Next up in the Small Business Webinar Series,
host Julie Hyman speaks with John Blackstock
of the Small Business Administration of NJ.
You’ll hear updates about federal coronavirus
stimulus programs and have an opportunity to ask questions.
ON WHO YOU CAN TALK TO IF YOU HAVE AN ISSUE APPLYING FOR LOANS
“…we do have resource partners, so if there's someone that has issues, we work with the Small Business Development Centers and our support counselors, and if someone applied for an EIDL loan (Economic Injury Disaster Loan) and was declined due to a negative credit score, we have resources available to help people with negative credit, probably not now is really helpful, but we do have strategic resource partners.”
WHAT CAN A SMALL BUSINESS OWNER DO IF THEY OWN MORE THAN ONE BUSINESS:
“Again, the max is 10 million, but most loans are not even near that, so you take the number of employees you have, and then you add up all their payroll costs, and that includes your benefits, but it can't go past $100,000 per employee, and then if you have more than one business, you do this for each of the businesses, you're only entitled to one Paycheck Protection Program loan, so please make sure you have all your businesses rolled up into one.”
CLARITY ON THE EIGHT-WEEK PAYROLL PERIOD
“The eight weeks of payroll begin immediately upon the bank distributing the funds into a business account.”
GUIDANCE ON THE FORGIVENESS PORTION OF THE PPP (Paycheck Protection Program)
“The idea is to have your employees return to the workforce at the levels of February 15, whatever their salary was, whatever their compensation package was.”
“… the intent is to have the small business owner, to have his workforce return at the level that it was in the past, before this pandemic. That is for the loan forgiveness, 75% of this, that loan has got to be used for payroll.”