Zoom Logo

SBA Emergency Loan Application: What you need to know & FAQ's - Shared screen with speaker view
Sam Thrush
19:50
I'm with a downtown organization. Trying to be a resource to our downtown businesses. Thanks for the webinar!
Karen Straub
20:08
I am an accountant
Erika
20:19
We are a regional performing arts center and the community hub for our town and region.
Julie Steinbacher
20:40
I a trying to take the poll but it wont submit.
Army Heritage
20:44
Please address applicability to non-profits.
Amy Giangiulio
20:58
Did anyone else lose Ernie's audio?
christine bechetti
21:12
We are a small business Mfg plant that makes airplane components.
Kent Stauffer
21:12
no
Owner
21:32
I own a small day spa in pa
m hynum
21:33
Attorney
bjba
22:07
cpa
irene
22:09
Small business and bookkeeper
Joseph Loftus
22:16
bank
Liz Ackerman
22:31
Chamber of Commerce
bernadette.hill65
22:33
recruiting consulting/staffing company
Paul Bressan
22:46
Small Business CFO
AdamG
22:48
Commercial and residential cleaning company.
erics
22:48
Hello I'm a restaurant owner looking for help to reopen, I applied for a load at SBA and the site would not let me load files that the SBA needs so I email them but I have not heard anything from the SBA yet and it been a week.
eshultz
22:53
Small business President - Hillman Brass & Copper
nickgould
23:11
Freelance photographer
James Halligan
23:29
Attorney collecting information for clients and my small business
Jon Costanza
23:36
Jon Costanza, SunPower Builders: contractor and solar installer.
Bryn Keller
23:39
I own and operate a B&B and wedding venue
Ryan Russell
24:01
whatever we do cover here today, will a transcript/download be available in case we can't take notes quickly enough?
Willonda McCloud
24:51
Will you address nonprofits and if we are able to file.
Alycia Pitcavage
24:56
We own a hair Salon
Tiffany Harrell
24:59
Automotive Repair, I applied, poll wouldn't work for me.
Tyler Kiebler
25:22
Hello Everyone. I am a caterer in Lancaster quickly trying to reconfigure our business model to grab and go and take out and delivery meals.
Jack.Foster@mobilionsystems.com
25:22
wondering what to do where >20% investors cannot/will not provide financial information requested.
kathleenduffybruder1
25:27
I am an attorney advising small businesses on next steps and opportunities
Michelle Crowley
25:48
chambers of commerce should have been on the survey list - - most of the people on the call are there because of chambers - -thank you for all that you are doing!
Mike Schnitzius
25:55
With the newly passed stimulus providing relief to small businesses, should we wait to see how that plays out or start the SBA application now
Jim
25:55
I am interested in the bridge loan to forgiven
tmcbr
26:19
The new stimulus plan tells us to go to our bank for a small business loan?
nickgould
26:23
post the link in the chat
C Snyder
26:34
Hello our sales prospecting company is looking for help to avoid layoffs, I applied for a loan but the site was very confusing, I'm not 100% sure we filled it out properly. I have not heard anything yet and it been a week. Will we hear if more info is needed? if we are denied can we reapply?
Eric Etkin
26:41
On the Monthly Sales Figures form, they ask for a financial forecast to illustrate what the income impact will be “during the period affected by the disaster”. What period of time should we forecast?
Gary Peterson
27:09
Will we get these slides?
H. Patel
27:09
Will this be emailed to us?
LouM
27:20
Will you be sharing the slides at the conclusion or the presentation?
Reggie’s iPhone
27:50
what if you’ve already applied
User
27:59
will we get a copy of presentation?
Chad Byers
28:06
Anyone know what time they are going to announce the details of the bill?
Keiren
28:07
will the presentation slides be sent to us?
Jared Kimmel
28:13
I put in a claim under my business interruption insurance and was already denied. Will the insurance companies be directed to honor these claims?
Tyler Kiebler
28:17
how do I see the slides?
Jack.Foster@mobilionsystems.com
28:56
must you have revenue to qualify? How about R&D concerns?
alex
28:59
Change your view to see “side by side” slides and speaker
Todd Price
29:32
What number does the credit score need to be at?
Ashley
29:47
what credit score range is needed?
Army Heritage
29:53
Non-profits have a credit score
christine bechetti
30:02
is that credit score of owner or d&b score
Debi Friedmann
30:09
What credit score will be an automatic no?
Ernie Post
31:10
We will be sharing links to the slides with everyone later this afternoon. I will be theming questions in chat and asking Marcia and SBA to help clarify some of the common themes
Barry Rauhauser
31:27
Can I use my own PFS?
C Snyder
31:27
When our loan amount is being determined, Will looking at the 2018 tax return account for the tremendous all around growth we've seen in 2019?
Lacy
31:27
I completed the SBA Application and I saw no place that is permitted me to ask for an amount or justify it.
Kevin Traynor
31:38
In determining gross margin, how will they look at companies that are not profitable yet?
Ernie Post
32:13
Marcia will be covering the gross margin question
Lacy
32:19
Are you aware the site is closed right now for maintenance? As of 30 minutes ago.
kpavel
32:26
The site is currently down for maintenance.
Owner
32:47
I attempted to apply. The system will not let me go back to the 1st page. Do I create a brand new registration?
AA410448
32:56
Will this program apply to start-up businesses?
Tiffany Harrell
33:11
can we get these slides??
Betsy Lockwood
33:21
Will this presentation be available after the webinar?
Chris Gabel
33:54
It looks like the SBA disaster loan portal is down for maintenance
Jared Kimmel
34:24
we are going through all the info. to submit electronically but didn't we just get told to do this with the paper application??
Sherri
34:45
I have multiple companies should I apply for each company individually?
Jared Kimmel
35:02
can you please clarify if we should do this with the paper application?
Emily Wachter
35:06
Any idea what credit score they want?
Ross Garner
35:40
Will applying for this loan impact our ability to receive help from the upcoming stimulus package?
nickgould
35:44
Disasterloan.sba.gov is this the correct link?
Tiffany Harrell
36:02
Will applying for this loan impact our ability to receive help from the upcoming stimulus package?
Lacy
36:12
very important to know the time line for on line applications. I submitted last night.... what should I expect?
m hynum
36:22
FYI - the loan site is now down for 'scheduled maintenance'
erics
36:48
it off line now
christine bechetti
36:59
I submitted sunday and got email today that it is being reviewed
erics
37:03
and I used google chrome
Tiffany Harrell
37:31
I did mine Monday, YES. SAVE SAVE SAVE. I lost info several times
erics
37:35
I had issue with it through the whole process
erics
37:46
the upload did not work
Michael's iPad
38:12
will this presentation be emailed to online participants? thanks.
Ernie Post
39:19
The links to the slides will be shared later this afternoon. We are doing three of these today and we want to update the slides with the nest information that we might learn throughout the day.
Sherri
40:00
My company has not completed their first task return can we still apply
Sonia Smith
40:09
EDGE
Jack.Foster@mobilionsystems.com
40:14
I was ble to use Chrome?
kpavel
40:16
I used Chrome and was able to complete the application.
Michael Kane
40:16
Microsoft Edge
Brian Jones
40:21
Is the tax return required only the business entity or the personal tax return too (I'm a general partner in a Partnership)
tami
40:24
- Safari?
Owner
40:25
will i not be eligible for gov't stimulus if i apply and take this loan?
Don Jefferson
40:36
Microsoft Edge
John Peterson, SBDC Business Consultant
40:40
IT is Explorer and Microsoft Edge
swhite
40:40
Do these loans require a personal guarantee?
Owner
41:08
i purchased my business in Oct 2019. I don't have a tax return yet for 2019. What do i use?
nickgould
41:35
No collateral under 25k
Reggie’s iPhone
42:13
what if you’ve already applied
bjba
42:18
Is there a criteria that constitutes Small Business? ie, gross revenues, assets....etc.
Jack.Foster@mobilionsystems.com
42:22
are pre-revenue entites eligible?
Owner
43:23
I have an SBA small business loan already from Oct 2019. Can I apply differently? U already have my info from only 4 months ago
nickgould
43:43
freelancer?
Michael's iPad
45:36
do submissions need to have a scanned original signature page for tax returns and then a pdf of the entire tax return? please clarify. thanks.
Kent Stauffer
45:44
What are the declared counties?
kpavel
46:59
Is there loan forgiveness for the money that is used for payroll and related payroll expenses?
miller
47:45
Collateral - will SBA take 2nd on business assets or R/E
Eric Etkin
48:25
On the Monthly Sales Figures form, they ask for a financial forecast to illustrate what the income impact will be “during the period affected by the disaster”. What period of time should we forecast?
1bria
49:11
do pre-revenue companies qualify?
Dave Monahan
49:28
Do investor owned businesses qualify for the program?
Tabitha
49:39
For a S-Corp, do we need to submit business and personal taxes?
Sharon
49:40
I purchased my company in March 2019. I do have copies of the previous tax returns - do I use the previously filed tax returns ?
Gary Peterson
49:41
Do we get a copy of this presentation??? So we have all the details? Can it be emailed to us?
Emily Wachter
49:45
What credit score is needed?
bjba
49:47
If you are attaching a pdf of a signed tax return do you still need to authorize on a 4506T?
Diane Kurtz
49:57
Please tell us minimum credit score.
Shannon Smith
50:11
If we have the tax return form that was signed allowing the accountant to efile the tax return, is including that with the pdf of the tax return sufficient since the owner had to sign that?
Steven Stumbris
50:15
@kent stauffer all 67 counties in PA are eligible
Kent Stauffer
50:31
Thank you
Jack.Foster@mobilionsystems.com
50:46
is the application differen tin Explorer than Chrome?
tami
51:07
We were told credit requirements of sea would be lax in this emergency disaster but does not sound like it. So where do entrepreneurs go for help?
Keiren
51:13
are all the forms in spanish?
crebehn
51:19
Are agricultural businesses eligible?
swhite
51:30
will this webinar be available after the conclusion to review again?
tami
51:40
OF SBA would be lax under
Brian Jones
51:51
The general partners personal tax return? is that correct?
Keiren
52:36
Can you make this presentation available in Spanish?
Sherri
52:52
What if I have multiple businesses
ryen
53:00
My business is surviving now but, if this continues longer than a month I will definitely need this program. Should I apply now or wait it out a month?
Scott Bidding
53:11
In the electronic age the IRS has our 2019 returns why do we need to send the same information?
bjba
53:13
application asks for last 12 months of gross revenues....assuming this is March 1 2019 - Feb 28 2020? and not last calendar year.
Jack.Foster@mobilionsystems.com
53:19
what if owners are corporations and unwilling to provide their financials through the portal.
Eric Etkin
53:57
On the Monthly Sales Figures form, they ask for a financial forecast to illustrate what the income impact will be “during the period affected by the disaster”. What period of time should we forecast?
seritter
54:04
Will there be a way to obtain all the slides for this webinar?
Sonia Smith
54:15
Just got info from Disaster: SBA is accepting copies of tax returns WITHOUT a signature.
Jack.Foster@mobilionsystems.com
54:48
none of this financial information was requestted in the application process of me.
cottagegardens
54:57
I’m a small company doing Ok now, but what If I don’t need the loan until May?
Tiffany Harrell
54:57
We've been asking... idk. I'd like the slides for sure 🤷‍♀️
Ernie Post
55:20
Marcia has been advising her clients to apply even if you are not sure how much you will need, you can always turn it down with no substantial consequences (i.e credit inquiry etc.)
SDWHEELE
55:32
Agricultural businesses (and affiliates) with its primary activity in agricultural production are not eligible, Solomon SBA
Brian Levinson
55:49
Can payroll include owner's compensation?
Keiren
58:24
Are the call centers bilingual?
Debi Friedmann
58:37
We are a husband and wife owned company. When putting numbers in, do we use INDIVIDUAL information, or COMBINED information? All of our assets and debts are shared...
Steven Stumbris
58:40
@keiren Widener SBDC has a few webinars español. ex: https://pasbdc.ecenterdirect.com/events/26676 PEQUEÑO EMPRESARIO VS. CORONAVIRUS: Parte #3: Oportunidades de Financiamiento
miller
58:41
Is spouse of owner required as guarantor?
jessica barner
58:57
Do they verify our checking account balance? I have some money to get by, but it will not last for long. How much does that affect our SBA loan request?
Eric Etkin
01:00:49
The SBA is calculating how much we need based on forecast. On the Monthly Sales Figures form, they ask for a financial forecast to illustrate what the income impact will be “during the period affected by the disaster”. What period of time should we forecast so that an accurate need can be calculated?
tmcbr
01:02:06
Marcia Marcia Marcia!!!!!! Just a little Brady Bunch humor in the midst of all this craziness :-)
Eric Etkin
01:02:36
So forecast for 12 months ?
Lacy
01:02:44
How long will it take to get approved?
erics
01:03:09
we do not have tax return we have only been open 7 months what do we do?
Jacques
01:03:37
nice to know.nie to know.
Shannon Smith
01:04:45
If the accountant is completing the forms can the owner sign them via DocuSign for the accountant to submit?
Todd Curry
01:05:04
Are real estate investment borrowers (non operating entities) eligible? Hotels?
Anne Kirby
01:05:44
Fyi the site Is down, any word when it will be back up
AdamG
01:06:10
They said it was down for Maintenance. Hey Anne!
Jon Costanza
01:07:29
do you register before printing and/or filling out the application
Richard Bidgood
01:07:38
if business has a line of credit, but it will run out soon, should they still apply?
SDWHEELE
01:08:53
Hotels are eligible. Rental property owners are eligible. Real estate developers primarily engaged in subdividing real property into lots for resale on their own account are not eligible, Solomon SBA
srobbins
01:09:01
Does applying for or closing on the EIDL loan make a borrower ineligible for applying/receiving funds under the to be released $2 Trillion CARES Act?
Lacy
01:10:02
Sir need to know how long for approval?
Owner
01:10:35
@lacy thy said 4 week turn around right now
Brian Levinson
01:10:49
Can payroll include owner's compensation?
miller
01:12:00
Is the SBA PFS required or can you use one you already have
User
01:12:14
if you have multiple companies, do you just complete this for one, since they will be on your tax return?
Shannon Smith
01:12:30
The sba loan can't be used to pay down a loan. But what if we have to use our line of credit to maintain payroll and expenses while waiting for this loan approval. Can the SBA loan be used to pay the line of credit back down to pre-disaster balance?
Sherri
01:12:32
Can we apply for all the PPE equipment we have to purchase for our employees
Jack.Foster@mobilionsystems.com
01:12:37
what if owners are other corporations - how can they provide personal financial statements?
miller
01:14:04
2nd on business assets or R/E? Spouse required to guarantee?
Ross Garner
01:14:30
Will applying for this loan impact our ability to receive other assistance from the upcoming stimulus bill?
Michael's iPad
01:14:35
many good questions and answers. will you please provide these w/ the presentation when you send it out to participants? thanks.
srobbins
01:14:45
Does applying for or closing on the EIDL loan make a borrower ineligible for applying/receiving funds under the to be released $2 Trillion CARES Act?
Owner
01:14:49
I have an exisitg SBA loan, just acquired in Oct 2019? Can I apply differently/ more simply? amend my current loan?
SDWHEELE
01:14:56
Disbursements to owners, partners, officers, directors, or stockholders are ineligible use of funds, except when directly related to performance of services for the benefit of the applicant; Solomon, SBA
jessica barner
01:15:05
i can't hear anymore through the phone. I called in again, but it says host has us on hold. am i the only one?
christine bechetti
01:15:20
the personal financial statement portion comes up and you fill it it with your personal information, assets, liabilities, etc. If you have loans at bank they usually do these yearly for your bank loans
Jim
01:15:41
I created an LLC to own the commercial property my business is in. I am the only member of the LLC. How do I include this info in the application?
jessica barner
01:15:44
thank you!! good to go.
Todd Curry
01:16:11
does the borrower need to provide full disclosure of current debt/loans being modified with their lenders that would reduce their loan payments and possibly impact the amount of funds needed for SBA loan?
erics
01:18:15
the system did not let me upload it
erics
01:18:43
I tried about 10 times with different file types
Owner
01:18:47
i am only member for my S corp. Do i use my business name or my name?
kpavel
01:19:16
Keep trying to upload. It took me multiple attempts over 3 days and it finally uploaded.
Shannon Smith
01:19:20
Do the different items needed uploaded and submitted in order or as we have them available?
Katherine Walsh
01:20:40
For a nonprofit, would a list of board members and executive director suffice as proof of "ownership"?
Todd Price
01:21:20
What is the minimum credit score needed to apply?
miller
01:21:34
Collateral - will SBA take 2nd lien on business assets
Katherine Walsh
01:22:15
So do we! Thank you!
Todd Price
01:22:44
What is the low target number at today?
Todd Price
01:23:39
Does applying create a hard hit on our credit score?
Jacques
01:24:32
Chadwhat us staes are on lockdown
Bonnie
01:25:20
If I have a business partner that is not involved with the operations of the business in any way however he is a 45% owner on tax returns. He was in bankruptcy and we are in a law suit with the partner to remove him from the business. I will be unable to get him to complete the personal financial information. Will I get denied because I am unable to get this owner to comply with completing his personal financial information?
Todd Price
01:26:48
Don - You said that the credit score requirement was lowered today. What was the number lowered to?
alex
01:27:33
Assuming we are approved, how are funds dispersed? How quickly, will they come in portions or at once?
Sam Thrush
01:28:12
$61 million
Todd Price
01:28:32
Who do we speak with about the credit score requirement?
erics
01:28:43
yes it is not much for the whole state
Owner
01:29:19
PETA loan, where is that info??
Sam Thrush
01:29:27
PIDA.
Sam Thrush
01:29:43
Check with your local Certified Economic Development Organization.
Sam Thrush
01:29:57
PIDA = Pennsylvania Industrial Development Authority
Amber Busacco
01:30:09
https://dced.pa.gov/programs/pennsylvania-industrial-development-authority-pida/
Owner
01:30:09
lol, thank u
Steven Stumbris
01:31:01
overall info : https://dced.pa.gov/programs/pennsylvania-industrial-development-authority-pida/
Steven Stumbris
01:31:09
find your local contact: https://dced.pa.gov/cedo/
miller
01:32:45
Collateral - 2nd lien on business assets or R/E?
H. Patel
01:33:38
There seems to be more than one contact for CEDO per county. Do we have to pick a particular one?
erics
01:33:44
I submitted it but need to email files
nickgould
01:33:48
Thank you!
erics
01:34:19
we every loan get a loan officer?
christine bechetti
01:34:31
Thank you all presenters. We will all get through this together. I appreciate it!!
Paul Bressan
01:34:48
Great Job!!
Megan DiPrimeo
01:34:49
how do we sign up to receive a copy of the recording?
Jared Kimmel
01:35:20
when will the site be working????
cwohl
01:35:38
Thank you for today's webinar
erics
01:35:47
thank you