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Jul 13, 2023 •475 likes •1.06k views

ABOUT US SIPA enriches and empowers generations of Pilipino Americans and others by providing health and human services, community economic development, arts and culture, and a place where all people of all backgrounds can come together to

  2. ABOUT US SIPA enriches and empowers generations of Pilipino Americans and others by providing health and human services, community economic development, arts and culture, and a place where all people of all backgrounds can come together to strengthen community.

  3. � � � � Small Business Funding Opportunities � April 7, 2020 � Small Business Funding Opportunities April 7, 2020 12 pm – 1 pm PST � 12 pm – 1 pm PST

  4. MODERATOR Anna Marie Cruz Western Regional Manager, Initiative for a Competitive Inner City Founder, Entrepinayship https://icic.org/small-business-resource-center-covid-19-crisis/ ICIC drives inclusive economic prosperity in under-resourced communities through innovative research and programs to create jobs, income and wealth for local residents. Inner City Capital Connections: Capacity-building, Coaching, Capital Program for business owners across the country in 16 cities and online for businesses past the startup phase. https://icic.org/urban-business-initiatives/inner-city-capital- connections/

  5. � � Today’s Topics � (Goal: To help you navigate financial resources) � • Microloans and Grants • Non-Bank SBA Lending • Bank SBA Lending Small Business Funding Opportunities • Updates on CARES Act & PPP April 7, 2020 12 pm – 1 pm PST • Resources • Q & A

  6. PRESENTER Emma Kloppenburg Program O ffi cer LISC LA | Local Initiatives Support Corporation Local Initiatives Support Corporation is a national non-profit organization supporting community development in cities and rural areas throughout the country. LISC serves as an intermediary, building bridges between local non- profit partners and the resources they need to transform underserved neighborhoods into thriving communities of opportunity and choice. https://www.lisc.org/los-angeles/

  14. PRESENTER Monica Guevara Loan O ffi cer CDC Small Business Finance A nonprofit with a passion for helping Main St. small businesses grow and create jobs, o ff ering a variety of low-interest financing that fit the needs of small businesses no matter where they are in the growth cycle. www.cdcloans.com

  15. � COVID-19 E MERGENCY L OAN P ROGRAMS � Presented by: Monica Guevara, Loan O ffi cer CDC Small Business Financing 15

  16. W HAT IS A CDC? � CDC = Certified Development Company CDCs are certified by the SBA (Small Business Administration) to administer SBA 504 loans, primarily for commercial real estate. CDCs are private, non-profit entities with a mission to provide business financing to those who aren’t quite strong enough for bank financing. 260+ CDC’s in the country 16

  17. E MERGENCY L OAN P ROGRAMS � SBA, CDC Small Business Finance, Cares ACT programs: PPP & Debt Relief Program

  18. SBA D ISASTER L OAN P ROGRAM � • Disaster Loans o ff ered up to $2,000,000 in financing directly through the SBA. • Apply here: https://covid19relief.sba.gov/#/ • $10,000 advance (grant) is available via the same link • Term up to 30 years • Rate: 3.75% • This product is only o ff ered directly by the SBA. CDC Small Business 
 Finance does not o ff er it or participate in the loan application process.

  19. � E MERGENCY E CONOMIC I NJURY G RANTS � • These grants provide an emergency advance of up to $10,000 to small businesses and private non-profits harmed by COVID-19 within three days of applying for an SBA Economic Injury Disaster Loan (EIDL). • To access the advance, you must first apply for an EIDL and then request the advance. The advance does not need to be repaid under any circumstance, and may be used to keep employees on payroll, to pay for sick leave, meet increased production costs due to supply chain disruptions, or pay business obligations, including debts, rent and mortgage payments.

  20. P AYMENT P ROTECTION P LAN � • This program o ff ers financing to support payroll and other fixed operating expenses. • Max loan is 2.5 times your average monthly payroll over the last 12 months or $10,000,000, whichever is smaller. • After two months you can apply for debt forgiveness after providing proof that they funds were spent as required. Otherwise it converts to a loan. • 75% of the fund must be used for payroll to qualify for debt forgiveness. • CDC SBF is o ff ering this to our own borrowers only at this time. 
 Contact your bank to see if they are o ff ering this loan.

  21. � S MALL B USINESS D EBT R ELIEF P ROGRAM � • This program provides immediate relief to small businesses with non-disaster SBA loans, in particular 7(a), 504, and microloans. • Under it, SBA will cover all loan payments on these SBA loans, including principal, interest, and fees, for six months. This relief will also be available to new borrowers who take out loans within six months of the President signing the bill into law.

  22. CDC S MALL B USINESS F INANCE E MERGENCY L OAN P ROGRAMS � COVID-19 Working Capital Loans through CDC Small Business Finance

  23. � COVID-19 W ORKING C APITAL L OAN P ROGRAM � ü O ff ered directly by CDC Small Business Finance ü Geography : Available in California, Nevada, Arizona 
 Washington, DC; Detroit, MI; and Houston, TX ü Max loan: $150,000 or last year’s total sales, whichever is smaller ü Loans o ff ered for working capital only ü Credit : score of at least 680, BK at least 3 years old, no open liens or judgements ü Rates: Prime + 2.75% to Prime + 4.75% ü Terms: 7-10 years ü You can also learn more about our emergency loans here: https://cdcloans.com/emergencyrelief/

  24. � COVID-19 W ORKING C APITAL L OAN P ROGRAM � Checklist items needed to apply ü 3 months of current bank statements ü Last three years business tax returns ü Most recent personal tax return ü CDC Forms : CDC COVID-19 Loan Application, PFS, Debt Schedule ü Brief written summary of how you have been impacted by Covid-19 emergency and if loan will be used to preserve jobs

  25. PRESENTER Lois Pagaspas Klavir Vice President | Business Relationship Manager III Chase Bank Chase serves nearly half of America’s households with a broad range of financial services, including personal banking, credit cards, mortgages, auto financing, investment advice, small business loans and payment processing.

  26. What am I sharing with you today? u General bank response u Bank’s role in the EIDL and PPP u PPP – Who Can Apply, Loan Details and Forgiveness u Current programs available DISCLAIMER: Views and opinions are my own.

  27. Bank’s response to the crisis u Focus on existing customers u Waiver of some fees such as deposit accounts and merchant services u Deferrals on existing loans, lines and credit cards u Who qualifies for PPP? u Automation of PPP application process Relationships and Technology are u Online banking more important u Intake form or actual PPP application than ever. u Emailing or uploading forms; or DocuSign

  28. Bank’s role in EIDL u Banks DO NOT process the Economic Injury Disaster Loans (EIDL). u Go directly to the SBA website. https://covid19relief.sba.gov

  29. Bank’s role in PPP Paycheck Protection Program u The PPP is loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. u SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities . u You can apply through any existing SBA 7(a) lender or through any federally insured depository institution , federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. u Lenders may begin processing loan applications as soon as April 3, 2020 . The Paycheck Protection Program will be available through June 30, 2020 .

  30. Who Can Apply for the PPP? The following entities affected by Coronavirus (COVID-19) may be eligible: u Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard) u Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of: u 500 employees, or u That meets the SBA industry size standard if more than 500 u Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location u Sole proprietors, independent contractors, and self-employed persons

  31. PPP Loan Details and Forgiveness u The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll ). u Loan payments will also be deferred for six months . u No collateral or personal guarantees are required . u Neither the government nor lenders will charge small businesses any fees. u Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels . Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease. u This loan has a maturity of 2 years and an interest rate of 1%.

  32. PPP Application SBA Form 2483 Calculation: u Average Monthly Payroll x 2.5 + EIDL (net of advance) Payroll documentation: u Form 941 Ineligible if Yes to: u Bankruptcy u Defaulted on gov’t loan u Criminal charges u Felony

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