“what businesses need to apply for funding… · 2020. 4. 8. · “what businesses need to apply...
TRANSCRIPT
“What Businesses Need to Apply for Funding…
THE COVID-19 CRISIS AND BEYOND…”
A VIRTUAL ROUNDTABLE DISCUSSION PRESENTED BY:THE ALTOONA BLAIR COUNTY DEVELOPMENT CORPORATION &
THE BLAIR COUNTY CHAMBER OF COMMERCE
APRIL 8, 2020
(WE WILL BEGIN MOMENTARILY…)
Introductory Remarks
Joe Hurd, CEO, The Blair County Chamber of Commerce
Stephen McKnight, CEO, The Altoona Blair County Development Corporation
PRESENTATION AGENDA: Highlight Current Crisis Related Programs
What Information is Needed To Apply
Questions and Answers
Our Presenters
Tom Seasoltz, CFOThe Altoona Blair County Development Corporation
Rich Lasek, Loan Servicing ManagerThe Altoona Blair County Development Corporation
Key Program Summary and Status
PA - COVID-19 Working Capital Access Program (CWCA) – Currently Closed
CARES ACT Programs – Open For Application WEBSITE = sba.gov/funding-programs/loans/coronavirus-relief-options SBA EIDL = This loan advance will provide up to $10,000 of economic
relief to businesses that are currently experiencing temporary difficulties.
SBA EXPRESS BRIDGE LOANS = Enables small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000 quickly.
SBA DEBT RELIEF = The SBA is providing a financial reprieve to small businesses during the COVID-19 pandemic.
SBA PAYROLL PROTECTION PROGRAM = This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.
Overall Preparation
Know your banker. Get them to know you.
Consult your accountant. Have tax returns ready. Have year to date financials available.
Prepare Personal Financial Statement together for you and your business partners.
Overall Preparation
List all your loans. Bank loans, partner loans, manufacturers floor plans, etc.• Lender / Terms / rates / monthly payments
LOANS
Talk to your business partners. Be on the same page with them about your cash position, potential equity injections and need to borrow.
TALK
BONUS: Go to annualcreditreport.com and check your credit on one or more of the credit rating sites
CREDIT
SBA Payroll Protection Program
IRS Form 940 (Annual Federal Unemployment Tax) or IRS 941(Quarterly Federal Tax Return)
3rd Party General ledger or other payroll verification records supporting the period covered
Evidence that business was in operation as of February 15th
Insurance premium bills/invoices
Retirement contribution verification
PA - DCED Programs
CWCA And Beyond
PA - DCED Programs
CWCA And Beyond
Thank You -Questions and
Answers
You Can Submit Your Questions in Writing
Any Question Not Answered During the Webinar, We Will Post On Our Website and Email to the Registrants
Visit www.abcdcorp.org
Contact Tom and Rich for more information at: