Aloha,
Just wanted to share that the SBA has COVID19 loan programs to help small businesses with employees, self-employed, homeowners and renters. Some states have in addition to the federal SBA offering (EIDL / PPP loan programs) offer relief loan programs that may be helpful. You can copy and paste the info below and send as needed.

Email Subject: SBA EIDL / PPP Loan information as of 4/3/20

Hi,

In case you want to share this SBA loan info with your other business contacts, homeowners or renters. I've attached a writeup with links and attachments. This is the shortest I could do based on the current info. When you forward it, please remove my email address. Basically, if they read the info and visit the links (i.e. sba.gov), they should have the tools to stay current.

Here is the current SBA loan program info as of 4/3/20.

All states / US Territories qualify for the federal SBA programs businesses and residents. These loan offerings are for businesses with less than 500 employees, self-employed, homeowners and renters.

How to contact your local SBA office: https://www.sba.gov/content/find-local-sba-office

Purpose of loans: To provide small businesses with operating capital during this shutdown time. To keep employees on payroll instead of filing for low earnings or unemployment.
Employees are kept on payroll with same employer benefits.

There are several SBA COVID loan programs. This writeup is regarding the SBA EIDL & PPP programs. The other programs have higher interest rates and other requirements.

NOTE: When applying directly to a bank, ONLY use an SBA financial lender. As of 4/3/20, Hawaii has 5 banks and 1 credit union that are SBA approved lenders. If your bank is not an SBA approved lender, ask them who they recommend or go to one of the banks/credit unions on the list below.

Type of loans with 2 different submission instructions – read carefully
1. EIDL / $10K grant program: Emergency Injury Disaster Loan
Rate: 3.75%
Term: 30 years
SBA will contact you with further instructions / $10K grant may be provided even if the EIDL loan is denied.
Online info required:
- FEIN# or SS business used #
- 2019 Total gross revenue
- 2019 Total cost of goods
Apply directly to the SBA to start loan consideration process: https://covid19relief.sba.gov/#/
The SBA will email you if your loan is approved and for how much or is denied.
See FAQ sheet for more details or go to SBA.gov. – see attached word document for more info.

2. PPP – Paycheck Protection Program
Rate: 1.0%
Term: 2 years
Forgiveness factor: Payroll and other business requirements must be met. See attachments for more details or go to SBA.gov. Loan documentation requirements are listed on the bank’s websites.
Application documents – see the SBA lender (bank credit union) website for more details. Then contact your accountant/CPA for assistance.

You should be received an email from your bank regarding how to apply for the PPP loan as of 4/3/20:

Apply directly to an SBA approved lender bank/credit union to start loan process.
See FAQ sheet for more details or go to SBA.gov. – see attached word document for more info.

NOTE: If your current bank is not an SBA approved lender, check with your local bank websites in your region. The SBA is working on adding more lenders to this list, but at this time, these are the only approved SBA lenders. Banks have been emailing their customers their links to apply for the PPP SBA loan.

3. Homeowner COVID disaster relief (part of the EIDL program):
EIDL / *$10K grant program: Emergency Injury Disaster Loan
Rate: 3.75%
Term: 30 years
SBA will contact you on how to proceed
Apply directly to the SBA to start loan consideration process: https://covid19relief.sba.gov/#/
See FAQ sheet for more details or go to SBA.gov. Link: SBA.gov - COVID-19 Loan Programs

4. Renter COVID disaster relief (part of the EIDL program)
EIDL / *$10K grant program: Emergency Injury Disaster Loan
Rate: 3.75%
Term: 30 years
SBA will contact you on how to proceed
Apply directly to the SBA to start loan consideration process: https://covid19relief.sba.gov/#/
See FAQ sheet for more details or go to SBA.gov.

*Note sure if the $10K grant option applies to Homeowner/Renter applications.

FYI: Tax credits offerings are still being determined. Future phases of the stimulus bill are currently under consideration. This information is based on the congress approved phase packages 1, 2 & 3. Phases 4 & 5 are currently under congressional consideration.

Please keep up with the latest information at: SBA.gov. and the bank you process your loans through.

Helpful FAQ link: FAQ - The Cares Act (COVID-19 SBA loan info)

It is vital that we individually stay informed. Check for updates at the sba.gov website.

Hope this helps.

Orchid, thank you for sharing this! Small businesses are struggling right now.

Yes, so are homeowners and renters. The EIDL can help even. homeowners and renters. Please do your own research on this as needed.

Remember, this is an every changing field with Congress working on at least 2 more phases of the stimulus bill related to the COVID-19 virus. These programs have relaxed the loan requirements to help speed up the process.

You are going to hear the same programs discussed with different POVs. Remember the purpose is to keep unemployment down by fronting monies with or without the forgiveness clause (probably not 100% forgiveness), lower interest rates and varying loan terms (per loan type). The goal is to keep the economy running at most levels, so businesses 100% shut down with 500 employees or less and those with reduced businesses can stay afloat. View this more as a 'fronting' money plan from the SBA. Keep checking back to see if your state will also offer assistance, understand the requirements and use as is.

Non-profit businesses and even those newly opened businesses can qualify. I will say that if you have any questions AFTER you do your research, ask your accountant/CPA, your local SBA office or your bank as needed. Remember these folks are super busy so do some research first.

For MAers, if there are any accountants or financial folks that can help those on this board by providing further clarification, that would help. I'm a small business consultant, not an accountant but I have been able to direct folks how to understand the process enough so they can be prepared to know how to select the loan options.

You can PM me if you have questions on the SBA program. I can share the links I have put together for my clients.

A business and the self-employed folks can apply for both EIDL & PPP loans. Just make sure the monies used are not overlapping. Those details are coming out. The overlapping is in regards to payroll use for employees within the same vs different pay timeframes and same employees.

For example, employees rehired working the 8 week period can be paid from the PPP funds, those same employees working and being paid past the 8 week designated period can be paid from the EIDL fund. So good record keeping on how those loans are used is important. I'm recommending using a separate bank account for each loan type. Your bank can make those recommendations as needed.

There's a lot to learn. Most of us here have learned to be flexible with our priorities and learned to adjust as needed. Put those same skills to work in dealing with this crisis and it will help you stay calm.

You can PM me if you have any questions on the SBA program. I can share the links I have put together for my clients.

For those who are skilled at sewing, learn about making masks that can have filter inserts. Even using vacuum bag filters as inserts can be modified to as temporary filter inserts. That way the mask cover sewn portion can be washed. Also, if you can remove the filter piece including the nose clip, you can wash and microwave the face mask cover. Microwaving has had some tests showing it is good at killing more bacteria than other washing methods. Soaps helps break down the oils on the materials and the microwave zaps most of the remaining particles. Some have even put their masks to dry in the oven. Research for more details on your own.

Take a look at these links:

Microwave Masks testing info
This is only one place that did these tests, please search for others as needed. Remember no metals in the microwave.

Making facial mask with removable filters
This YouTube video is created by UnityPoint Health - Cedar Rapids - Olson Mask

FYI: If you appreciate the helpful information you have received on MA, please consider making a small donation to help MA continue to providing support to those of us in need. I am not part of the MA BOD but appreciate the help MA has done for myself and my family.

Hope this helps. Remember, these are only suggestions for you to consider.

Take care.

Update: For those who have submitted your EIDL/$10K grant request to the SBA. Please make sure you retain the SBA confirmation # to verify your account.

FYI as of 4/8/20: I spoke with our SBA and local SBA approved lender bank. These resource are overwhelmed and in some cases still waiting for clarification on how to process these incoming applications (i.e. PPP). So while the applications are being. submitted for the most part online, the process upon receiving them is as being reported on by some news agencies is still being solidified. Chase bank was one of the banks to point this out.

This is important to know so we can all manage how our monies are used between now and when the funding starts to be released. Some government officials and websites have been saying the $10 grant monies will be released in 2 - 3 days. Plan on longer. The individual IRS monies were promised last week. Plan on longer.

If we each work to stretch what we have for a while longer, it may help us make it to when all these processes are operable. In the meantime, reach out where and when we can to help others. I have found a grocery store gift card can help some. Purchasing items for those who have to stay at home or sharing part of our groceries, that can really help. Sharing a roll of TP can even help. Pulling resources together at a safe distance is important. Emotional support may cost some time but may be highly valuable.

I'd like to share what my wonderful cousin shared with me.

From mi casa es su casa:

We fell asleep in one world, and woke up in another.

Suddenly Disney is out of magic,

Paris is no longer romantic,

New York doesn't stand up anymore,

The Chinese wall is no longer a fortress, and Mecca is empty.

Hugs & kisses suddenly become weapons, and not visiting parents & friends becomes an act of love.

Suddenly you realize that power, beauty & money are worthless, and can't get you the oxygen you're fighting for.

The world continues its life and it is beautiful. It only puts humans in cages. I think it's sending us a message:
"You are not necessary. The air, earth, water and sky without you are fine. When you come back, remember that you are my guests. Not my masters."



Take care,
Orchid

FYI: SBA PPP loan status: 4/16/20 PPP Loan Status

The SBA lenders are no longer accepting the SBA PPP Loans. Will there be another COVID disaster loan offering? At this time, it is not known. There are other loan programs but they have different requirements, restrictions and the loan rates are higher.

Also, here is an ongoing COVID status by country link: COVID ongoing country status update

This link shows by country the # of cases, deaths and recovered count.

MA is an international group, we do care how things are going in other countries.

Take care,
Orchid

5/29/20 Small Business Update:

1. The PPP applications are still being accepted. If you are not able to get a PPP loan processed from your local SBA designated bank. You can apply via QB or PayPal. Make sure you ask all your questions up front so you know what to expect.

2. EIDL SBA applications are being processed. Even ones submitted back in early April 2020, those applications are still in the registration review process. Term: 30 years at 3.75%. Max loan reduced to $150,000.00. The SBA is backlogged.

a. When you submitted your EIDL application, you should have received an email with your confirmation #.
b. Next step is to receive an email to setup your online login info. This may take many weeks after you received your confirmation #.

So to find out your status, get your confirmation # and can call the SBA Tier 2 at: 877-641-8202.

NOTE: The EIDL application is only open to Agricultural businesses at this time (today's date: 5/29/20). Check on the SBA website for any updates.

FYI: The above information is just an FYI, NOT legal advise. Please consult with your accountant as needed.

If you have any questions, please PM me. I can provide direction on where to get your questions answered.

Hope this helps,
LeAnne