The CARES Act PPP and EIDL loan programs, recently suspended due to the exhaustion of their allocated funds in the CARES Act, have been replenished by the U.S. Congress and signed into law by the President on April 24. All eligible businesses that have applied and have not received funds yet, should contact their lender and inquire about the status of their applications and ensure their completeness. There is no room for error as it is likely that the newly added funds may be distributed within a relatively short period of time. It is not necessary to re-apply for a loan if you have already submitted your application.
In case you missed the April 29th webinar, "CARES Act Update April 29, What You Need to Know", we have provided links to the video, presentation PDF and resource files.
View and download the presentation PDF here
View and/or download all of the resource files for the workshop here
About the "CARES Act Update April 29, What You Need to Know" Webinar
This webinar was presented online via Zoom on April 29. It is a follow up to the extremely popular April 8th first webinar where we reviewed the many aspects of the CARES ACT and local programs. The Federal and State support programs for small businesses are changing on a daily basis. Staying familiar with updates to these loan and grant programs may be critical to the survival of your business. New programs created since the April 8 session will be presented, and a guest speaker from First Citizens Bank will also present an update from a lender's point of view.
We highly recommend that you listen to the April 8th recorded webinar, plus read the resulting Q&A's available before watching this April 29 session. Your understanding of the program details covered in the first webinar will greatly enhance your understanding of the updates covered in this UPDATE session.
In addition to federal and state funded programs, we will review alternative financing options you may wish to consider.
SCORE Manasota mentors, Nabil Freij, Tom Garove, and Barry Portugal, developed a presentation. More information about the presenters is provided below.
Topics Covered in the Webinar
- EIDL, PPP and FL loan update: You will get an update on where these programs are and the results of the first round of the PPP loans.
- Small Business Debt Relief Program: Discusses the benefits of obtaining non-disaster SBA loans (Like 7(a) and 504 loan programs).
- Main Street Lending Program: A brief overview of the program and how it can meet mid-size companies' needs.
- Alternative Lending Options: In case your bank is not accepting your PPP application, where else can you apply?
- Unemployment Short Term Comp Program: An alternative to fully furloughing your employees.
- First Citizens Bank: Discussed typical mistakes they see applicants do in PPP loan applications that slow down the application approval process and present alternative financing options including non-disaster SBA loans.
- Q/A: 28 questions from the attendees were asked and answered by the panel during the webinar.
Polling Results on April 29th
50% Didn't apply for PPP
47% Filed payroll taxes and didn't apply for PPP
41% Didn't apply for EIDL
45% Needed more than a PPP loan and didn't apply for EDIL
0% Applied for EIDL and didn't apply for the $10K Grant
54% Aren't looking for Non-Disaster SBA Loans
18% Don't have a SCORE mentor
44% That do have a SCORE mentor, did not consult with them regarding a COVID-19 crisis strategy
Nabil worked for several large and small companies in varying engineering and management positions including founding and running a small business from 1996 to 2019. A problem solver and entrepreneur, he draws from his various technical and management skills to streamline business processes and operations, minimizing costs and maximizing profitability. Skilled in all aspects of running a small business including Finance, Operations, Marketing, Sales, IT and HR. Author of Enabling Globalization, he is trilingual and holds a BS in Electrical Engineering from Northeastern University, an MS from Brown University, and an MBA from Bryant University.
Tom retired in 2013, after a 40-year career with General Motors Corporation. Starting as a college co-op student, Tom held management positions in auto assembly and Executive positions in dealer field management, finance, customer relations and contact center management. Tom completed his career at GM with a six -year assignment in Shanghai where he established GM’s dealer network plan in China. Following his retirement, he was recruited by Jaguar - Land Rover to return to Shanghai to assist in establishing the dealer network plan for the new Jaguar-Land Rover - Chery joint venture. Tom’s knowledge base also includes marketing, finance, call center IT, franchise administration, accounting, and creating business plans. He holds a BA degree in Industrial Administration from Kettering University (formerly General Motors Institute) in Flint, Michigan.
Barry retired after 36 years as president of a health care industry management consulting firm. His has worked with hospitals, healthcare systems, and large physician groups to develop operational, strategic and financial aspects of their organizations. Barry’s expertise is helping clients develop and implement strategic business plans and marketing plans; as well as identifying opportunities for performance improvement in existing businesses. He has extensive experience in getting to the heart of complex operational, organizational, and financial issues necessary to grow his client’s businesses. He has undergraduate and graduate degrees in business administration from the University of Illinois and the University of Pennsylvania.