Business Updates - Email Needed

April 28, 2020

Author:  
Wendy Gehlhoff

Source:  
from email

Dear Florence County Business Owners, here is another round of updates: (see attachment for live links)
 
  • If you are not hearing back from your bank about your PPP (Payroll Protection Plan) application, one business owner had success calling the bank President who then told his staff person to return the calls.
  • Or if you continue to struggle with banks, try one of the online application systems I mentioned yesterday:  PayPal, Kabbage, Square, Intuit, FinTech, OnDeck, Blue Vine, Quick Books Capital, etc
  • For those who have received PPP loans there is specific paperwork you must submit to get your loan forgiven.  Make sure to verify with the bank or company you applied through: https://www.inc.com/jared-hecht/4-steps-to-get-your-ppp-loan-forgiven.html
  • Click link to see PPP vs Unemployment comparison.  Since both programs are take a long time to hear back – one website suggested you apply for both and then either take whichever you get first, or in this blog – it gives you a dollar level to help you decide which might be best for your specific case. https://www.womply.com/blog/should-i-get-a-ppp-loan-or-claim-unemployment-benefits-if-im-self-employed/ or here’s a Fox News video explaining similar: Click here for video
  • Remember, the SBA PPP is forgivable while the SBA EIDL (Economic Injury Disaster Loan) is not (only the $10,000 cash advance you can get as part of the EIDL application process). As of right now, the online SBA EIDL portal is still not available.  They continue to process the loans that were already in the que from the first round of funding.  
Here is info from last week’s SBA webinar “Keys to Business Survival: Cash Flow and SBA Relief Options”
1. SBDC Weekly Cash Flow Forecasting spreadsheet  (this is a powerful Excel spreadsheet to help you track cash flow)
2. Keys to Business Survival PointPoint slides 
3. Video recording of the presentation will be uploaded to the Wisconsin SBDC YouTube page in the COVID-19 assistance playlist  the COVID-19 assistance playlist  
 
If you haven’t already done so – here are places to get info pushed to you:
 
1. Newsletter: Sign up for the SBA newsletter, customized with Wisconsin news by your ZIP code:www.sba.gov/updates 
2. Websites: Go to www.sba.gov/coronavirus for SBA relief options. Go to www.wisconsinsbdc.org/covid-19 for a collection of small business resources
3. Social media: Follow Wisconsin SBDC on Facebook and Twitter and SBA Wisconsin on Twitter.
 
As always, please let me know if you have specific questions.  If you are not receiving several emails from me each week, you need to call 715-528-3294 and give me an updated email address or a friend’s email if you don’t have one.  Details are changing too often to snail mail items to each business.
Thank you,  

Wendy Gehlhoff – Director FCED

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