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Survival Skills: Navigating Cash Flow Crunch During Crisis - Shared screen with speaker view
Jennifer Sherwood Boutin
33:45
Welcome everyone. Please use this chat to submit your questions.
Scott Moulton
39:14
he's on mute
James Werner
39:20
It looks like Raynor is speaking, but I think he’s muted
Carole Gartley
40:15
Can't see him either
Jennifer Sherwood Boutin
40:59
HUm - he's there. Check your settings in on the left hand side of the screen.
shannon kinney
41:09
I can see him!
Jennifer Sherwood Boutin
41:23
Can you see his slide?
shannon kinney
41:29
sure can!
allison wakeland
41:47
yes--audio, too
Carole Gartley
41:49
I changed the setting to side by side. Thanks~
Jennifer Sherwood Boutin
41:56
Good!
James Werner
55:58
I have reached out to my Bank, but have been told we can not apply for the PPP Program at this time. Is that True?
Jennifer Sherwood Boutin
56:06
That is true.
shannon kinney
56:17
Me too James. My bank keeps sending me to SBA, SBA sends me to the bank.
Jennifer Sherwood Boutin
56:22
They are creating the rules right now.
shannon kinney
56:34
My bank is the largest administrator of SBA in the state, but won't even tell me what info to prepare.
Jennifer Sherwood Boutin
56:53
SBA in DC are creating the rules. Once they do this, we can implement it here in Maine.
Sarah Hansen
56:53
I spoke to our lender at Bangor Savings Bank yesterday and he said the bank hopes to have more information by the end of this week on how the program will be administered and how we can apply.
shannon kinney
57:10
Good to hear Sarah.
Jennifer Sherwood Boutin
57:20
What that means: no one has information and we all need to be a bit patient until we in Maine get more info on accessing these benefits.
Dean Lunt
57:26
Does using Workshare partially employment now, potentially cause problems down the road with the Payroll Protection Act?
shannon kinney
57:49
On Maine Workshare, it looked like it was faster for me to have my employees apply for unemployment than use workshare, and that I needed a lawyer for that. Does anyone know more?
Jennifer Sherwood Boutin
57:51
SBA hopes to have guidance by Friday.
shannon kinney
57:58
Thanks Jennifer!!
Dean Lunt
58:24
So, it’s unclear who should initiate Workshare: employee or employer?
shannon kinney
58:32
It looked to me like it was employer
Bob O'Brien
59:12
I’m an insurance agent. Good advice. Call your agent. They can reduce your payroll. No need for small businesses to audit. Insurers know and will not blink at reducing payroll.
Jennifer Sherwood Boutin
59:31
Thanks for the info, Bob!!
shannon kinney
01:00:20
Bob do you advise that even if I don't have workman's comp type policies?
allison wakeland
01:00:23
we are furloughing employees effective friday. should i call wc to try to reaudit my wc insurance?
Jennifer Sherwood Boutin
01:01:00
I'll be sure we revisit some of these questions at the end during Q&A
Bob O'Brien
01:01:09
No Shannon, most small biz isn’t rated on receipts. If you have no employees, not much to reduce. Especially if you don’t have inventory.
Dean Lunt
01:01:42
Who is the best source of information on Workshare?
Marcel Gagne
01:01:45
Will there be copies available of Raynor's presentation?
shannon kinney
01:01:49
I have tons of employees, they just work behind desks so we don't have comp
Bob O'Brien
01:01:52
Allison, call your agent. You can probably reduce your estimated payroll and save cash. There will be an audit at the end of your policy year.
Katherine Hunt
01:03:12
Would it be prudent to get payroll information into our lender - or do we need to wait to see if the lenders are part of the program
James Werner
01:03:18
There is also conflicting information around the PPP and Economic Disaster loans. Can we apply for both? Can we use both?
Sam Donald
01:04:43
SBA only lists 6 banks in ME that are partners for disaster loans, is that correct?
Marcel Gagne
01:04:43
Thank you!
shannon kinney
01:05:00
meaning do we still call insurance agency
shannon kinney
01:05:10
great will do
Peter Milholland
01:05:41
do you have any advice for those in the tourism industry who would typically spend funds now to gear up for the upcoming season. Do we hold funds and not spend now and wait until the season begins in June or July?
Benjamin Metzger
01:06:10
the eidl is different than the 7a, right?
Jim McConnon
01:06:12
Thank you SBDC!
Brenda Roukey
01:06:29
Great information - thank you!
Todd Goodwin
01:06:48
Can you comment on the 500 EE threshold exemption with PPP?
Katherine Hunt
01:07:25
Great information, thanks!
Heidi Mansir
01:07:34
who are the six banks that currently do disaster loans
Belinda Hunter
01:08:21
acronyms??? eider..does that include the payroll grant? and PPP???
Belinda Hunter
01:08:36
EIDL
Todd Goodwin
01:11:40
thanks
Sam Donald
01:12:06
you can find the list of banks on the SBA website
Kimberly Meyer
01:12:36
Bangor Savings Bank is offering internal products for existing clients.
Kimberly Meyer
01:12:56
to assist with economic injury
Sarah Pernoski
01:13:12
Key Bank is as well
Kimberly Meyer
01:13:17
and will be working with SBA when its rolled out
Bob O'Brien
01:14:13
Thank you for doing this. Great information
Sam Donald
01:14:15
thank you for this
Marcel Gagne
01:14:17
Thanks Raynor & Jennifer!
Carmen Roy
01:14:21
Thank you for helping us
Paul Farrell
01:14:24
Thank you!!
Will White
01:14:25
Thank you
allison wakeland
01:14:30
Thank you!
Pamela Edwards
01:14:48
Thanks for sharing, everyone!
Blin Rollins III
01:14:51
Will these be available on recording?
Jodie Curtis
01:14:52
Thanks!
anne lancaster
01:14:54
Great job Raynor!!
Belinda Hunter
01:14:55
Thanks!
James Werner
01:14:55
thank ypou
Paul Farrell
01:14:57
nice job
Blin Rollins III
01:15:00
Thank you
John Partridge
01:15:04
Thank you!
Missi
01:15:08
Thank you!