAN ADVANCE (really a grant)
https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
NOTE: You have the ability to wait to accept a
product or grant after you apply and are approved.
Prudent action might be to apply to multiple
products, then weigh options, and make informed
decisions, as additional details become available.
The U.S. Small Business Administration (SBA) provides low-interest, long-term
economic injury disaster loans to small businesses and most private non-profit
organizations to help meet financial obligations and operating expenses that
could not have been met had the disaster not occurred. EIDLs provide the
necessary working capital to help small businesses survive until normal
operations resume after a disaster. - Part of your toolbox consideration.
ColoradoSBDC.org/Covid/
ECONOMIC INJURY DISASTER LOAN (EIDL)
PAYCHECK PROTECTION PROGRAM (PPP)
USES
COLLATERAL
FORGIVENESS
AMOUNT
TERMS
DEFERMENT
ELIGIBLE ENTITIES
APPLY
Payroll and approved operating expenses
No collateral required
Up to 100% with approval (8 weeks payroll expenses + 25% operating expenses)
2.5X average monthly payroll for the prior 12 months for monthly expenses
1% on unforgiven portion 2 year fixed rate
No payments for the first 6 months
•U.S. Small Businesses•Private non-profits•Sole Proprietorships•Farms•Chruches
Working capital
SBA will take the best lien available (excluding real estate) on loans over $25K
Up to $10K emergency advance for payroll and expenses
3.75% small business 2.75% non-profits30 year fixed rate
No payments for the first 12-months
•U.S. Small Businesses•Private non-profits•Sole Proprietorships•Small agriculture coops andacquculture
SBA Approved Lender SBA.gov/Disaster
Up to 6 months of operating expenses not to exceed $2 million
No collateral on loans under $25K
Chaffee County Business Recovery Observations,
Resources, and Assessment of Current Grant & Loan Programs
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& Chamber of Commerce ..
Thursdays at 12p via Zoom
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Chaffee County Economic Recovery Team Observations, Resources, and Assessment of Current Grant & Loan Programs (MEETING SUMMARY)
AUDIO RECORDING OF MEETING: Click Here.
Thursday, April 9, the Chaffee County Economic Recovery Team hosted its first Special Update segment with the Salida Business Alliance, BV Chamber, SBDC, and Salida Chamber. Recording and text can be found on the Salida, Buena Vista Chambers of Commerce and Salida Business Alliance websites.
Dave Blazer, Chair of the Chaffee County Economic Development Corporation (CCEDC) moderated the discussion. Guests included Jamie Billesbach, Director of the Central Mountain Small Business Development Center (SBDC) and Joe Smith, Vice President for Commercial Lending, High Country Bank (HCB). Rachel Pokrandt, Vice President of Colorado Mountain College (CMC) was scheduled to provide a brief statement of CMC’s role to assist in the recovery. However, in the interest of time she was deferred until the next meeting. Sixty nine (69) participants were identified as having joined the meeting.
Following a brief overview of the background and purpose of the Recovery Team, Dave discussed the ongoing need to provide relevant and timely information to the business community in Chaffee County. This meeting will be the first of several ongoing efforts hosted by the CCEDC in conjunction with our partners in an effort to facilitate the recovery. Rather than commit to a regular schedule, Dave stressed the need to provide information that is timely and useful.
Jamie was the first presenter and covered in some depth the major programs that the federal government is deploying to assist small business. She discussed several slides which can also be accessed on the websites of both Chambers, SBDC, and Salida Business Alliance. The main point of the presentation was to highlight the current programs available (PPP and EIDL grant/loan). Please review the slides and the presentation and contact the SBDC for one-on-one consultation with one of several counselors. One of her counselors provided a brief overview of some of the programs available to employees (and soon to be sole proprietors and independent contractors) as well as highlighting some of the unemployment options. Jamie acknowledged that due to the volume and the necessity of rolling out the federal programs before they were fully prepared, has caused some fits and starts.
Finally, Joe Smith from High Country Bank characterized his perspective on the banks involvement in the initial phase of the program as “a junk show, miserable, and confusing”. As a long-standing SBA lender he is working with the program but is experiencing delays in getting the correct guidance from the SBA. It now appears that interim regulations are in place, and getting the proper paperwork from businesses is the key to processing loan applications. He indicated one of the hurdles is the banks have to do their due diligence and businesses need to come with as much documentation as possible to have a successful application submitted. He is hopeful that as the program moves forward additional clarification will be provided and the loan processing will become more understandable and manageable.
Questions asked via the “chat” feature on the Zoom meeting:
12:17: Hi; please feel free to post questions through this chat feature. We will do our best to answer these questions today and in the near future. Additionally, We will use these questions to identify common questions NOT being answered and address those in future EDC lunch and learn meetings.
12:22: 13 weeks on top of the normal unemployment period, but how many weeks is the normal unemployment period? 26 weeks (https://www.colorado.gov/pacific/sites/default/files/worksheet-extended-benefits%20FINAL.pdf)
12:30: I read there was a recent change to the EIDL program that limited the $10k to $1k per employee up to 10. True? TRUE
12:30: Normal unemployment lasts 26 weeks.
12:32: Can you get both the PPP and 10k EIDL grant? My accountant told me that the amount you get through PPP will be deducted from the 10k grant, that didn’t seem correct?
12:45: Can you please repeat your comments on sole proprietors that take distributions and not payroll? (comments clarified on the audio file)
12:52: https://coloradosbdc.org/covid got to this page and you will see a variety of webinars as they relate to EIDL and PPP. Including Boulder presentation yesterday.
12:52: Is there anything specific that a seasonal business (rafting outfitters as an example) should be aware of? Review the PPP and EIDL guidelines; seasonal businesses may still qualify.
13:00: Please let your displaced workers know that CMC is offering free tuition, books and fees for the summer semester to anyone who has lost their income during this time and who lives in the CMC district. It is at least something that you can offer to those who you had to lay off recently. They can get more information at www.coloradomtn.edu
CONTACT INFO:
13:00: Angel: [email protected]
13:02: BV Chamber: Email [email protected] or call 719.395.6612 for information. Our website where you can access the survey is https://www.buenavistacolorado.org/covid-19-resources-and-updates/
13:06: Salida Chamber of Commerce 719.539.2068 Email: [email protected] [email protected]