Ask the Experts: Update from New York State Small Business Development Center Lynn Oswald, New York State Small Business Development Center Melanie McGovern &Lauren Kirchmyer, Better Business Bureau of Upstate New York
Housekeeping • Everyone is on mute • We will take questions at the end of the presentations • Presentation is being recorded • Resource packet is coming after the presentation
Lynn Oswald Director, Niagara SBDC 716-210-2515 Niagara County Community College Small Business Development Center sbdc@niagaracc.suny.edu
SB SBA Loan A Loan Pr Prog ograms ams Economic Injury Disaster Loan (EIDL) Apply directly through SBA portal ➢ EIDL For businesses with < 500 employees ➢ Info EIDL Advance of up to $10,000 ➢ Advance is based on $1,000 per employee ➢ Initial loan disbursement for 2 months working capital. ➢ Max initial disbursement = $15,000
SBA Loan SB A Loan Pr Prog ograms ams Express Bridge Loan Pilot Program ➢ For small businesses with a current relationship with SBA Express Lender ➢ Can be a term loan or ➢ Used to bridge the gap while applying for a direct SBA EIDL Terms Bridge info ➢ Up to $25,000 ➢ To be repaid in full or in part by proceeds from the EIDL loan ➢ Ask you banker about interest rate and term options
SB SBA Loan A Loan Pr Prog ograms ams Paycheck Protection Program (PPP) Apply through your bank ➢ PPP info Funds to be used for: ➢ Payroll and payroll costs Rent Mortgage interest Utilities ➢ Loan payments deferred 6 months ➢ No collateral or personal guarantees required ➢ No application fees ➢ Maturity of 2 years & interest rate of 1%
SBA Loan SB A Loan Pr Prog ograms ams Paycheck Protection Program (PPP) Forgiveness Details “The amount of the loan used for payroll and certain operating expenses in the first 8 weeks after loan disbursement may be forgiven if the business uses a minimum of 75% of the loan for payroll”
SB SBA Loan A Loan Pr Prog ograms ams Paycheck Protection Program (PPP) SBA Asks: PPP SBA Form Your bank’s form may require additional information
SBA Loan SB A Loan Pr Prog ograms ams Paycheck Protection Program (PPP) Who can apply ➢ Must meet SBA’s size standards ➢ Businesses, 501(c)(3), 501(c)(19) veterans organization, or Tribal business concern ➢ Sole proprietors, independent contractors, and self-employed persons
SB SBA Loan A Loan C Comparison omparison Chart pulled from SBA email
SB SBA De A Debt R bt Relief elief for or Existing Loans Existing Loans As part of SBA's debt relief efforts: The SBA will automatically pay principal, interest, Deta Detail ils s & fees of current 7(a), 504, & microloans for a Her Here period of 6 months Check your loan status: ➢ Birmingham Disaster Loan Servicing Center: 800-736-6048 Email: BirminghamDLSC@sba.gov ➢ El Paso Disaster Loan Servicing Center: 800-487-6019 Email: ElPasoDLSC@sba.gov
SB SBA De A Debt R bt Relief elief f for or New Loans New Loans As part of SBA's debt relief efforts: Under the Debt Relief Program, the SBA will also cover payment of: Call Call ➢ Principal You our r ➢ Interest Ban Banker er ➢ Fees For small businesses who apply for and receive a new 7(a), 504 or Microloan prior to 9/27/2020.
Ease Cas Ease Cash F h Flo low Don’t wait to have conversations with: • Landlords Maintained relationships = • Vendors better recovery Stay • Tax Department connected with • Creditors customers • Key resource partners Be pr Be proactiv oactive. e.
IRS Economic IRS Economic Impact Impact Pyt Pyt Who is eligible for the Economic Impact Payment? U.S. citizens or resident aliens who: Non-Filers Link ➢ Have a valid Social Security number, ➢ Not claimed as a dependent of another taxpayer, and ➢ Had adjusted gross income under certain limits. Who will receive the Economic Impact Payment automatically? Those who: ➢ Filed a federal income tax for 2018 or 2019 ➢ Receive Soc. Sec. retirement, disability (SSDI), or survivor benefits ➢ Receive Railroad Retirement benefits Who should use Non-Filers link to receive the Economic Impact Pyt? Eligible U.S. citizens or permanent residents who: ➢ Had gross income under $12,200 ($24,400 for married couples) for 2019 ➢ Did not file and were not required to file a federal income tax return for 2019
Stic Stick to k to saf safe r e resour esources ces BBB SBA Scam Scam Alerts Alerts NY DOL SBA Guidance Unemployment
SBA Scams How scam works: Email, text or caller ID appears to be ● from the U.S. Small Business Administration (SBA) Offers grant for small businesses ● affected by pandemic Application looks simple; may request ● banking and business info After approved, business owner is ● asked to pay “processing fee”
Tips to Spot a Small Business Loan Scam Look for a website that ends in .gov ● Do a quick internet search for similar ● scams Government agencies do not typically ● text or communicate through social media If you have to pay money to claim a ● "free" government grant, it is not really free. Learn more at SBA.gov
Zoom-Bombing Many companies and individuals are now using ZOOM Telework or other free videoconferencing services. BBB warns video conference app users of recent 'Zoom-Bombing' where hijackers infiltrate Zoom sessions. Hosted on public channels making them accessible ● to anyone. Hijackers can sometimes guess the correct URL ● giving them access. Enable ‘ Embed password in meeting link for one- ● click join.’ This prevents an actor from accessing your meeting.
Working From Home: Hackers & Scammers Makes you more vulnerable; Ensure ● security of company devices. Implement firewalls, security ● software. Never click on any links or emails, ● even if they look legitimate. Be wary of all "urgent" alerts. ● Train your team! ●
Business Email Compromise (BEC) Scams Be careful and suspicious of any email ● relating to your work responsibilities asking you to provide information or be involved in a wire transfer Confirm the authenticity of the sender ● Is it really your boss? Don't proceed until you verify! Make a phone call to confirm the authenticity ● of the sender. Call you boss directly or email in a separate ● email! Voice cloning software now makes it ○ easy to impersonate your boss and even leave a voicemail
NY NYSBDC SBDC To o reque equest st FREE FREE SBDC SBDC ass assistan istance ce Co Covid vid-19 19 B Busin usiness ess In Info: o: www.nysbdc.org Centers Cente s ac across oss N NY S Y Sta tate te 800 800-732 732-SBDC SBDC Lynn ynn Os Oswald, Dir ald, Director ector Sue McCartney, Niagar Nia gara SBDC a SBDC Director 716-210 716 210-2515 2515 Buffalo State SBDC oswald@niagaracc.suny.edu (716) 878-4030
Stay connected with BBB Upstate New York: (877) 478-8083 Metro New York: (212) 533-6200 BBB.org/coronavirus
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