719.221.0374 – info@CentralSBDC.org – www.CentralSBDC.org Facebook CentralMountainSBDC – Instagram CentralMtnSBDC YouTube Central Mountain Colorado SBDC ▪ Free confidential consulting and training to current and prospective business owners and non-profits. ▪ We support entrepreneurs and small business owners with all aspects of business planning, market analysis, marketing, management, cash flow , and growth strategy . ▪ Tasked to be the Small Business & Non-Profit Support Liaison for SBA Disaster Relief Cheryl Mehaffey Shawn Allison John Trenary – Leadville EDC and Score Counselors Jamie Billesbach Derrick Neikham Louise Derengowski – Park County Leanne Pressly Susan Dunn Sheila Cross – Park County Michele Hodde Craig Stuller – Leadville EDC Mason Green – Town of Fairplay https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
FEDERAL DISASTER PACKAGES Available ▪ You will probably ▪ Economic Injury Disaster Loan (EIDL) – And - Economic need Injury Disaster Loan Advance ▪ HELP ▪ Paycheck Protection Program Navigating ▪ SBA (Existing) Small business Debt Relief ▪ Express Bridge Program SBA current clients ▪ Small Business Tax Provisions & Unemployment ▪ Other State and Local Options Becoming Available and Other Grants Chaffee & Lake County EDC Initiatives ▪ The Ship is Sailing While it is Being Built Your Toolkit ▪ Can be Frustrating & CHANGE Overnight https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
Payroll Protection Plan (PPP) Local 7a Lenders Analyze PPP vs Unemployment Part of Your Toolkit https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
Economic Injury Disaster Loan (EIDL) & EIDL LOAN ADVANCE (really a grant) The U.S. Small Business Administration (SBA) provides low-interest, long-term economic injury disaster loans to small businesses and most private non-profit organizations to help meet financial obligations and operating expenses that could not have been met had the disaster not occurred. EIDLs provide the necessary working capital to help small businesses survive until normal operations resume after a disaster. - Part of your toolbox consideration. ColoradoSBDC.org/Covid/ NOTE: You have the ability to wait to accept a product or grant after you apply and are approved. Prudent action might be to apply to multiple products, then weigh options, and make informed decisions , as additional details become available. https://www.Coloradosbdc.org/covid/ - Free consulting https://centralsbdc.org/what-we-do/consulting/
PAYCHECK PROTECTION ECONOMIC INJURY PROGRAM (PPP) DISASTER LOAN (EIDL) Payroll and approved USES Working capital operating expenses No collateral on loans under $25K COLLATERAL SBA will take the best lien No collateral required available (excluding real estate) on loans over $25K Up to $10K emergency Up to 100% with approval FORGIVENESS advance for payroll and (8 weeks payroll expenses + 25% operating expenses) expenses Up to 6 months of AMOUNT 2.5X average monthly operating expenses not payroll for the prior 12 months for monthly expenses to exceed $2 million 3.75% small business 1% on unforgiven portion TERMS 2.75% non-profits 2 year fixed rate 30 year fixed rate DEFERMENT No payments for the first No payments for the first 12-months 6 months •U.S. Small Businesses •U.S. Small Businesses ELIGIBLE •Private non-profits •Private non-profits •Sole Proprietorships •Sole Proprietorships ENTITIES •Farms •Small agriculture coops and •Chruches acquculture APPL Y SBA.gov/Disaster SBA Approved Lender
Chaffee County Business Recovery Observations, OPFN'°( Bas1aest Sahda Bvsiness ea,-""#" O�t Co0�1?�--. TJ f C. F 0/ t cuNTIIAm MOVNTAJN s...l," a-./ Chafgee County �� CHAMBER of COMMERCE Resources, and Assessment of Current Grant & Loan � SALIDA COLORADO Thursdays at 12p via Zoom .. & Chamber of Commerce WELCOME CENTER Programs f5!1'+2UT=J �v�
Chaffee County Economic Recovery Team Observations, Resources, and Assessment of Current Grant & Loan Programs (MEETING SUMMARY) AUDIO RECORDING OF MEETING: Click Here. Thursday, April 9, the Chaffee County Economic Recovery Team hosted its first Special Update segment with the Salida Business Alliance, BV Chamber, SBDC, and Salida Chamber. Recording and text can be found on the Salida, Buena Vista Chambers of Commerce and Salida Business Alliance websites. Dave Blazer, Chair of the Chaffee County Economic Development Corporation (CCEDC) moderated the discussion. Guests included Jamie Billesbach, Director of the Central Mountain Small Business Development Center (SBDC) and Joe Smith, Vice President for Commercial Lending, High Country Bank (HCB). Rachel Pokrandt, Vice President of Colorado Mountain College (CMC) was scheduled to provide a brief statement of CMC’s role to assist in the recovery. However, in the interest of time she was deferred until the next meeting. Sixty nine (69) participants were identified as having joined the meeting. Following a brief overview of the background and purpose of the Recovery Team, Dave discussed the ongoing need to provide relevant and timely information to the business community in Chaffee County. This meeting will be the first of several ongoing efforts hosted by the CCEDC in conjunction with our partners in an effort to facilitate the recovery. Rather than commit to a regular schedule, Dave stressed the need to provide information that is timely and useful. Jamie was the first presenter and covered in some depth the major programs that the federal government is deploying to assist small business. She discussed several slides which can also be accessed on the websites of both Chambers, SBDC, and Salida Business Alliance. The main point of the presentation was to highlight the current programs available (PPP and EIDL grant/loan). Please review the slides and the presentation and contact the SBDC for one-on-one consultation with one of several counselors. One of her counselors provided a brief overview of some of the programs available to employees (and soon to be sole proprietors and independent contractors) as well as highlighting some of the unemployment options. Jamie acknowledged that due to the volume and the necessity of rolling out the federal programs before they were fully prepared, has caused some fits and starts. Finally, Joe Smith from High Country Bank characterized his perspective on the banks involvement in the initial phase of the program as “a junk show, miserable, and confusing”. As a long-standing SBA lender he is working with the program but is experiencing delays in getting the correct guidance from the SBA. It now appears that interim regulations are in place, and getting the proper paperwork from businesses is the key to processing loan applications. He indicated one of the hurdles is the banks have to do their due diligence and businesses need to come with as much documentation as possible to have a successful application submitted. He is hopeful that as the program moves forward additional clarification will be provided and the loan processing will become more understandable and manageable.
Questions asked via the “chat” feature on the Zoom meeting: 12:17: Hi; please feel free to post questions through this chat feature. We will do our best to answer these questions today and in the near future. Additionally, We will use these questions to identify common questions NOT being answered and address those in future EDC lunch and learn meetings. 12:22: 13 weeks on top of the normal unemployment period, but how many weeks is the normal unemployment period? 26 weeks (https://www.colorado.gov/pacific/sites/default/files/worksheet- extended-benefits%20FINAL.pdf) 12:30: I read there was a recent change to the EIDL program that limited the $10k to $1k per employee up to 10. True? TRUE 12:30: Normal unemployment lasts 26 weeks. 12:32: Can you get both the PPP and 10k EIDL grant? My accountant told me that the amount you get through PPP will be deducted from the 10k grant, that didn’t seem correct? 12:45: Can you please repeat your comments on sole proprietors that take distributions and not payroll? (comments clarified on the audio file) 12:52: https://coloradosbdc.org/covid got to this page and you will see a variety of webinars as they relate to EIDL and PPP. Including Boulder presentation yesterday. 12:52: Is there anything specific that a seasonal business (rafting outfitters as an example) should be aware of? Review the PPP and EIDL guidelines; seasonal businesses may still qualify. 13:00: Please let your displaced workers know that CMC is offering free tuition, books and fees for the summer semester to anyone who has lost their income during this time and who lives in the CMC district. It is at least something that you can offer to those who you had to lay off recently. They can get more information at www.coloradomtn.edu CONTACT INFO: 13:00: Angel: sbasalida@gmail.com 13:02: BV Chamber: Email welcome@buenavistacolorado.org or call 719.395.6612 for information. Our website where you can access the survey is https://www.buenavistacolorado.org/covid-19-resources- and-updates/ 13:06: Salida Chamber of Commerce 719.539.2068 Email: info@salidachamber.org office@salidachamber.org
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