SBA Emergency Loan Programs - Overview and Q&A

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Name: SBA Emergency Loan Programs - Overview and Q&A
Date: April 15, 2020
Time: 1:00 PM - 2:00 PM EDT
Event Description:
 
LIVE ZOOM MEETING - April 15 at 1:00pm
 
We're teaming up with the Georgia Department of Community Affairs and the Georgia Department of Economic Development to offer webinars on small business resources provided by the CARES Act.
 
Join via Zoom Meeting on April 15th at 1pm
 
Call-In: +1 (646) 876-9923
Meeting ID: 469 936 958
 
If you can't be on our call, we have others scheduled:
 
THE UGA SBDC IS HERE TO HELP
 
The UGA Small Business Development Center is here for business owners to assist with: 
 
  • Immediate concerns including cash flow, payroll, marketing, etc. 
 
  • The SBA Economic Injury Disaster Loan (EIDL) process including reconstructing financial records, preparing financial statements, and navigating the loan application. 
 
  • The Paycheck Protection Program (PPP) Loans including calculating out how much you are most likely eligible to borrow and coming up with a strategy to maximize the amount forgiven.

 
We've compiled Response and Recovery Resources to help with Funding and Cash Flow, Management & HR, Operations, Marketing, and Planning, as well as a checklist of items to consider.
 
Contact Us
If you have questions, please contact us through our website. To accommodate the large volume of questions from business owners, we will try to answer as many questions via email as possible, but appointments with a business consultant are also an option.
 
OTHER TIPS & RESOURCES
 
Don't know which SBA Relief Loan to apply for? We recommend applying for everything that you are eligible for.
 
PPP Loans
 
Apply for this loan through a participating bank. PPP Info
 
US Chamber Checklist and Tips for employers, including what to do if you have already laid off your employees
 
Need help calculating your payroll costs? Ultimately, the bank has the final say as to what they will accept, but here are a couple of good places to start:
 
To make it easy to track how the funds were spent try one of these suggestions:
  • Open a separate bank account for the funds
  • Set up a new "class" in Quickbooks for the funds
 
Looking for a lender that is accepting PPP applications from non-customers? Try one of these:
 
 
 
SBA EIDL Loan and Advance
 
Apply Here for the Loan and Advance through the SBA
 
 
Do you own a service-based business? Here's how to calculate Cost of Goods Sold for a service business. If you use Quickbooks, COGS is the 2nd line of your income statement.
 
Write down or screen shot your application number (last screen). You will not receive a confirmation email until your application has been reviewed.
 
As of 4/9, the SBA has come out and said the EDIL Advance will be based on the number of employees you had on January 31st.
$1,000 per employee | up to 10 employees max.
 
If you applied before 3/30/20 you will need to apply again to have access to the Advance.
 
Georgia Department of Labor
 
Listen to Mark Butler, Commissioner of the GA DOL, speak about the process for employers, employees, and 1099/self-employed workers. (recorded on 4/8/20)
 
GA Dept. of Labor Updates - including info for the self-employed, gig workers and 1099 contractors
 
Chamber of Commerce
 
The U.S. Chamber, the Georgia Chamber, and your local Chamber of Commerce have a lot of resources to offer.
 
Please forward this information to anyone who needs it.
 
UGA SBDC in Athens | Website | See A Consultant | Email Us
 
 
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Funded in part through a cooperative agreement with the U.S. Small Business Administration and the University of Georgia. Reasonable accommodations for persons with disabilities will be made if requested at least two weeks in advance.
 
 
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