PIDC’s continuing effort is to bring you the latest information and updates on the status of disaster loan programs, they are hosting the Zoom webinar, “Financing Resources in a COVID-19 Environment”, on this Thursday, April 9 at 2:00 PM – 3:30 PM. You may begin logging-in to Zoom at 1:30 PM, with a prompt start at 2:00 PM.

During this webinar PIDC will bring you the latest updates on:

• the City/PIDC Relief Fund,
• the Pennsylvania COVID-19 Working Capital Access (CWCA) Fund,
• and the SBA Economic Injury Disaster Loan (EIDL) and Paycheck Protection Program (PPP)

While the City and State programs are fully subscribed and no longer accepting applications, questions remain about applications already submitted, timing, process and next steps.

With the SBA programs, changes are occurring almost daily with questions needing answers on the differences between the loans, eligibility, timing and next steps.

Presenting updates on the webinar are:

Sam Rhoads – PIDC Executive Vice President and Senior Vice President, Financial Services Group

Sonia R. Smith – SBA, Economic Development Specialist and Lender Relations Specialist

Kimberly Stout – SBA, Economic Development Specialist and Lender Relations Specialist

To register for this webinar, click here — http://www.pidcphila.com/events/

You may also register at: https://zoom.us/meeting/register/upcqd-CvqTkihwHymncVjciTFr0uBFTfQQ

After registering through this Zoom link, you will receive a confirmation email containing information about joining the meeting.

Lastly, once you are on the PIDC website, take a look at the upcoming webinars sponsored by PIDC partners, designed to keep you well-informed as we strengthen each other during this crisis.

Looking forward to seeing you this Thursday afternoon at 2:00 PM.

Also see, SBA Paycheck Protection Program & the Economic Injury Disaster Loan

FAQ #1: How do I apply?

Apply for EIDL with the SBA, https://www.sba.gov/funding-programs/disaster-assistance

Apply for PPP with your local SBA lender

FAQ #2: Can I apply to both?
You can apply for both programs, as long as you do not use the funding for the same purpose (no double-dipping).

FAQ #3: I don’t have employees. Can I still qualify for PPP and apply it to my owner’s draw?

Yes, and yes you can. The CARES Act states: “…individuals who operate under a sole proprietorship or as an independent contractor and eligible self-employed individuals shall be eligible. Applicants who fall in this category will need to provide documentation such as payroll tax filings reported to the Internal Revenue Service, Forms 1099–MISC, and income and expenses.”

FAQ #4: Is collateral required?

None is required for PPP and for EIDL, no collateral is required for loans of $25,000 or less.

FAQ #5: What is this free $10,000 I am hearing about?

As part of the EIDL application, small business owners can request to receive an Emergency Economic Injury Grants of up to $10,000.

Here are two places to find help

1. The PA SBDC Network will be hosting a live webinar to explain the SBA funding programs, covering both the PPP and EIDL application process every morning from 9:00am – 10:15am.
   Recorded webinars with SBA updates as of 4/3 are available in English and Spanish.
2. Speak to an SBDC Team member during our daily office hours. Speak with a business consultant face to face (virtually) who can help you right away. You do not need to pre-register. Click below to drop-in between 3:00-5:00 pm every weekday.

Why SBA Is A Great Choice For Small Businesses

An SBA loan can be the best choice for small businesses because SBA’s tend to be more flexible (and) understanding of what startups and what current businesses would need.

Portfolio commercial loans, which are typical of traditional lending institutions (banks), are more for established businesses that have been in the business for at least three years and (have an) established track record for us to come in and offer certain lending. Now SBA, they’re a little bit different.

They will actually look at a lot of the – what we call performance or projections,

what you’re projecting your business will be and just a little bit of support,

whatever your past history from other businesses that you’ve started in a similar field, or your current business, and using the projection to help with starting up new businesses or expansion.

Definitely most businesses need to purchase equipment and we can come in and help (with that). (The) second thing that’s most important, before they can even open the door, would be inventory.

Through SBA loans, WPFSI can help them and support them in inventory, because a lot of times when they buy goods, they have to pay their vendors (who) can drag it (out) for half a year, or maybe even a year, if it takes that long to sell them specific inventory.

As the customers come in and (the business starts) building up their accounts receivables and accounts payable, we want to make sure we give them enough working capital too, because the bills come due and they need to pay it, but at the same time they may or may not be collecting their funds in time to pay the bills that they need to pay. So we (can provide) a working capital.

You can use our funds to help pay for whatever bills they have to pay for first,

and then they slowly collect their accounts receivables and turn them into cash.

Whenever we visit one of our clients’ facilities, it feels amazing. It feels like we’re a part of their business. It goes beyond just a transactional business relationship and that’s what WPFSI is all about.

West Philadelphia Financial Services Institution is very heavily invested in building a relationship. Go here to learn more about our SBA loan opportunities.

As found on Youtube