Content starts here
CLOSE ×

Search

Ask the Expert: Small Business Recovery Loans and Small Business Finance Tips

Reply
Retired Community Manager

Ask the Expert: Small Business Recovery Loans and Small Business Finance Tips

Join us here now through Monday, April 27th!  Click Reply to Post Your Question!

 

Small and diverse businesses are feeling the impact amid this COVID-19 crisis, especially as they try to stay afloat and navigate current economic challenges. This important conversation will help you understand how to navigate through these tough times. 

 

Join AARP Expert Felicia Brown along with guests from the Small Business Administration (SBA) and Abacus Financial Business Management to talk and answer questions related to Disaster Recovery Loans, the Paycheck Protection Program and tips on how to manage your finances now and in the future.

 

 

41,303 Views
42
Report
Reply
AARP Expert

@BelvaA and @DavidH519566 let's pivot a bit to talk about veteran entrepreneurs.  I know there is a special focus on not only helping veterans but veteran entrepreneurs.  Are there resources or information designated for this audience that we would should be aware of? 

 

Also, I want to remind our audience that you can find COVID-19 small business caregiving resources here: www.aarp.org/employercaregiving

0
Kudos
9684
Views
0 Kudos
2,992 Views
0
Report
Reply
Finance Coach

In addition to SBA loans, several states, cities and counties are offering low cost loans.  Some are even offering grants.  Research what your local agencies have to offer.  The resources are often limited and on a first come, first serve basis, so it is imperative to move fast.

 

 

Belva Anakwenze
0 Kudos
4,730 Views
0
Report
Reply
Finance Coach

What steps are you taking in your business to make it out of this recession? Have you found ways to adapt and adopt to the “new normal”?

 

 

Belva Anakwenze
3
Kudos
25757
Views
0 Kudos
6,567 Views
0
Report
Reply
AARP Expert

Welcome to our online discussion for the week.  This week we have the pleasure of having @DavidH519566 of the SBA and @BelvaA of Abacus Financial to answer YOUR questions.  Periodically, they and I will be available throughout the week to "chat" with you.

 

I want to remind you that AARP is here for you!  We have information to help you navigate amid COVID-19.  I encourage you to vist. aarp.org to learn about those and more specifically, I  want to direct you to AARP's Small Business COVID-19 Tip Sheet and a list of resources nationally and locally.

 

Again, we are here for you.  Please feel free to ask @DavidH519566 and @BelvaA your questions.

8,105 Views
0
Report
Reply
Retired Community Manager

Felicia Brown @FeeBrown leads AARP’s Entrepreneurship Initiative focused on helping aspiring entrepreneurs understand the risks and rewards of starting a business. She manages strategic partnerships, and researches and develops educational resources for small businesses. She is one of AARP’s Work/Jobs online community experts.

 

David Hincapie @DavidH519566 is Economic Development Specialist at the U.S. Small Business Administration, Washington Metropolitan Area District Office (WMADO).

 

Belva Anakwenze @BelvaA is principal of Abacus Financial Business Management, a minority and female-owned boutique business management firm located in Los Angeles, California. For more than 20 years, she has handled the day-to-day financial affairs for creatives, entertainers, and corporate executives by offering virtual CFO services, accounting and bookkeeping, payroll and tax preparation, and nonprofit management. 

0 Kudos
11,488 Views
8
Report
Reply

I had applied for PPP at Bank of America on April6, 2020. They acknowledged receiving my application and asked me to upload several financial documents using a link they provided. I completed that and verified that the documents were uploaded. 
I have not heard any status of my application from BOA since. 
My question is if my application is still in a que at BOA for processing after new funding from Congress.

0 Kudos
2,988 Views
0
Report
Reply
AARP Expert

Happy Tuesday!  It's day two of our conversation with Finance Coach @BelvaA and @DavidH519566 who have great insights for helping small businesses navigate these tough times.  I want to remind you that we are here for you.  While we know resources are scarce and access has become increasingly challenging I encourage you to continue to local to private organizations where you might find funding. 

 

For organizations that have employees that are now finding themselves navigating caring for loved ones due to everyone being at home, AARP has Small Business Caregiving Resources at aarp.org.  There you can find information about our Telephone Town Halls and other COVID-19 resources.

 

 

0 Kudos
4,184 Views
2
Report
Reply
Retired Community Manager

Many thanks to all who viewed or had questions in the discussion over the last week. And to Felica (@FeeBrown), David (@DavidH519566) and Belva (@BelvaA) for their time, attention and guidance on this important topic. For more information, please visit https://www.aarp.org/work/small-business/ and https://www.sba.gov/. 

2,731 Views
0
Report
Reply
AARP Expert

@BelvaA as someone who is uniquely positioned to see how this pandimic is impacting small businesses what are you seeing/hearing, from a finance perspective, from this community about how they are being resilient during this tough times?  We know is impacting people in different ways - what can you share to give people hope?  Any suggestions on how to stay afloat?

0 Kudos
2,996 Views
0
Report
Reply
Contributor

We look forward to a lively and interactive conversation addressing the concerns surrounding small and diverse-owned businesses during these unprecedented times.

0 Kudos
8,889 Views
3
Report
Reply
AARP Expert

Thank you @km8753783 for your support in promoting this event to small and diverse businesses.  We hope they find this conversation valuable.  @DavidH519566  and @BelvaA will be on hand throughout the week.  As a reminder everyone can find information at aarp.org about various telephone townhall events and small business resources.

6,970 Views
0
Report
Reply
Contributor

Not only am I losing the revenue from the middle of March until when we can reopen, but we are moving into summer which is our slow season. We usually use monies from winter to get us through the summer. Now there is nothing to use to get us through the summer lean months. Should I try for a loan to pay everything ie: rent, payroll, utilities etc. Since it is a "loan" I will still need to repay it at some point. Or do I just let it bankrupt. We still have an SBA loan on our equipment from 2015. 

 

Pam

Fort Clarkston

0
Kudos
9671
Views
8,496 Views
1
Report
Reply
Small Business Coach

Pam (@p815867r),

 

Besides the now-halted EIDL (Economic Injury Disaster Loan) and PPP (Paycheck Protection Program) loans the SBA also offers debt relief for small businesses that already have a guaranteed SBA 7(a) or 504 loan, or a microloan from an SBA Microlender. The SBA will pay principal, interest and fees for six months. Call your lender and make the arrangements through them. 

 

If the EIDL and PPP programs do open back up you can use both. Although the EIDL is a loan that must be repaid its terms make it relatively easy to repay if your business is profitable. The loan term is up to thirty years, the interest is 3.75%, and there is no pre-payment penalty. It is a direct loan from the SBA. The PPP is a forgivable loan if you use at least 75% of the loan funds for payroll and/or payroll costs and you keep employee numbers and compensation constant. You may use it for other costs but you must meet the above conditions for full loan forgiveness. 
If you had to lay off employees, you must re-hire them quickly if the PPP loans are re-started. Even if there is no work for them to do or they must stay home for their own safety, as long as you use the PPP loan as described above you will have the full loan forgiven. 

 

For now, get in touch with your SBA lender and arrange for the debt relief. 

Best, 

 

David Hincapie
Economic Development Specialist
U.S. Small Business Administration
Washington Metropolitan Area District Office

david.hincapie@sba.gov

6,859 Views
0
Report
Reply
cancel
Showing results for 
Show  only  | Search instead for 
Did you mean: 
Users
Need to Know

NEW: AARP Games Tournament Tuesdays! This week, achieve a top score in Atari Centipede® and you could win $100! Learn More.

AARP Games Tournament Tuesdays

More From AARP