Reply
Highlighted
Contributor

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

623 Views
Message 21 of 43

@DavidH519566 this is what I have seen.

 

$310 Billion – replenishes the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The PPP offers government-backed private loans that are anticipated to be forgiven if companies spend a substantial amount to continue to pay employees (covers eight weeks of costs). Of the $310 billion, $60 billion is allotted to small banks, credit unions and community development finance institutions.

$25 Billion – is allocated to state and federal authorities to develop and fund widespread testing for testing and contact tracing related to the coronavirus.

$75 Billion – is allocated for healthcare to pay for additional personal protective equipment, setting up additional hospital spaces as well as reimbursement of providers’ pandemic-related expenses and lost revenues.

$60 Billion – funds other SBA disaster loans that includes $10 billion toward small grants.

$10 Billion – covers administrative costs and other costs.

Report Inappropriate Content
Highlighted
Small Business Coach

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

634 Views
Message 22 of 43
I'm sorry I don't have any more to add. Until both houses of Congress and the President sign it, it's not official. All I can say is I'm happy to see the Congress has taken up the question and is discussing it. Best,
Report Inappropriate Content
Highlighted
Contributor
4
Kudos
19637
Views

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

621 Views
Message 23 of 43

@DavidH519566 Yesterday, the U.S. Senate passed a bill that provides the next wave of small businesses forgivable loans, needed funds to the nation’s health care institutions and aims to boost testing capacity. Can you please provide more insight on that?

Report Inappropriate Content
4
Kudos
19637
Views
Highlighted
AARP Expert

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

641 Views
Message 24 of 43

@BelvaA I've been hearing in the news that many small owners and individuals are thinking of accessing their retirement funds to sure up resources to stay afloat.  What are your thoughts and recommendations on people using these funds.  We know that while this feels like this will last forever, we know it will not.  As a result, we have to make quick decisions to survive.  What does the financial services industry say about this?

Report Inappropriate Content
Highlighted
AARP Expert

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

633 Views
Message 25 of 43

It's day three and we are still available to answer questions about how to help small businesses stay afloat. in light of the recent announcement that another stimulus bill is on the horizon, if not passed, to primarily to assist small business and hospitals. @DavidH519566 can you offer any information to our listners about what's to come, how they can access and any new information they should be aware of as these resources become available. 

Report Inappropriate Content
Highlighted
Finance Coach

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

638 Views
Message 26 of 43

Right now, there are thousands of small businesses offering online courses in everything from marketing and podcasting, to budgeting and coding.  Many are offering free classes and programs during the pandemic. 

 

You can use this time to learn a new skill or build upon your existing trade.  You can also follow suit and grow your online presence by offering live classes, teaching others about your unique business and skill set.

 

 

Belva Anakwenze
Report Inappropriate Content
Highlighted
Contributor

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

626 Views
Message 27 of 43

I ask for myself and other businesses owners

 

Micro sized business under 10 employees and for myself (no employees) that rent retail space to service their customers.

 

Question: The SBA programs that are available have funds where up to $10,000 will be forgiven, so why are microsized businesses being denied based on employees or credit worthiness when funds are being forgiven. These funds are for expenses to stay in business thru and after the fall out from the corona virus. We were forced to close just like the "larger" small businesses

 

I think the catagory of small business 1-500 employees needs to sub divide 

Report Inappropriate Content
Highlighted
Small Business Coach

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

765 Views
Message 28 of 43

Nicholas (@coneppo),

 

The SBA has two loan programs that are suspended for now because they have run out of money. There is news that the Congress is working on appropriating funds to restart the programs but until that happens we cannot accept any new applications. I'll describe them briefly here. 

 

The Economic Injury Disaster Loan must be repaid but 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. You can use this loan to pay for fixed costs and obligations that you would have been able to pay if the disaster had not occurred. The newer Paycheck Protection Program is a loan for payroll and payroll costs that is forgivable if you use at least 75% of the money for payroll or payroll costs and meet a few other conditions. To see the details go to the linked pages. If Congress appropriates more money for them, we will begin taking applications again. 

Best, 

Report Inappropriate Content
Highlighted
Contributor

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

762 Views
Message 29 of 43

We own a small realestate business that has all but one independent workeres (realtors) who are no longer selling houses so we are not getting a piece of the commission to pay the rent, utilities, and other necessary bills to run the business. We only have one hourly worker and we had to lay her off. We applied for a couple grants and loans but the money was gone on the first day. Are there any available SBA grant/forgivable loan programs that have funding and we can apply to for help with our bills so we will not have to close our business? It is a Rhode Island Company.

Thank you

Nicholas Oneppo

Owner of Realestate One

Report Inappropriate Content
Highlighted
AARP Expert
0
Kudos
6325
Views

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

807 Views
Message 30 of 43

@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

Report Inappropriate Content
0
Kudos
6325
Views
cancel
Showing results for 
Search instead for 
Did you mean: 
Users