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Lender and Financial Management Forum (Thriving Together Series) - Shared screen with gallery view
Kevin Heckman, North Coast SBDC
17:05
Leila is frozen!
Gregg Foster, RREDC
17:30
Looks like we lost Leila's connection.
lroberts@northcoastsbdc.org
35:52
Pat there’s a crackle on the line for your voice.
lroberts@northcoastsbdc.org
36:01
Is there anything to be done?
James Schaeffer, AEDC Small Business Lending Center
44:25
super windy at my house right now. my old internet cables are having a hard time with it
lroberts@northcoastsbdc.org
45:39
Remember to put your questions into the Q & A box as they occur to you.
Gregg Foster, RREDC
49:44
Hello, our program at RREDC has a $25,000 maximum loan amount. The SBA EIDL program maximum is $150,000.
Pat Neighbors, Vocality Community Credit Union
50:58
so sorry - I'll use SoHum internet limitations for my issues... I appreciate everyone on the session!
Pat Neighbors, Vocality Community Credit Union
58:46
There are questions popping up in Q&A... will we address them after Kevin's presentation or otherwise?
lroberts@northcoastsbdc.org
59:23
Hi, all. I’m going to copy below the list of write-in questions shared with us before this webinar so we can make sure to get to yours if appropriate today:
James Schaeffer, AEDC Small Business Lending Center
59:50
I'm here, just on my phone since I have lost internet :(
lroberts@northcoastsbdc.org
01:00:57
Pre-webinar survey question: navigating the PPP forgiveness forms
lroberts@northcoastsbdc.org
01:01:17
Pre-webinar survey question 2: I would really like someone to walk us through on the implications of taking a 30 year loan when I am a 60 yr old, single-shareholder S-Corp with 6 employees. I am sorry if this is a naive question, but I can't seem to get a clear answer and if I am going to take a six figure loan it would be good to know:- What happens if the business fails and I either have to close or file bankruptcy? I have been told the loan does not go away with bankruptcy. What if there is no bankruptcy and the business ends?
lroberts@northcoastsbdc.org
01:01:39
Pre-webinar survey question 3: Does the loan stay with the business if I sell the corporation?
lroberts@northcoastsbdc.org
01:01:59
Pre-webinar survey question 4: What if I dissolve the corporation so that I can get out, but the business continues as a sole prop under someone else?
lroberts@northcoastsbdc.org
01:02:36
Pre-webinar survey question 5: Re: PPP/EIDL loans… What if I die? (I have no beneficiaries).
lroberts@northcoastsbdc.org
01:03:08
Pre-webinar survey question 6: How to manage my EIDL money. How can I make it work for me? How do invest the bulk of this money to keep it available for use, but not floundering in a 0% account
lroberts@northcoastsbdc.org
01:03:48
Pre-webinar survey question 7: what are they allowable uses of SBA EIDL money. Is it restricted to 6 months of usual business expenses?
lroberts@northcoastsbdc.org
01:04:20
Pre-webinar survey question 8: How will I make payments if there's another Shelter in Place and virus resurgence?
lroberts@northcoastsbdc.org
01:05:15
Pre-webinar survey question 9: Opportunities for new SBA backed 7(a) and 504 loans for new businesses
lroberts@northcoastsbdc.org
01:31:04
Free spreadsheet software: www.libreoffice.org
lroberts@northcoastsbdc.org
01:31:38
To download Weekly Cash Forecasting template by Stilson: https://www.northcoastsbdc.org/sites/default/files/SBDC%20Financial%20Template%20for%20Weekly%20Cash%20Flow%20Planning%202020-07-01.xlsx
lroberts@northcoastsbdc.org
01:32:26
To watch 5/13/2020 recording of Stilson's tutorial for this weekly cash flow worksheet: https://norcalsbdc.zoom.us/rec/share/5_V2JZHL6mhJGpX353__Cr4ILqa0T6a81iZIr_MOnUsOFEzdwdnoBrsbZCMsEbaZ?startTime=1589398412000
Laurie Mark
01:47:22
EIDL loan restrictions:
§ 123.303 How can my business spend my economic injury disaster loan?
(a) You can only use the loan proceeds for working capital necessary to carry your concern until resumption of normal operations and for expenditures necessary to alleviate the specific economic injury, but not to exceed that which the business could have provided had the injury not occurred.
(b) Loan proceeds may not be used to:
(1) Refinance indebtedness which you incurred prior to the disaster event;
Laurie Mark
01:47:29
2) Make payments on loans owned by another federal agency (including SBA) or a Small Business Investment Company licensed under the Small Business Investment Act;
(3) Pay, directly or indirectly, any obligations resulting from a federal, state or local tax penalty as a result of negligence or fraud, or any non-tax criminal fine, civil fine, or penalty for non-compliance with a law, regulation, or order of a federal, state, regional, or local agency or similar matter;
(4) Repair physical damage; or
(5) Pay dividends or other disbursements to owners, partners, officers or stockholders, except for reasonable remuneration directly related to their performance of services for the business.
Laurie Mark
01:47:44
There is no restriction to timeframe for spending the money. This is a loan - conserve and make it last!