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Q&A Thursday with SBDC Business Advisors - Shared screen with speaker view
Jennifer Sherwood Boutin
32:11
Hey everyone! Use this chat for additional questions.
Jennifer Sherwood Boutin
32:16
We are going to try to keep our answers general to help as many people in this hour as possible. This means, we may not be able to address the exact situation of your business. If you are looking for more specific guidance for your business or situation, we encourage you to connect with one of our business advisors. Request assistance here: www.mainesbdc.org
Susan Horowitz
33:08
Can we have permission to record the mtg?
Jonathon Barber
33:45
Does the SBD program cover self-employed?
Jennifer Sherwood Boutin
33:47
I will send you a link to the recording this afternoon.
Cari Lawson
33:57
thank you!
Karen Raye
35:35
Paycheck Protection ? - Can we include monies we regularly pay to consultants (marketing for example) in our payroll costs?
Mark Ouellette
35:52
Do you need to apply for the Payment Protection act through an authorized SBA 7a lender
Robin DC
36:06
I am a single member LLC with no employees & I take an owners draw; what program addresses replacement of my draw?
Jennifer Sherwood Boutin
36:07
Yes, PPP is through a lender - see the slide.
Barbara Beaulieu
36:35
Does the Cares legislation exclude Medicaid providers?
Shannon Kinney
37:21
When I went through the EIDL application, it never asked me for how much we needed beyond the $10K. I checked the box, and then the app finished. Do they contact you if you need more?
Jennifer Sherwood Boutin
37:37
It will not ask how much. The SBA will determine that amount.
Jennifer Sherwood Boutin
37:44
They will contact you for more information.
Shannon Kinney
37:45
THANK you Jennifer!
Mary Ellen Barnes
39:02
Some non-profits are having a hard time with some of the questions: business entity? agent? any guidance?
Jennifer Sherwood Boutin
39:39
Please submit all questions publicly (not directly to me, please). We all want to learn together. AND, remember to keep them general: If you are looking for more specific guidance for your business or situation, we encourage you to connect with one of our business advisors. Request assistance here: www.mainesbdc.org
Ronda Dalton
39:49
I have the same question as Robin. I am a 2 member LLC and only take draws.. What is available for us?
Jennifer Sherwood Boutin
40:28
We'll get to all your questions, but may need to wait until the end. We want to get to as much of the original questions as possible in this hour.
Shannon Kinney
40:31
The EIDL form is pretty straightforward to use!
Jennifer Sherwood Boutin
41:03
It definitely is!
Sarah M Dimentw
42:30
Is average monthly payroll for the 12 months of 2019?
Tammy Breymaier
44:10
Can you get both the PPP and EIDL, assuming that your payroll is not part of the EIDL loan amount?
Shannon Kinney
46:02
yes Tammy but you can't use it for the same thing (i.e. the EIDL can't be used for payroll if you use the PPP for payroll)
Jennifer Sherwood Boutin
46:09
Yes you can get both, but cannot use the funds for the same purpose.
Dara Wentworth
46:27
Can we get a link to this chart?
Jennifer Sherwood Boutin
46:42
I'll be sending these slides after the presentation (probably this afternoon).
Jacqueline Plachta
46:42
Will you make the slides available?
Dara Wentworth
46:50
Thank you!
Alison Lane
48:41
Do you need to apply for the debt relief program or does it happen automatically?
Shannon Kinney
49:45
can you talk through "other sources exhausted" does that mean traditional (not PPP)?
Jennifer Sherwood Boutin
50:55
Here's the most recent list of essential: Essential: https://www.maine.gov/governor/mills/sites/maine.gov.governor.mills/files/documents/Essential%20Business%20Operations%20Definitions.pdf
Marcel Gagne
51:57
Glad to hear that this recording will be available - thank you for these resources!
Amanda Leclerc
52:54
When it comes to contracting is it that you are considered essential if the work that is being done is emergency?
marksayerair
54:06
I am a jeweler, self employed and my studio is at home. Most of my sales are wholesale. I really need guidance on which loan or loans to apply to. I need assistance to pay monthly bills and pay for supplies to continue to work. I don’t have any employees either.
Jennifer Sherwood Boutin
54:34
If you fall in the businesses listed on the governors orders as essential, then you are essential It doesn't matter if you are a contractor, sole prop, llc, etc.
Cari Lawson
55:28
Is there a charge to have the 1 on 1 advising?
Stephanie Salvas
55:46
my seasonal payroll starts 4/1, would ppp count using 3/1 date cause it's a 12 week period
Shannon Kinney
56:09
Do you know the process for applying for PPP tomorrow, is it different for every bank / lender dependent? I've got my draft application ready
Alison Lane
58:03
Cari, No charge for 1 on 1 advising
Jennifer Armstrong
58:03
I have already applied for the EIDL w/ $10,000 grant. If I apply for the PPP and not use the EIDL $ for payroll can I use both? We are a S-
Jennifer Armstrong
58:11
Corp
Sarah M Dimentw
58:12
I operate a year round hotel as a family partnership, do we still qualify?. For PPP Is the 12 month average payroll start 3/15/19 to 3/15/20? How do we calculate the employees eligible?
Dara Wentworth
58:18
Is the PPP application "final"? It sounds like it's not. This is a pretty specific question, so let me know if you can't answer it -- but I have a C Corp with several owners, one is a UK citizen and the way the application reads sounds like they will be ineligible, despite the fact that there are other over 20% owners who are US citizens.
Pam Nichols
58:42
so it’s ok to do curbside service for my gift shop?
Barbara Beaulieu
01:00:08
What is the last day I can apply for the PPP?
Ronda Dalton
01:00:28
How about a 2 member LLC?
Karen Raye
01:00:58
Can a Non Profit apply for PPP for an Employee Lease Agreement?
Erica Emery
01:01:39
So should we apply if we are unsure about owners draw or wait for more clarification?
Jennifer Armstrong
01:01:41
since we do not have all the details at this time, should we WAIT to apply for PPP?
Robin DC
01:02:41
for the owner draw question you said we would be able to utilize the program, but could you say WHICH program would apply
Ronda Dalton
01:05:28
can you use 2018 figures if you haven't filed 2019 returns yet?
Margaret Krainin
01:06:17
Part of our business is vacation rental management. Are we eligible for the $10,000 for lost commissions on rentals, and are the owners we represent eligible for lost rentals proceeds, and if so, even if they live out of state?
Jeff Powers
01:06:32
Not exactly related to either of these two topics, but thought I would ask anyway. Could determine when and if we apply for PPP. My laid off employees are asking if I know when the $600 additional check that was part or the Cares Act will arrive. Have you heard any timing on this?
Sarah M Dimentw
01:07:19
For PPP you must Retain all employees that are FT and PT? Please clarify
Sharon Young
01:07:33
When my employees claim the unemployment insurance, will that affect the PPP as forgivable loan?
Karen Raye
01:08:10
I’d like the answer to Jeff Powers question as well
Susan Horowitz
01:08:50
If we get the $10,000 EIDL can we use it all fore rent and have the loan forgiven?
Barbara Beaulieu
01:09:27
So if we use the PPP and bring back all the laid off employees, this is for 8 weeks, what if this situation continues beyond 8 weeks and folks need to go back on unemployment. Will that effect the pay back vs loan forgiven?
Peter Milholland
01:10:33
Is the EIDL through a lender (my Bank) or directly through the government?
Susan Horowitz
01:11:18
What’s the best and easiest loan to apply for to cover our rent that then can be forgiven Bundt the debt relief program?
Alison Lane
01:11:23
Peter, EIDL is through the government: SBA.gov/disaster. PPP will be through a 7(a) lender though.
Jay Edgecomb
01:12:51
I called my local bank about a 7a loan and they had no idea what I was talking about??
anne lancaster
01:14:40
The session is being recorded and will be sent out later today
Belinda Hunter
01:14:48
I’m sorry I thought this was at noon also! Please send me the video so I can watch it later today.
Jennifer Sherwood Boutin
01:17:47
Unemployment resources are on the Maine DOL website. Pay particular attention to the FAQ and Summary of Programs. Some of them – like the one for sole props – are not available yet.https://www.maine.gov/labor/covid19/
Jennifer Sherwood Boutin
01:18:14
If you are looking for more specific guidance for your business or situation, we encourage you to connect with one of our business advisors. Request assistance here: www.mainesbdc.org
Belinda Hunter
01:18:18
could you talk about the partial work and partial unemployment option and on the PPP does an employee need to be working a min # of hours per week?
Peter Milholland
01:21:21
Peter - can you speak again about banks offering loan deferment vs other options. I have a 7a SBA backed loan and was offered a 90 day deferment but would like more time than 90 days...
Shannon Kinney
01:22:47
Thank you very much for doing this.
Rachel Jackson
01:23:18
I have two businesses(sole LLCs), both have employees. Are both businesses eligible for the loans if they meet all of the loan criteria?
Susan Horowitz
01:24:27
I’m a self employed potter. If I get PPP$ for my
Jay Edgecomb
01:25:35
If I get a PPP and pay my employees will they be eligible for unemployment benefits and especially the extra
Jay Edgecomb
01:25:45
$600
Rachel Jackson
01:26:39
For EIDL or PPP, do employees have to make a certain amount (I was told employees have to make $15 an hr in order for the business to qualify).
Alison Lane
01:28:10
Rachel, you must be compliant with minimum wage requirements, but we have not heard of any other restriction based on rate of pay.
Rachel Jackson
01:28:38
Thank you.
Jay Edgecomb
01:30:22
That will hurt my business, because no employees will want to come back and it is hard enough to do business and get qualified help. Who would I contact to help with this problem
Pamela Edwards
01:31:27
Re: the unemployment expansion. I thought the $600.00 was not per week but one time for the total 10 weeks ?
Belinda Hunter
01:31:53
please speak to the partial unemployment and partial work and how that affects the PPP
Jennifer Sherwood Boutin
01:32:11
Here's an updated unemployment link:
Jennifer Sherwood Boutin
01:32:14
https://www.maine.gov/labor/covid19/
Amber Pombriant
01:32:31
I applied for the EIDL 10k grant yesterday and was given a confirmation number but later that night my CPA contacted me and said that they had reached the maximum amount of people they can accept for that program, does that mean since I got a confirmation that our application will be approved? I haven't received any other emails from them.....
Peter Milholland
01:34:40
is the SBA debit forgiveness the EIDL you are speaking of?
Alison Lane
01:35:20
Peter, the Debt Forgiveness program is for existing SBA loans NOT the EIDLs.
Tracy Smith
01:37:24
If you have already applied for unemployment in Maine and been accepted are you eligible for the extra $600 per week and do you need to do anything
Mark Ouellette
01:40:13
12 month average from the date of application for payroll or 2019 12 month average.
Ronda Dalton
01:40:16
I am getting conflicting info regarding the PPP program. I have less than 500 employees, but I am affiliated with a corporation that does have over 500 employees. We are being told that because we receive at least 70% of our income from this corporation we are not eligible? Can you talk to this?
Jennifer Sherwood Boutin
01:40:40
Tammy, you'll want to contact DOL for that question. They may not have that information that information available yet. https://www.maine.gov/labor/covid19/
Ronda Dalton
01:41:31
WE are not a franchise
Ronda Dalton
01:43:11
Thank you
Jay Edgecomb
01:43:59
Have businesses that applied for the EIDL’s started getting the $10,000 deposits yet - I was under the impression that would happen within 3 days?
Karen Raye
01:45:43
Re PPP - because of conflict with extra $600 per week unemployment creates uncertainty as to whether employees would want to come back, we can still apply, get the funds and worse case we have to pay back the full amount at .05%
Jennifer Sherwood Boutin
01:47:04
If you are looking for more specific guidance for your business or situation, we encourage you to connect with one of our business advisors. Request assistance here: www.mainesbdc.org
Jacqueline Plachta
01:47:11
if you submit the app and you make a mistake do you resubmit it?
Genevieve Vaillancourt
01:47:18
Prior to today, I had seen certain ‘other expenses’ including health care premiums but haven’t seen any mention of that today. Did they take that aspect away?
Jacqueline Plachta
01:47:29
Or do you wait until they contact you and correct it
Jacqueline Plachta
01:48:31
the streamlined EIDL
Jacqueline Plachta
01:48:36
number of employees
Jennifer Sherwood Boutin
01:48:59
Customer service at SBA: email disastercustomerservice@sba.gov or call (800) 659-2955.
Julie Sleeper
01:49:03
I understand about the rehiring to be able to get the forgivable amount of the loan however at one point there was a deadline of being a rehiring by June 30
Jacqueline Plachta
01:49:20
Can you submit as an individual if you are self employed under your own SSN number?
Max Potvin
01:50:16
Will the PPP loan program forgive payroll expenses for new hires who have not yet started work?
Anita Mueller
01:50:17
Dis anyone get anything beyond their confirmation #. Were we suppose to also get an email saying they had received application?
Anita Mueller
01:50:33
Did..
Julie Sleeper
01:50:44
thank you
Belinda Hunter
01:51:35
Can you compensate employees at a higher rate to match the extra $600 from unemployment
Anita Mueller
01:51:52
yes
Max Potvin
01:52:05
With the PPP loan, are payroll expenses for foreign born US citizens who hold a green card / permanent resident card eligible to be forgiven?
Anita Mueller
01:52:20
Thank you!
Sharon Kenney
01:52:30
I had to join late. Please ignore this if you've already addressed it. When filling out the application for PPP, do you include the utilities and mortgage expenses in the Payroll Costs number?
Jay Edgecomb
01:52:43
That would surely help
Jay Edgecomb
01:53:38
what if only 1/2 your employees come back could I pay them all the payroll $
Karen Raye
01:54:17
Employees can’t just decide to stay on unemployment if we are offering them work
Jacqueline Plachta
01:54:34
when you fill out the EIDL as an individual do you use your name in the same of Business Name and address etc
Jennifer Sherwood Boutin
01:55:32
If you are looking for more specific guidance for your business or situation, we encourage you to connect with one of our business advisors. Request assistance here: www.mainesbdc.org
Jay Edgecomb
01:57:42
I have more specific questions and have already requested for 1 on 1 - When will I hear from you Josh?
Sharon Kenney
01:57:49
Again - ignore if you already answered this. If I need money for accounts payable AND payroll and utilities, I know that I can apply for the EIDL (I already did) to pay for the accounts payable, and the PPP to pay the payroll and utilities, but (and this is my question) if I get both, can I use the lower-interest *non-forgivable portion* of the PPP loan to pay off all or part of the EIDL that isn't covered by the 10k grant?
Jay Edgecomb
01:58:10
thanks
Jacqueline Plachta
01:58:12
me too
Karen Raye
01:58:30
There seems to be ALOT of questions about the conflict between PPP and the $600 unemployment. Can you suggest to DOL to have a similar session?
Jay Edgecomb
01:58:44
This has been very helpful - Thank you to all of you
Sharon Kenney
01:59:43
Hahaha... that explains why nobody knows the answer to the question. ;-) Thank you.
Jennifer Sherwood Boutin
02:00:33
I'll try to send a link for that in my follow up email!
Rachel Jackson
02:02:05
Thank you. This was very helpful.
Jennifer Quinlan
02:02:10
Very helpful! Thank you all so much!
Belinda Hunter
02:02:13
when did you say the pop will come out?
Belinda Hunter
02:02:21
PPP
Anita Mueller
02:02:24
ROCK STARS! THANK YOU!
Sharon Kenney
02:02:26
Will you be sending out the recording right after we get done? :-) I'm heartbroken that I missed over an hour!!
Sharon Kenney
02:02:30
YES THANK YOU
Karen Raye
02:02:30
THANK YOU!!!
Belinda Hunter
02:03:48
THANKS VERY HELPFUL! WE’RE ALL IN THIS TOGETHER!
WildCowCreamery
02:03:56
Thank you!!!
Sharon Kenney
02:04:10
I did see that
Sharon Kenney
02:04:14
Open it in acrobat
Sharon Kenney
02:04:18
not in the web browser
Sharon Kenney
02:04:20
it will fix it
Sharon Kenney
02:04:26
yes that's it
Sharon Kenney
02:04:34
the web browser version is broken
Sharon Kenney
02:04:39
When filling out the application for PPP, do you include the utilities and mortgage expenses in the Payroll Costs number?
Sharon Kenney
02:05:15
perfect thank you
Sarah Cronin
02:05:27
thank you that worked
Margaret Krainin
02:05:38
Thank you all very much!