April 1, 2020

If you run a small businesses or sole proprietorship, you have one thing to do today: CALL YOUR BANK AND MAKE AN APPOINTMENT so you can apply for a loan under the Paycheck Protection Program.

CALL YOUR BANK AND MAKE AN APPOINTMENT – The Treasury Department has released details regarding the Paycheck Protection Program (“PPP”) loans, and the taking of applications with same day disbursement is to start April 3 for small businesses and sole proprietorships. On April 10, 2020, independent contractors and self-employed individuals can apply. As we stated the other day, the PPP is going to be administered through banks in the FDIC network. Thus, to get a PPP loan, you need to meet with your banker. We have summarized the details and have links to the announcement as well as other relevant information on a separate page.

Apply For Loans Under Multiple Programs – If you have applied to the SBA for an Economic Injury Disaster Loan (“EIDL”) you can and should apply for a loan under the Paycheck Protection Program (“PPP”). As stated in the name, EIDL is designed to address economic injury suffered as a result of COVID-19. Thus, it is meant to help you maintain a reasonable working capital position. The PPP is aimed at maintaining payroll and, in addition, includes other business costs such as mortgage/rent obligations and utilities.

Move With Mo! – After you speak to the bank, get some exercise with Mo Goldstein, human movement coach, at Apeiron Center Asheville. Adapting to the current environment, Mo is offering his “Move With Mo!” class for free every weekday from 10:30 to 11:00 am. This is meant for regular people that have lived their life and now experience the aches and pains associated therewith. Focusing on movement of specific areas of the body, you will feel much better after taking his class. Also, Mo does a simulcast on Instagram (front view) and Facebook (side view), with each platform presenting a different angle, so you can really understand the movement. So get your two devices and move to his Instagram page and his Facebook page.

Education – The North Carolina Small Business Center Network is offering a lot of online presentations, events and workshops on a wide range of topics.

Antibodies From Survivor Blood – When people have underlying medical conditions it is plain why COVID-19 affects some patients more severely than others. However, with people that do not have any such conditions it is still unknown why there is a difference. To assist in answering this mystery and thereby develop effective treatments, Mount Sinai Hospital in NYC has figured out how to detect antibodies in the blood of those who recovered from COVID-19, including the Dean of the Rabbinical School at the Jewish Theological Seminary.

Data, Known and Unknown Unknowns – There is so much information that we do know and we are also aware of the many unknowns. But one of the most frustrating aspects of this entire situation is that there is also a common thought amongst many people we talk to that there are many unknown unknowns; meaning we do not even know the unknowns to factor into our decision making. Relevant data is necessary for proper decision making, but you also need to know what data you are missing. Knowing what data is missing allows you understand what is influencing your decision making. Not knowing what data is missing, however, can cause misplaced reliance upon your decisions.

Funding, Loans and Credits – The helicopter Wing of the Treasury Department of the US Government has taken flight and is literally dropping trillions of dollars. There are so many programs (and more will be enacted) that it is becoming confusing (even for us and we are fully immersed in it). Accordingly, here is a quick run down of programs that we think are most applicable and attainable to small businesses at the moment with appropriate links.

  • First, the Economic Injury Disaster Loan (“EIDL”) by the SBA. Focus is on working capital. Online application for both the EIDL as well as the $10,000 advance. Available now.
  • Second, The Paycheck Protection Program (“PPP”) by the Treasury and SBA. Focus is on payroll, rent, mortgage and utilities. Streamlined two page application (here is a sample) made in person at your local FDIC bank or lending institution. Need a year of expense and payroll reports. Available for small businesses and sole proprietorships on April 3, and April 10 for independent contractors and self employed.
  • Third, Express Bridge Loan Pilot Program by the SBA (“EBL”). The EBL allows SBA Express Lenders authority to deliver expedited SBA-guaranteed financing on an emergency basis for disaster-related purposes to eligible small businesses, while the small businesses apply for and await long-term financing. The SBA just released a detailed guide explaining the EBL.

Webinar On COVID-19 Financial Resources – Mountain BizWorks is hosting a webinar today at 1:00pm on Navigating COVID-19 Financial Resources For Small Business, registration is required.

SBA Lenders in NC – Here is the list of SBA lenders in NC from the North Carolina District Office of NC.