Guides on the difference between loans. new videos and assistance for businesses:https://www.marinsbdc.org/covid-19
PPP PROGRAM – BANKS OPTING IN
We have been getting many emails and phone calls about which banks are opting into the program. Please remember this is new and SBA only released the guidelines yesterday so banks need to figure out how to make it work for them.
Here is a new link for PPP info from SBA: https://www.sba.gov/paycheckprotection/find
So far, this is what we have heard on banks opting in on PPP loans.
These banks are currently accepting applications ONLY to current customers:Umpqua BankBank of AmericaHeritage Bank of CommerceMechanics Bank
These banks may be accepting applications outside of current customers: Banner BankSAFE Credit UnionUS BankSummit State Bank
These banks have not gone live yet with the loans: Wells FargoBank of Marin1st Capital Bank
These Banks are opting in but we are not sure if they are accepting applications yet: Comerica BankChaseUnion Bank
FREE WEBINARS: SURVIVING COVID-19
We are here to support you and answer your questions. Free Webinars.
Topic #1: KEEP YOUR BUSINESS GOING WITH ONLINE MARKETING + SOCIAL MEDIA
April 7th | 10:00 – 11:00 PM | FREE
April 9th | 10:00 – 11:00 PM | FREE
Topic #2: DISASTER LOAN SUPPORT WEBINAR
Understand what you need to submit, the differences between the programs, the latest updates and be able to ask questions
Wed April 8th | 12- 1 PM | Free
IN ADDITION: FOR THE NEXT TWO WEEKS
EVERY MONDAY, WEDNESDAY and FRIDAY(latest updates and get questions answered) 10:30 – 11:30 AM
Just show up and get in by using this link:https://norcalsbdc.zoom.us/j/835182602
PPP Program details
On Wednesday evening 3/25/20 the U.S. Senate passed an expanded version of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
The bill provides more than $2 trillion for workers, small business, and industries impacted in recent weeks by the virus.
FROM THE DEPARTMENT OF TREASURY:
Small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, are eligible if they also meet program size standards.
- For a top-line overview of the program CLICK HERE
- If you’re a lender, more information can be found HERE
- If you’re a borrower, more information can be found HERE
- The application for borrowers can be found HERE
There are a few good documents outlining the program:Guide and FAQs
NEW PORTAL for SBA ECONOMIC INJURY DISASTER LOANS (EIDL) + $10K ADVANCE
New Portal! https://covid19relief.sba.gov/#/
We’ve gotten many questions on the $10K advance. SBA has added a checkbox on the application to request a rapid $10,000 advance on your loan. Advance is paid within 3 days of a successful EIDL application, and may not have to be repaid. If you already completed your application SBA will be in touch to offer you the chance to request this since it wasn’t available last week. If you started to apply, but never completed your application, then start with the new portal application. To get the $10K advance, you still need to apply for the EIDL loan.
We are here to support you through the process so please reach out and we can work you step by step through it all and answer your questions.If you want support, please sign up here so we can connect you faster to someone to help you with the loan process: https://nc.ecenterdirect.com/signup
Contact us via email or phone
Matthew Wick: matthew@marinsbdc.org 415-482-1819Miriam Karell: miriam@marinsbdc.org 415-524-3560
HERE’S A GOOD FAQ:
If I have applied for, or received an Economic Injury Disaster Loan (EIDL) related to COVID-19 before the Paycheck Protection Program became available, will I be able to refinance into a PPP loan?
Yes. If you received an EIDL loan related to COVID-19 between January 31, 2020 and the date at which the PPP becomes available, you would be able to refinance the EIDL into the PPP for loan forgiveness purposes. However, you may not take out an EIDL and a PPP for the same purposes. Remaining portions of the EIDL, for purposes other than those laid out in loan forgiveness terms for a PPP loan, would remain a loan. If you took advantage of an emergency EIDL grant award of up to $10,000, that amount would be subtracted from the amount forgiven under PPP.
RECORDINGS OF RECENT WEBINARS
| Recording of Emergency Cash Flow Resources and Opportunities: https://vimeo.com/398658156/e1796f4dc9 Recording of Restaurants Responding to COVID 19. https://docs.google.com/presentation/d/1YUX39OCsZ-2wLwUmSxr6Ko2MVj3asmg5ckbPQZoFDag/edit?usp=drivesdk PDF of Slides of Restaurants Responding to COVID 19: https://drive.google.com/a/norcalsbdc.org/file/d/1R-W1vDBWCEBwBEW6j_GVUP_NHBsuyJvB/view?usp=drivesdk |
ALL UPCOMING WORKSHOPS
Maximize Your Reach: Social Media Marketing
Apr 8 | 6 – 9 PM | $30 | ONLINE WEBINAR
Instagram: Better Images = More Clients
Apr 22 | 6 – 9 PM | $30 | ONLINE WEBINAR
Sexual Harassment Training Certification
Apr 28 | 6 – 8:30 PM | $30 | ONLINE WEBINAR
Business Basics Series
Planning – May 6
Legal and Finance – May 13
Marketing – May 20
10 AM – 1 PM | $30 for one class or $75 for all 3
ONLINE WEBINAR
Storytelling Marketing
May 7 | 6 – 9 PM | $30 | ONLINE WEBINAR
Facebook Advertising + Marketing
May 28 | 6 – 9 PM | $30 | ONLINE WEBINAR
Contact Us
415.482.1819 | www.marinsbdc.org
