35 Burst results for "SBA"

Why Only Engineering ? Is there world outside it? - burst 3

Sadharan Baatein

45:08 min | 2 months ago

Why Only Engineering ? Is there world outside it? - burst 3

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Are Demotivators Preventing You From Achieving Your Health Goals?

The Redesign Your Body Podcast

02:00 min | 2 months ago

Are Demotivators Preventing You From Achieving Your Health Goals?

"So let's talk about the motivators and how they play a big role in preventing us from achieving our health and wellness goals with the sba. More confident whether that's being more happy whether that's been becoming more self aware. What have you health and wellness goals are. We will talk about them. He said i d motivated present themselves as obstacles and adversity that prevents us from moving forward and just show up is the following. Sorry first and foremost lack of motivation or goal in the first place that means we stopped from deep water and the middle of the ocean and haven't learn how to swim so it's gonna be a real struggle to come back to the school. That's what lack of a goal or motivation is pretty much this presents. This can be present when you're thrust into an environment or edged towards a goal that doesn't really align with what you want to achieve. Enough has no personal reason for you to changes nothing really interfere. It doesn't really mean anything to you. You'll often find lack of motivation. Ease around that type of gold but there are also other factors besides lack of ovation. Or having a personal reason to change it actually can inhibit you and motivate you and prevent you from moving forward even though you desire it so sorry much and the biggest one and you'll army you'll understand. This is true and returning rate is on you'll You'll know this fish oil. But if you're a new listener self-doubt do i deserve. This is something that i've struggled with that in a monologue that you have with yourself where you begin to question. If you'll ever succeed telling you that you should just give up of lived it. I continue to live in. I have that imposter syndrome. You know i'm a lot more confident. Happy that i've ever been but still have that self-doubt rear its head from time to time. And this is one of the biggest d. motivators that you can experience

SBA
How The Renaissance Entrepreneurship Center Is Supporting Bay Area Small Businesses

Voices of the Community

04:27 min | 3 months ago

How The Renaissance Entrepreneurship Center Is Supporting Bay Area Small Businesses

"Ari when you speak tool walking down the street and it was devastating. You know half the storefronts were closed. You hear the stories. You know what's happening. And people are appreciating and recognizing the real importance in a of small businesses. And how much they are part of the social fabric of our communities. This is the chief executive officer. Sharon miller and program director. Tim russell of the renaissance entrepreneurship center. Today's episode is part of our efforts to better understand the impact of the covid nineteen pandemic on the small businesses and entrepreneurs that make up the economic fabric of our neighborhoods. We to feature the voices of the renaissance entrepreneurship center. Who's thirty year. Mission is to bride intensive entrepreneurship training networking and mentorship to support the launch and growth of women owned businesses through their. Us small business administration sifford cisco women's business center and to find out what they're doing to help our survive the economic meltdown. Let's hear from sharon and tim. What they and their regional team renaissance are doing to help. Small business owners survive and thrive during the pandemic. i'm joined remotely via zoom by sharon miller the chief executive officer and tim russell the program for a renaissance entrepreneurship center. Thanks for being here. Sharon and tim thank you. Thank you for having us. I'd like to start because once again renaissance entrepreneurship centers one of those really wonderful services for small businesses and entrepreneurs and anyone who has an idea of starting businesses in the san francisco bay area. That a lot of people just don't know about so i would love to start with having each of you provide the audience aetna the renaissance entrepreneurship center. It's programs both in san francisco in the east bay. Which will have sharon you provide. And then tim have you provided the mid peninsula and south bay. So sharon great. So renaissance is completely dedicated to entrepreneurship. And our focus is helping to provide access to people who don't have traditional access to training resources a network. So that's where we come in. People come to us with great ideas a ton of passion and then we provide training access to capital access to markets and access to networks so that training that we do really focuses on intensive classes. That take people from the idea feasibility. Stage into the business planning stage and further to the gross state so we're helping people to perceive themselves as entrepreneurs understand what it takes to be an entrepreneur. Start that business. And once they have it grow the business. So you asked about san francisco and the e spe. We do work with people at all levels of business in both locations in san francisco we are the san francisco. Us sba women's business center so we add further services for women. There anyone out san francisco or the bay area could come and take our classes. We also have a center in bayview hunters wait that focuses on that community and in oakland we are working with businesses in oakland richmond and east contra costa county thank you. I was great and tim. How does renaissance center support entrepreneurs in san mateo and santa clara county. Just basically the piggy back off. What sharon said. We are an organization that is regional and the south bay and then the serving the san mateo county and santa clara county and small businesses and entrepreneurs. We really are coming alongside of those entrepreneurs and small business owners and helping them turn their passion the prophet in. I think that's what we really strive for is giving them the tools they need because we already know that they're gifted they're gifted at what they do but they need to support the technical assistance to be able to really be sustainable so we really are working with those communities. Churn says that are under served under represented by coming in and giving them the tools so that they can watch and grow their business and again like i said earlier turn their passion to profit

Renaissance Entrepreneurship C Sharon Miller Tim Russell TIM San Francisco Sharon ARI South Bay Cisco Aetna San Francisco Bay East Bay East Contra Costa County Santa Clara County Oakland United States SBA Bayview
Cyber conflict between Ukraine and Russia

The CyberWire

05:46 min | 4 months ago

Cyber conflict between Ukraine and Russia

"Security firm proof point this morning released a study of chinese people's liberation army threat actor ta four thirteen. That's deployed a militias fire. Fox browser extension fryer fox in a surveillance campaign directed against tibetans. Ta four thirteen has also used scan box and support your malware in its operation so far this year the units targets include tibetan groups both domestic and in tibetan diaspora proof point assesses ta four thirteen tool said as limited but quite effective against dissident communities. Which after all have what proof point aptly calls a low barrier to compromise the campaign also suggests a shift to more open source tools on the part of the p. l. a. ukraine's national security and defense counsel has accused moscow of compromising a ukrainian government file sharing system the system of electronic interaction of executive bodies zd net thinks. The group responsible is gamero. Don a group widely regarded as a proxy for russian intelligence services. Kamera don has certainly been active against ukrainian targets in the past. But it's an odd duck while often thought of as an advanced persistent threat that is a government. Run operation in some respects. It doesn't really act like a government agency or even a straight up contractor like iran's mob group for one thing gamero don doesn't restrict it's targeting the way government operation normally would nor is it entirely indiscriminate in the way the lower end criminal gangs tend to be for all that gamero. Don is both noisy and aggressive. Research by cisco's talos group suggests that gamero don is also a mercenary player in the criminal. Criminal market talos wrote in. Its recent report on maradonna quote. We should consider the possibility of this. Not being an ap t at all rather being a group that provides services for other ap teas while doing its own attacks on other regions and quote so Kind of contractor perhaps a criminal organization that hires its services out to intelligence services but that also does business with other criminals while its principal state sponsor by general agreement russia turns a blind eye so gamero don is one of the most active and undeterred actors in the threat landscape it does the work of an ap t but it uses a cybercriminals style. It's worth noting that the operation the ns dc describes seems to be a software supply chain compromise as an s. d. c. tweeted. The attack belongs to the so-called supply chain attacks methods in means of carrying out this cyberattack allow to connect it with one of russia's hackers spy groups this is therefore a different matter entirely from the distributed denial of service attacks ukraine complained of at the beginning of the week the de dos attack targeted. Both the national security and council and the sba you security service bleeping. Computer reports and ukrainian authorities did claim that the attack had its origins in russia in as they put it russian traffic networks. The ns dc describes the diaz thusly vulnerable government web servers are infected with virus that covertly makes them part of a button. It used for de dos attacks on other resources at the same time. Security systems of internet providers identify compromised web servers as a source of attacks and begin to block their work by automatically blacklisting them. Thus even after the end of the de dos fix the attacked websites remain inaccessible to users and quote. But it seems that this denial of service harassment was probably the work of the criminal. Gang thought to be retaliating for the arrest of three of its members by the cranium. Participants in a big bilateral franco ukrainian law enforcement sweep alleged members of gregor. We should of course say allegedly engaged in criminal activity. These particular alleged. Hoods seem to have belonged to a gregor's ransomware sub gang french authorities in particular had blood in there is because as france entire reports. A gregor was allegedly implicated in ransomware attacks against hospitals. So paris in kiev. Good hunting. go get him. There allegedly bad guys researchers at mcafee this morning released their study of uc ransomware. A new strain detected earlier this year. It's another entry into the ransomware as a service market whose operators hawkins in both russophone an anglophone criminal the criminal markets. It uses the familiar attack. Vectors common in the ransomware space phishing emails of course but also exploitation of compromised accounts index has gained through unpacked. Systems with known vulnerabilities. Babba criminal customers seem so far to be most interested in hitting victims in the transportation healthcare plastics electronics and agriculture sectors. Their activity has extended to a number of geographical regions and the malware doesn't use the sorts of local language checks often employed to keep the operators out of water in countries whose legal systems tend to be vigilant and unforgiving mcafee's notes on abbott. See an interesting division of labor across its two principal linguistic communities. The operators will use an english language for them for announcements but a russian language forum for affiliate recruitment ransomware updates

Gamero Don Gamero National Security And Defense Kamera Don Talos Group Talos Liberation Army DON Russia National Security And Council Gregor Moscow FOX Cisco Iran AP SBA Babba Kiev
How the pandemic is impacting Bay Area small businesses

Voices of the Community

05:16 min | 4 months ago

How the pandemic is impacting Bay Area small businesses

"This episode is part of our series exploring covid nineteen impact on nonprofits and small businesses in the san francisco bay area back in april of twenty twenty when we decided to create this ongoing series on covid nineteen impact i or nonprofits and then on small businesses in the san francisco bay area. We like you had no idea how long the pandemic would go on. And what the health and economic impact would be in our community going into twenty twenty one. The pandemic is now killing more people shutting down more nonprofits and small businesses on with wiping out the livelihoods of families neighborhoods and communities. We will continue to shine a spotlight on the nonprofits and small businesses that make up the fabric of our community along with the founders and staff who are struggling to deal with the impact of the covid nineteen pandemic on their operations services is an ability until we can all get to the other side of the pandemic along the way we will also share with you all the amazing solutions that are nonprofits. Small businesses foundations and government leaders are working on to help us all get to the other side of the pandemic and come together to rebuild our communities with more economic social and environmental equality. What is very clear is that business owners are challenged right now in a way they never have been you know open close and indoors outdoors. You know p p what is it. What do i do with it. Who do i give it to so many challenges right now and our goal is to really help is many of these small businesses weather this storm so to speak as best we can and for that reason i like to encourage businesses to reach out to us especially work with a business advisor. This is the district director of the small business. Administration's san francisco district office julie. Cows over these ten plus months we have been sharing the voices of small businesses and covert nineteen s- devastating impact on their survival with the latest round of federal funds now being deployed we wondered host julie to help guide our listeners through the funding opportunities available to both nonprofits in small businesses. I'm joined remotely via zoom by julie. Cows the district director of the small business. Administration's san francisco district office. Thank you for being here. Julie thank you for the invitation. The sba is one of those government departments that for a lot of people. See it as a black box where it's going to require all these forms all this information i don't have so i think it would really be helpful if you could provide a background on the sba here in san francisco. That's the district to manage and how you work with small businesses and really now nonprofits. Absolutely i do think. There's a lot of preconceived notions about who. Spa is what they do and who we help. But we are a federal agency where an independent agency and our mission is to help. Businesses start and grow and continue to prosper. And we do that. Offering a variety of programs and services can kinda break those into four buckets as an easy way to talk about it. A so there's the access to capital bucket. Which may be where most known for but we actually have programs that go from microfinancing loans of fifty thousand dollars or less all the way on up through venture capital and then our bread and butter program kind of is our loan guarantee program which is loans through commercial lenders up to five million but we also have government contracting assistance so we help with federal certifications. We actually work behind the scenes with other agencies trying to get them to utilize small businesses as their contractors so we do a lot to help small businesses kind of break into federal contracting and be successful the third bucket we have is business advising free business counseling and low no cost training and honestly. I think this is probably the most invaluable service. Sba offers so through our network of grants resource providers. You may have heard small business development center score women business centres anna veteran business outreach center we provide free business advising and especially in this challenging times right now. This is an invaluable resource for businesses. You will never be charged for the advising services and you can talk about any issue that you have that's pressing or if you wanna strategize with somebody look at them as a visor to help you think about your future and how you weather the rest of this cova pandemic and then the fourth bucket which is kind of been a theme for the last year is our disaster assistance program. We typically will go in on declared disasters in provide financial support loans support to cover uninsured losses and to help with economic injury for small businesses and nonprofits that has now become kind of the focal point of the assistance. The covid recovery assistance for small businesses in nonprofits so as a district office. We're here to kind of administer. Some of these programs do some oversight but really warrant at grassroots level of sba engage with the community engage with our small businesses. And make sure that they are tapped into the resources that can benefit their business

San Francisco Bay Julie San Francisco SBA Anna Veteran Business Outreach
Susan Robertson  How to Supercharge Your Creative Thinking by Outwitting Your Instincts

The $100 MBA Show

09:40 min | 5 months ago

Susan Robertson How to Supercharge Your Creative Thinking by Outwitting Your Instincts

"I'm susan robertson and i'm an innovation strategist for fortune. Five hundred companies. Thanks for joining us today. I'm going to teach you about how the supercharge your own creative and visionary thinking outbidding your instincts. I'm gonna show you how to overcome major creative thinking roadblock that you probably don't even realize you have all humans suffer from a mental shortcut called negativity bias. The negativity bias is the phenomenon that negative experiences have a higher impact on our thoughts feelings and behaviors than positive experiences. So we're actually much more motivated to avoid negative. Then we are to seek out positive and this constant drive to avoid negative. Dramatically affects our thinking in ways. We don't realize because it's all happening subconsciously to illustrate the negativity by a little more. Think about this. If you believe someone had stolen twenty dollars from you. How angry do you think he would be now. Think about if you randomly found twenty dollars in the street. How happy do you think you would be. There's tons of research that shows that due to the negativity bias. We're much angrier about losing twenty dollars than we are happy about finding twenty dollars. Even though the rational value of the money is exactly the same. And that's the negativity bias. The reason this negativity biased is a roadblock to creative visionary thinking is because our brains interpret any uncertainty as danger and the immediate sub-conscious result is to try to avoid that danger ultimately. It's a survival instinct. Thank for a minute about way. Back in our prehistory when our ancestors still lived in caves. Let's imagine a little cave boy will call him grog grog. Here's a wrestling over in the bushes. He thinks i wonder what that might be. Any trots over to investigate it was a giant reptile and unfortunately grog is dead. Now think about a little cave girl. We'll call her lucy. Lucy here's a rustling over in the bushes to but listen. Thanks ha bat. Might be danger. And she runs away and ultimately lucy lives to pass on her jeans to all of us so us are descended from people who ran away from uncertainty and that instinct to assume uncertainty is. Danger is alive and well in all of us today. Our immediate subconscious reaction to any uncertainty is to assume it might be danger. We have a really common phrase that we all say when we hear or think of a new idea that very effectively kills new ideas instantly and that phrase is yes but whenever we hear a new idea or even think of ourselves our brains instantly focus on all the potential dangers. Yes but it's too expensive. Yes but it will take too long. Yes but the sales team won't like it. Yes but it won't work in our existing t system and on and on the problem with this is that it's exceptionally easy for us to identify lots of reasons why any idea might not work and it results in us most ideas before we ever even examined. If there's anything good we just reject them the moment we discover a potential problem because that yes spot is laser focused and lightning fast. The sba is so common that we don't realize how poisonous it actually is but it effectively squashes all creative thinking it. Squashes your own creative thinking when you say it or think it and it really squashes in a creative thinking from your team when they hear it from you so you need to wipe it out of your vocabulary seriously just hit delete on the yes but and that sounds like it should be easy but actually it's quite difficult because you have to circumvent an instinctive sub-conscious instant process that goes on in your brain. So that's the bad news. The negativity bias is never going to go away for any of us but the good news. Is we absolutely can retrain our brains to get around it. And i'm going to show you a neuroscience hack that will help you defeat your negativity bias. Time i call this thinking tool. Gps thinking and gps stands for great problem solving the trigger to know when you need to turn on your gps thinking is when you hear or think or say yes but when someone has an idea and you have to make a practice of noticing that yes but trigger by the way now that you're aware of it you're going to be shocked at how many times you say it or hear it every day. Once you've recognized that subconscious but process has kicked in. You have to now interrupt it with the conscious. Gps process. I'm going to give you the three steps of the gps process. And then i'll give you an example to illustrate step. One is g great. The first thing you want do is list anything. That's potentially good about the idea. What's interesting what's valuable. What's getting toward the goal. What's new were different about it. And this g great part is the part that your brain will naturally skip if you let it so you have to not let yourself skip this step g. Great step number one then step. Number two is the p. problem. Which is where your brain has been trying to go but instead of simply stating the problem. There's a critical difference here and that critical differences. You need to flip that statement into a how to question so instead of saying it will cost too much instead you say. How can we make it more affordable or instead of saying it will take too long instead you say. How can we do it. In the time that we have to p problem articulated in the form of a how to question. And then you move onto s solving. So now you solve for those problems you found in the idea by changing the original idea but keeping something about it that you thought was great from g great list. I'm going to give you an example. So let's say you mentioned to your friend you've been feeling a little extra tired lately and doesn't seem to be due to lack of sleep and your friend says Have an idea for you. Take a break every day in the middle of the day and take a two hour walk. That's what i do. And it seems to really help and your brain instantly focuses on all the yes buts in that idea. All the potential problems. Yes but i don. Tom i have too much work. Yes but i have to help kids with their homework. Yes but i have to have dinner ready. You focus on all the problems. That's your negativity bias kicking in and it starts with yes but so once you've realized that the yes bet is kicked in you go through the process in g great. You list anything about that idea. That might be good. Well exercises good. Taking a break during your workday is it. You'll be more focused when you come back to the work and you'll feel more refreshed so there are things in that idea aspects of that idea. That are good. And that's what you want to draw out in the g. Good step and once you've done that you move to step two p. Problem and you articulate those problems now in the form of a how to question so instead of simply saying i don't have time instead you say. How can i find time for exercise or you might say. How can i find time to take a break in my day or you might say. How can i find more time to relax. So i can sleep better so that. Step two problem but articulated in the form of a how to question and the you move on to step three which is solving and you solve for those problems by changing the original idea so you might say the the problem you wanna saw four is how to find more time in your day for seven exercise so you might say well. I don't have a two hour block. But i could find a few fifteen minute blocks and in those fifteen minute walk. Take a couple of laps around the house. Or i could run up and down the stairs five times. So you've changed the idea. You've you've moved away from a to our walk and you've modified the idea to be a few fifteen minute walk so you've solve for the problem but you kept something that you thought was good. Which is both exercise breaking your day. So that's the gps process. I'll quickly repeat the steps g good. What's potentially good in the idea. Knowing it's not finished p. problem articulated as a how to question and ask solution solve for those problems by changing the original idea but keeping something that you thought was great

Susan Robertson Lucy Wrestling SBA TOM
5G talk will dominate a remote CES 2021

The 3:59

04:02 min | 5 months ago

5G talk will dominate a remote CES 2021

"I sent for the last two years but five g will play a big role at this year s. Now i make the argument that it'll be a huge the show because partly because it's remote and we're going to have a lot of hands on opportunities with devices and heavy hitters like google argue around. But what are you expecting from. The show goes five gene. I think we're going to start to see five g pop devices beyond phones. That's really been the focus right now. It's it's been five g phones which is kind of different than pass cellphone. Phone herb cellular network improvements where you've seen hot spots and tablets. I think it c- as we may actually start to see or at least. I'm hoping that we start to see pop up. In other devices two years ago verizon. Co hans vestberg had keno. We've talked about some of the different applications for five g. but a law that was experimental. Or conceptual eli. What are you expecting this year is hans is what second. Cs keynote three years. They are starting to become pretty much a regular at cas. That's what to expect. Verizon's been very vocal about it strategy. I mean all. The carriers have been pretty vocal about their respective strategies. I'm curious to see if they announced new five cities they at the end of twenty twenty past the sixty millimeter wave cities that they promised they would hit the just got that in before the end of the year. Do we see more cities coming from them more promises of cities or even announcements of cities already. All the carriers have been working on their five g buildouts. Cs aquino there would be a good time to announce a network upgrade or to announce that dave increase our coverage. They still trail t mobile as far as a footprint for five g. so maybe some announcements there and possibly i guess demos or ideas of what five g could really offer to not just consumers but also businesses. It'll be what he shows as far as what for rising views five g. sba so beyond baraza. What are the other carriers. Doing that is a great question. They've all been relatively quiet. Seemingly giving cbs in the focus that comes with a virtual see. Yes to verizon. They haven't been terribly flashy as far as giving keynote spotter touting big events. It'll be interesting to see what they're doing but so far they seem to be at least right now laying low. We'll see if that changes over the next week right the other big news that we're expecting which isn't technically part of but samsung will be holding its unpacked event next week on wednesday the last day at sea as again while it's not officially part of the show cats same audience and it's there will expect to see the launch the galaxy s twenty online likely or very assuredly. Five will play a big part of that. I'm curious if we're expecting any other devices. You sort of hit that. So the top of the segment. What else are we going to see. Well i'm hoping we'll start to see five g again. Appear in other types of devices whether it's laptops or tablets or internet of things connected connected devices. Interestingly enough t mobile believe it was just the other day announced their cheapest. Five g phone yet. The oneplus nord en ten. Five geeta heck of a name out. It will cost three hundred dollars last year at cs. Fries ruin induna. One of the heads of their or the head of their wireless division told us that they were targeting for twenty twenty to get a four hundred dollar phone and now you have t mobile before this year. Cbs coming out with a three hundred dollar. Five g phones. So maybe we'll start to see some more affordable five g devices. That would be nice.

Co Hans Vestberg Verizon Cs Aquino Baraza ELI Hans Google Dave CBS Samsung CS
Interview With Violette de Ayala

Extraordinary Women Radio with Kami Guildner

06:15 min | 7 months ago

Interview With Violette de Ayala

"Well welcomed extraordinary women radio violet. I am so thrilled to have you join us today. And i am excited to hear your story. I can't wait to learn more about you. Thank you so much. I'm really excited to be your very honored. Surfing's proxy honored to have you here. And i wanna i wanna start west your business you. You started as an entrepreneur when you were twenty two and So tell us a little bit about this. Entrepreneurial journey from that twenty two year old to running this multimillion dollar business today that really spans across all the different chapters that you have all the the community that you've built. I mean i'm so impressed with what you've built so so give us a little bit of that back story. Sure so. I was twenty two years old. A new mom and may adjust moved from miami to north carolina. And i knew that. I wanted to support the family financially rights. You've had just graduated from college at the state. And i remember having that internal dialogue of whether or not you but christopher fulltime daycare or you know trying to find hybrid of the two and i remember being just really Filled of anxiety of going to that. Because i didn't want my children to be latchkey kids so i grew out pretty much on my own. My parents both worked until very late. At night i was a child at home or to buy themselves unified dinner. Nfl sleep on their own. And i didn't want to have that for my kids. I remember having friends that have parents that whether they worked fulltime they were home at five o'clock or six o'clock in week dinner Or perhaps one of the parents didn't work and they were there as is apparent. During the day. I remember one that i remember like seeing that. Not being jealous that. I remember like wanting that in my life and so when we had chris off to make sure that i had the flexibility to be there i didn't want to have my kids have extreme experience so really being a first generation. Cuban american my parents arrived united states. Nineteen sixty one cuba. The only stories i ever heard growing up were stories of my family coming to the country with a penny in their pocket right not knowing the language of the culture and really creating tremendous amount of wealth because of being an entrepreneur because of small business. And so i happened in the back of my mind theory this entire kind of situation of trying to figure out. How am i going to provide my family. Be a mom and how that ballads and relief for me. The only option was to start a business so at the time. I'm going to tell you the kind of the truth behind it is that i wanted to be a really good. At fitness. i had worked at every house hub in miami in high sworn in college. That was really the only industry that i knew and so i will. I will go ahead and just get my personal training. Certification analogy personal trainer and started small business so i reached out to the sba in with. Carolina is nineteen ninety-four. So before giggle. Before lead gen our media and i reached out and got a counselor at the time and told them what i wanted to do when she was like. Well how much alone you take out. While i need a loan of three thousand dollars you need to buy -cation. I need to go ahead and get business cards out. Place a couple of advertisements and some equipment and she was like three thousand dollars. She's like that's ridiculous credit card and so that was her advice. And i did. I had a discover credit card. They don't i remember they're not partners of ours at all. It was really a straight up. Discover was the only credit card. I had besides a little retail one. And i did it put it on. There was the most nerve wracking putting three thousand dollars on a credit card. I mean we are. We are brand new parents. You know young Not knowing really anything about business had never taken a business class. By the way i graduated pre law and i stepped into that and i continue to make every mistake after that Found by place did did well with that. Small business I was looking for. And then. After that i just continue to watch more and more businesses and about that's really the truth or wise started twenty two. I really am. I had an option at the time. Based on what priorities work right and you wanted to be home with your. You wanted to have support around your kids by and the serial entrepreneur. You mean so what was it. That kept have had the ideas. Keep coming to you. What was the catalyst behind that. Yeah so i think you know After personal training company. I did hire on at i got into real estate. My stepfather at the time wanted me to take over his business and he said you know i really need you to work in real estate for a couple of years you can take over my business. I'm ready to retire. So i did that for him and he would say to me and by the way he was an amazing mentor. This guy might my mother's second husband show me the million dollars. He was like thirty years old he no. He sold his bakery here in miami to arnold bakery and then he continued to create tremendous well so he would tell me. Violate your unemployable. Anyone would say that that is the most horrific complement him a great employees. I show up on time. I always delivered you like no. No you're just unemployable. You'll realize that you get older. And it's now about older. That i realized that even though i could work for other people and i was great. I excelled in everything super taipei. The truth was that. I always had to be on my own. I something about how my dna just had that always come back to being a small business owner and then eventually being entrepreneur and different that i do the real estate and then i kinda hired on with another company and kept on growing in that world and finally i was like that's it i need to go back into to go back and create my own business again. Got my pilates. Reputation became applauds instructor and then had a location. They got a bigger location Satellite locations but again it just keeps coming back around and around. And it's because at first of all i believe in small business. I believe that that's the way that women specifically can have balance in their life especially when the raising humans or perhaps they have aging parents or other responsibilities.

Miami Christopher North Carolina NFL Cuba SBA Chris Arnold Bakery United States Carolina Taipei
Interview With Violette de Ayala

Extraordinary Women Radio with Kami Guildner

06:15 min | 7 months ago

Interview With Violette de Ayala

"Well welcomed extraordinary women radio violet. I am so thrilled to have you join us today. And i am excited to hear your story. I can't wait to learn more about you. Thank you so much. I'm really excited to be your very honored. Surfing's proxy honored to have you here. And i wanna i wanna start west your business you. You started as an entrepreneur when you were twenty two and So tell us a little bit about this. Entrepreneurial journey from that twenty two year old to running this multimillion dollar business today that really spans across all the different chapters that you have all the the community that you've built. I mean i'm so impressed with what you've built so so give us a little bit of that back story. Sure so. I was twenty two years old. A new mom and may adjust moved from miami to north carolina. And i knew that. I wanted to support the family financially rights. You've had just graduated from college at the state. And i remember having that internal dialogue of whether or not you but christopher fulltime daycare or you know trying to find hybrid of the two and i remember being just really Filled of anxiety of going to that. Because i didn't want my children to be latchkey kids so i grew out pretty much on my own. My parents both worked until very late. At night i was a child at home or to buy themselves unified dinner. Nfl sleep on their own. And i didn't want to have that for my kids. I remember having friends that have parents that whether they worked fulltime they were home at five o'clock or six o'clock in week dinner Or perhaps one of the parents didn't work and they were there as is apparent. During the day. I remember one that i remember like seeing that. Not being jealous that. I remember like wanting that in my life and so when we had chris off to make sure that i had the flexibility to be there i didn't want to have my kids have extreme experience so really being a first generation. Cuban american my parents arrived united states. Nineteen sixty one cuba. The only stories i ever heard growing up were stories of my family coming to the country with a penny in their pocket right not knowing the language of the culture and really creating tremendous amount of wealth because of being an entrepreneur because of small business. And so i happened in the back of my mind theory this entire kind of situation of trying to figure out. How am i going to provide my family. Be a mom and how that ballads and relief for me. The only option was to start a business so at the time. I'm going to tell you the kind of the truth behind it is that i wanted to be a really good. At fitness. i had worked at every house hub in miami in high sworn in college. That was really the only industry that i knew and so i will. I will go ahead and just get my personal training. Certification analogy personal trainer and started small business so i reached out to the sba in with. Carolina is nineteen ninety-four. So before giggle. Before lead gen our media and i reached out and got a counselor at the time and told them what i wanted to do when she was like. Well how much alone you take out. While i need a loan of three thousand dollars you need to buy -cation. I need to go ahead and get business cards out. Place a couple of advertisements and some equipment and she was like three thousand dollars. She's like that's ridiculous credit card and so that was her advice. And i did. I had a discover credit card. They don't i remember they're not partners of ours at all. It was really a straight up. Discover was the only credit card. I had besides a little retail one. And i did it put it on. There was the most nerve wracking putting three thousand dollars on a credit card. I mean we are. We are brand new parents. You know young Not knowing really anything about business had never taken a business class. By the way i graduated pre law and i stepped into that and i continue to make every mistake after that Found by place did did well with that. Small business I was looking for. And then. After that i just continue to watch more and more businesses and about that's really the truth or wise started twenty two. I really am. I had an option at the time. Based on what priorities work right and you wanted to be home with your. You wanted to have support around your kids by and the serial entrepreneur. You mean so what was it. That kept have had the ideas. Keep coming to you. What was the catalyst behind that. Yeah so i think you know After personal training company. I did hire on at i got into real estate. My stepfather at the time wanted me to take over his business and he said you know i really need you to work in real estate for a couple of years you can take over my business. I'm ready to retire. So i did that for him and he would say to me and by the way he was an amazing mentor. This guy might my mother's second husband show me the million dollars. He was like thirty years old he no. He sold his bakery here in miami to arnold bakery and then he continued to create tremendous well so he would tell me. Violate your unemployable. Anyone would say that that is the most horrific complement him a great employees. I show up on time. I always delivered you like no. No you're just unemployable. You'll realize that you get older. And it's now about older. That i realized that even though i could work for other people and i was great. I excelled in everything super taipei. The truth was that. I always had to be on my own. I something about how my dna just had that always come back to being a small business owner and then eventually being entrepreneur and different that i do the real estate and then i kinda hired on with another company and kept on growing in that world and finally i was like that's it i need to go back into to go back and create my own business again. Got my pilates. Reputation became applauds instructor and then had a location. They got a bigger location Satellite locations but again it just keeps coming back around and around. And it's because at first of all i believe in small business. I believe that that's the way that women specifically can have balance in their life especially when the raising humans or perhaps they have aging parents or other responsibilities.

Miami Christopher North Carolina NFL Cuba SBA Chris Arnold Bakery United States Carolina Taipei
SBA administrator set to visit Boston

WBZ Morning News

00:47 sec | 9 months ago

SBA administrator set to visit Boston

"Small business administrator for the Trump administration, is in Boston. Today. Meeting with businesses who took part in the Paycheck protection program is about six businesses that I'll be visiting Jovita Carranza's making stops in Jamaica, Plain, Roxbury and other parts of Greater Boston talking with small businesses who are struggling but staying afloat. The latest batch of PPP loans ended back in August. However, the current talks on Capitol Hill are going to play a huge role in another round of loans in the future in important sector, and it's so critical that the negotiations proceed so that we can again provide another lifeline financial life like small businesses and their employees. House Speaker Nancy Pelosi and Treasury Secretary Steve Mnuchin couldn't get a deal done on Wednesday. However, the talks continue. And more small business help will be tied in this next stimulus. Bill.

Boston Jovita Carranza Administrator Nancy Pelosi Steve Mnuchin Roxbury Jamaica
"sba" Discussed on WSJ Your Money Briefing

WSJ Your Money Briefing

04:49 min | 10 months ago

"sba" Discussed on WSJ Your Money Briefing

"Injury disaster loans or idol program. That's at issue here. What's the difference between that and the paycheck protection program? There are various differences but the biggest difference I would say is that the PCP has banks issuing loans to businesses. The IDOL program is administered by the government itself and SBA issues loans directly. To businesses. No matter where the funds are coming from, this has got to be a painful process for businesses. That's right. The delays with the idol program had to do with the fact that the SBA is the one that issues lounge and this program was originally designed for much smaller problems disasters. Hurricanes and earthquakes. So the SBA did not have the capacity to process millions of applications. That just flooded in during the pandemic. So the SBA really had to ramp up they quickly in order to catch up with demand, how much money has the idol program given out so far it has issued more than three point, six, million loans totaling one hundred and eighty eight, million dollars in addition to that the SBA also sent out about twenty billion dollars in grant free money to close to six million businesses. Do we know how much loan money is tied up? That hasn't gotten into the hands of businesses it's not clear, but there is a recent survey by a big business advocacy group. Called National Federation of Independent, business that showed that about one in five of businesses have not heard from the spa about the status of their obligations even though they they submitted their applications awhile ago. So what kind of answers are businesses getting from the SBA regarding the delays? It has been a pretty frustrating experience for a lot of business owners. Things have gotten much better since around mid June. But until then there were a lot of applicants for loans of WHO waited for months without getting updates from their spear. In recent weeks the SBA says that they have made a lot of improvements and they they do say that the reason why some people still maybe waiting is because the applicants themselves may not have responded to requests for more inflammation or responding to a final step to accept loans. Now, the SBA needed to outsourced alone distribution process and the way they did that has come under fire was that done during the pandemic asked to very busy hurricane season in twenty seventeen. SPA signed a pretty small contract was ten million dollars with a small contractor called R.,.

SBA IDOL SPA National Federation of Indepen
Hector Barreto - Entrepreneurship and Immigrants

The Strategerist

05:45 min | 1 year ago

Hector Barreto - Entrepreneurship and Immigrants

"Welcomed or guest today, Hector Baretto Hector form headed up the United States. Small Business Administration today. He's the chairman of the Latino Coalition. Thanks for waking up early with us. Do this actor thank you in our Co host Laura Collins, once again. Welcome back, Laura. She's the director in the Bush. Institute smu Economic Growth Initiative thank you. Thank Santa I. Only wake up early for this I know we. To Peel back the curtain we're here at about seven thirty in the morning in Dallas and Lauren I were comparing notes and turns out that one of us are morning. People so hector. We're looking. We're looking at you. Demand on. West Coast time. It's like five thirty in your body clock Oh. That's rough. Hector's here for our SME Economic Growth Advisory Council where he is one of them. Is that help guide the policy work that we do at the Bush Institute, because both of his expertise is the forty first administrator, the small business, and because his work with the Latino Coalition. Let's start with the former when you were with the small business administration. What was the goal of that department? What were you? You, all working on the small business. Administration was actually started in one, thousand, nine, hundred, fifty, three by President Eisenhower and there were some small business programs before that, but they unified those all into one agency, and it's really the agency that supports and advocates for America's small businesses, and that role has become even more important over the years when they formed the SBA. There probably weren't thinking that was going to be over thirty million small businesses in the united. United States and I like to say nothing small about small business. They really are the engine of America, the engine that fuels the economy of America not only are there a lot of them, but they represent over fifty two percent of the gross output of the economy. It's the place that two-thirds the net new jobs of our economy comes from, and it's also the place that a lot of our innovation comes from. That makes us the envy of the world. World in terms of our economy so very very important agency. A lot of people have heard of it, but they oftentimes don't know everything it does. Where does your passion for Small Business? Come from a well? That's easy. I was fortunate to be born into an entrepreneurial family, so the first business owners I ever met where my mother and father and my father was especially a serial entrepreneur. He loved business. He loves starting businesses. I'm not saying he loved running. My mother ran the business ideas, man yeah, but I learned a lot about a small business I used to joke that everything I learned about business. I learned in a Mexican restaurant because that's why I worked when I was a little kid. What jobs is you? Hold with your parents Oh, a lot of them, you know we were an immigrant family and. There was five children. My mother had five children six years. I have four younger sisters, and so we were all recruited to my father's executive training program very early on, so we all had to work I remember waiting tables when I was nine years old. So And then I. as I got older, I got more responsibility and help run some of those businesses and start some of those businesses, and my father had a number of different businesses. We started off with the restaurant business, because that's an easy business to access, but then later on at a little import export business, a little construction business, none of those businesses wherever really large, but they were very important to our family helps support us. They helped educate, and we learned a lot about being in business and working with the community and customers, and so your father came to America start these businesses. He actually didn't. My father was an immigrant to the United States in the late nineteen fifties. I don't think he was planning on staying that long. But he met my mother. My mother is also from immigrant parents from Mexico they've shown love, and and of all places they started their journey in Kansas City Missouri that's where I was born. I grew up in Kansas City Missouri and my father. He had a lot of different jobs as a lot of immigrants do when they first get here. His first jobs were picking. Picking potatoes for fifty cents an hour in rural Missouri and later on, he worked at a railroad, a literally pounding the spikes into the ground, but in the winter it got too cold, so he moved into He started working in the livestock business, and it was very difficult. dirty work. He was cleaning out stalls, but at least it was warmer than being outside. When he was working at the railroad later on he, he was a janitor at the school that I would eventually go to, but my father used to always say that he was a business owner, and I would say dad. You have these jobs. You're not a business owners. They know what I have to do right now, but eventually alone my own business, so he was very passionate about that. He always wanted to work for himself, so he starts so then he starts these businesses and his career trajectory starts trending too so far up that start happening. Yeah, my father was a very visionary leader very. Very charismatic you know he when he's grown up used to say know. I came here with nothing I didn't know anybody. I didn't speak the language. I had no money I had no power, but I believed in myself I was willing to work hard, and this is such a great country that affords us the opportunity to go as far as we WANNA go. We're only limited by our own imagination our own commitment, so he he's. We started these businesses, but later on my father was kind of an organizer as well, and he wanted to belong to the Chamber of Commerce. This is in Kansas City. Number of others spanning businesses. There were there at the time, and my father started asking. Where's the Hispanic Chamber? And they said well. There isn't an Hispanic Chamber. My Dad said well there should be, and if nobody else is going to start it, I will so my father was one of the founders of the Kansas City Hispanic Chamber of Commerce, that was in the mid seventies,

Small Business Small Business Administration Hector Baretto Hector United States America Business Owner Latino Coalition Kansas City Kansas City Hispanic Chamber O Missouri Hispanic Chamber Laura Collins Smu Economic Growth Initiative Kansas City Missouri Chamber Of Commerce Chairman Director Bush Institute President Eisenhower Dallas
Texas, California top SBA's PPP approvals

Noon Report with Rick Van Cise

00:16 sec | 1 year ago

Texas, California top SBA's PPP approvals

"California and Texas, receiving a big chunk of government loans for small businesses hurt by the Corona virus pandemic, the Treasury Department said about $68 billion went Cos. In California under the Paycheck protection program and 41,000,000,002 businesses in Texas. Tourism dollars

California Texas Treasury Department
Banks Under Fire for Alleged Unequal Lending Practices

Business Wars Daily

03:17 min | 1 year ago

Banks Under Fire for Alleged Unequal Lending Practices

"The practice of red lining were denying financial and other services to people based on race, was outlawed in nineteen, sixty eight, but last week several Chicago Chase Bank branches closed temporarily as protesters call for racial equity and lending from the nation's largest bank and expose published in early June by nonprofit newsroom city bureau and WBZ radio found that off the seven and a half billion dollars in Chicago home. Purchase loans approved since two thousand, twelve, less than two percent was loaned in black majority neighborhoods. The bank is also the subject of a Federal Class Action Lawsuit. That suit alleges that chase shutout. Business. Borrowers from the paycheck protection, program or PCP. Stacey Hawkins Armstrong's the founder of shop. poppin gourmet. Popcorn in Westchester. She told news station ABC seven Chicago the. She tried to file her PP loan application with chase. On the first day. They were accepted, but she got nothing but error messages desperate to keep her doors open and her four employees on payroll. She ultimately secured a smaller loan through a different bank. She believes that chase prioritized. It's favored customers and left small businesses like hers in. In the cold, She's not alone the US. House of Representatives is launching probes into how several banks including J. P.. Morgan Chase Bank of America and Citigroup made P P P loans according to the Orange County Register. Critics allege that big banks service business customers and Shutout underserved borrowers from the funding pool. redlining continues in subtle ways today, including in how P P P loans. Loans were distributed according to Everett. Sand CEO of small business lender lend Distri in a report in fortune as business wars daily reported earlier this month. The Small Business Administration gave no guidance to lenders to prioritize underserved communities about ninety percent of black owned businesses have no employees ease sands, says P, P P rules. Regarding sole proprietors came out last that let these entrepreneurs unclear about. About which loans were available to them? The SBA hasn't released the demographics of WHO received PPP loans, but a survey report by color of change and UNIDOs US is revealing more than half of black and Latin next small business owners who sought assistance requested less than twenty thousand dollars in funding only about one in ten received the funding. They ask for according to the report. One united the nation's largest blackout bank has been working to help black owned businesses get better access to loans in the second round of stimulus funding, federal government allowed thirty billion dollars to smaller and minority owned banks such as community development, financial institutions were CDFI's one united secured some of that funding with that on April. Twenty nine, the bank launched its own P. Program. The bank committed to lending to black owned businesses and self-employed people. It's I. P P Loan, went to an uber driver. Time will tell who was more effective in getting money to black owned businesses, but the stakes couldn't be higher. A recent report by the Brookings Institution Warns Covid. Nineteen could wipe out a decade of economic gains by black owned businesses as Congress debates whether create another stimulus round. The future of many black owned businesses hangs in the balance.

Stacey Hawkins Armstrong Chicago Chase Bank Small Business Administration Morgan Chase Bank Of America Chicago Brookings Institution J. P House Of Representatives Cdfi Orange County Westchester ABC Everett Congress CEO Founder Citigroup Distri
"sba" Discussed on The big d zone

The big d zone

03:22 min | 1 year ago

"sba" Discussed on The big d zone

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Mitch McConnell Mitch I. SBA country LLC FBI.
"sba" Discussed on Newsradio 600 KOGO

Newsradio 600 KOGO

04:37 min | 1 year ago

"sba" Discussed on Newsradio 600 KOGO

"The SBA it was it was really really simple you're literally click the few boxes then you could you could apply for a good amount of money they have the PDP the paycheck protection program but that it just collapsed and couldn't get through and it was really hard to do so he got in at the at the ground floor of the pandemic as a small business there were loan opportunities now it's really difficult so I we're we're hoping that we can keep everybody afloat now that the doors are opening for courage and that he call out of the loop restaurants in particular to allow cables underground the sidewalks were never before could we do that unlike some of the opportunities you could drink drink all you want all day long up and down the street call between relievers to that now had some allowing the businesses to to expand out so they can keep in touch with the thinking goes open people start to work again yeah it is so it it did I tell you seeing this economy open up like a sunrise like I like the obviously been talking about this analogy for awhile now how yeah I'm calling this a great repression we you know we had to shut off this economy because the the the answer to cover nineteen was blank and social distancing and and we had to fly out this curve and because of that we we came to a very abrupt stop as you just explained and that was that to the chagrin of many businesses but the same time we're not gonna be opening up like turning lights which were going to be opening up like a sunrise are we starting to see that it's on the beach in some of the small crevices of business are going on there I see small restaurants are happening and such but but what about the rest of my of the consultants from the attorneys in the and and then on the dry cleaners and all that stuff is that certain happen yeah yeah it's it's opening up at all it's it's it's a cell phone so everybody's in inter connected me to talk with somebody else and you know as a business person business results it's all it's a circular business week you need customers and clients and then if you don't have that and everything else crumbles so it is opening up again and Jim is feeling good the problem not just scary it's scary because everybody's been cooped up business and stuff TransCanada so desperately wants to get out so we've opened up slowly or were required there's concern that masks and all that goes with that but it's really difficult because of a twenty five percent capacity forget the last country talking about your dry cleaners the people who come in and the people were going to work for people and have an issue to the shirts and the cars going in there and it's not been a big problem yeah those are connected are definitely going to make it in a lot of it just for that very reason the dry clean is a good example the one that I've gone to he's almost done and the reason was not a good example unite lawyer but we're super twenty day I would go in and get it he could five certainly could couple times in the suit every single week right you have to see me in three months yeah I see yeah once your producer yeah exactly that that affects I mean that that's an activity that's an economic reality talk to us about the legal profession real quick ready for attentively what's what is the legal profession been like for you personally during a pandemic well actually connect it was fun for awhile because the courts will close yup we have so many deadlines we have trials we have televisions consulate status comes with motion hearings all of that just completely went off Caroline so we literally had a few months where there was a zero pressure and no lawyer wanted to encourage one works if there wasn't going to even be able to get in the courts right we had several months where everything is completely stopped I literally I got concerned for trial that was scheduled for June twelfth and come March or whatever it was we get noticed the courts are closed don't worry about trial so that that now been pushed everything every calendar was pushed at least six months of this trial for instance we spell reset for January Courteeners songs so he still right yeah while some would kind of get back into it going it's gonna it's kind of just come crashing down on all of us Ron thank you so much Ron Blomberg managing partner Bloomberg law group Bloomberg law group dot com fantastic attorney terrific guy and is not a sponsor the program using him I'm using him because he's he's really smart but he he talks about he talks about everything business and he and he really is one of the best business litigators and and just a guy that you can hired at to answer questions and I appreciate him taking the time out of this weekend to come hang out with us because because I know that he is.

SBA
Planned Parenthood Improperly Claimed $80 Million in Coronavirus-Relief Loans

Morning Edition

03:51 min | 1 year ago

Planned Parenthood Improperly Claimed $80 Million in Coronavirus-Relief Loans

"Morning which organizations should get money from the federal government's coronavirus relief programs like many Planned Parenthood chapters around this country received funds from the paycheck protection program several Republican senators now want Planned Parenthood to return the money NPR national correspondent Jeremy cameras on the story Sarah good morning good morning Steve what did the Planned Parenthood chapters receive exactly so what we're talking about is the federal loan program under what's known as the cares act the one meant to keep small business workers on the payroll during this crisis so small businesses and small nonprofits with fewer than five hundred employees can apply for forgivable loans and it's important to note that while Planned Parenthood federation of America is a big national organization the national groups as they did not apply for these funds instead it's the local Planned Parenthood organizations that operate clinics around the country that received the money I talked with Stephanie frame the president and CEO of Planned Parenthood of southwest and central Florida she says they got a little over two million dollars mostly to cover employee paychecks economic uncertainty at that moment was profound and the two weeks while we waited for this loan we spent having some very tough conversations about what we do we didn't get a strong so it's not clear how much Planned Parenthood or its affiliated groups have applied for or received nation wide fox news has reported and some Republican senators have repeated a figure of eighty million dollars combined nationally but the small business administration which administrates these loans would only say that the agency doesn't comment on individual borrowers okay but in any case the money was loaned to these Planned Parenthood chapters loans that they may not have to pay back if they keep people on the payroll like a lot of other businesses and non profits but this particular nonprofit does work that some Republican lawmakers are ideologically opposed to what they say right a Florida senator Marco Rubio who's chairman of the Senate small business committee says that Planned Parenthood isn't eligible for these funds under the program's rules he wants the money returned immediately he wants the SBA the small business administration to investigate why and how Planned Parenthood got the money and I talked with Republican senator James Lankford of Oklahoma who's also objected to this he also wants Planned Parenthood to send the money back that's what the Los Angeles Lakers are done that's what check check is done that's where risk Chris is done so other organizations arms exposed that they should not taken the money have returned the money so that would be the reasonable thing for them to be able to beat and Lankford says because Planned Parenthood affiliates nationwide have many more than five hundred employees combined they don't qualify so Steve there's some dispute about how to interpret these rules but let's not forget there is a big political element to this I mean currently it is illegal in most cases for federal funds to pay for abortion but there is a long standing political debate about any federal funds going to Planned Parenthood because of what it has come to represent about the national debate around abortion and of course Planned Parenthood has argued they do a whole lot more than that perform abortions how is Planned Parenthood responding to the specific criticism here well they say they haven't received word from the SBA small business administration about this they only know what Republican senators are saying and what's been reported by fox which says that the SBA has sent a letter to Planned Parenthood affiliates informing them that they're not eligible for this money and instructing them to return it but again SBA isn't commenting on this are you able to figure out what the rules actually say and how they actually apply to this particular organization it's hard to say for sure Steve I talked to a few lawyers about this and I'm hearing that there is just a lot of confusion Republican senators insists Planned Parenthood doesn't qualify under the rules Planned Parenthood says each local affiliate looked at the program decided whether to apply for this paycheck support but a lot of lawyers say the rules are unclear and they've been

"sba" Discussed on WTMJ 620

WTMJ 620

04:49 min | 1 year ago

"sba" Discussed on WTMJ 620

"Want to give you the latest guidance information from the SBA you know from very early on when Congress passed what is now called the PPP the payroll protection program we have been deluged with questions from business owners and then those questions last week basically stopped and it turns out the question stopped at the same time the people completely I lost interest in the program stopped applying for it there's a huge amount of PPP money still available from the second allocation passed by Congress and why did people stop participating because they got scared because there were various things coming out of Washington that made it seem like you were going to go to prison if you didn't bet every single word of either the law or more importantly the regulations that have changed over and over and over and over again issued like a bunch of keystone cops coming out of Washington from the treasury department and the SBA this man hard because Iraq receives don't normally move this quickly and they're very deliberate in this case the idea was to get money out as quickly as possible and so it led to chaos and what people went through applying what people went through with the documentation requirements with your application kept changing and then once people got approved a lot of people became afraid to spend the money to save their businesses because of all the publicity coming out about how you could end up as a felon well because of that there's brand new guidance which is the latest guidance it says that pretty much you're in safe harbor the amount of money you borrow from the PPP is under two million dollars and that accounts for particularly with the second sequence of fines overwhelmingly people have taken out loans in the range of eighty to two hundred thousand dollars kind of in that range virtually no one of late has been doing the loans that have been in excess of two million dollars overwhelmingly those were there problems that occurred if the big banks where they helped publicly traded companies and big entities cheat the rules and push through loans that the program was not designed for and I don't understand why no one that these big banks is in trouble but anyway that's a topic for a different time so what you should know as a small business owner who needs the fines it is okay for you to proceed with the PPP you're not going to be cited for fraud and unless you're committing actual fraud there was some guy who apparently took the loan money and went out and bought fancy jewelry that's not what this is for this is for you being able to meet payroll and expenses for your business so if you're doing a loan less than two million it is self certification that you qualify for the loan program under the idea that you could not continue to have the necessary cash flow for your business otherwise essentially I can give you the exact wording but it's not important because all you have to do is good faith certification which is to I packed all read this sentence of it economic uncertainty makes is a loan request necessary to support the ongoing operations of the applicant period on the other hand businesses with more than two million dollars in loans are where there's going to have to be much more than self certification they're going to have to prove that there were no other sources of financing about publicly traded companies they can go to the bond market they can do various debt instruments thank you very S. stock issuances and they probably have access to bank loans it is saw this is free money for a publicly traded company that's why.

SBA
Changes to Relief Program Trip Up Small Businesses Seeking Loans

Morning Edition

03:47 min | 1 year ago

Changes to Relief Program Trip Up Small Businesses Seeking Loans

"There's a big question looming over the paycheck protection program that the federal government set up that aid money is not reaching business owners of color why not and here's Danielle Kurtzleben looked into it the first time Rosemary Bolger applied for the small business relief loans it didn't go well she needed a loan for naco creative her small Minneapolis based company which has created ad campaigns for brands like the NCAA final four so she went to her credit union they were hard to reach but eventually I got through to someone and they emailed me back saying the current process for them because they don't process SBA loan I wasn't aware of that then after trying and failing it to other banks she managed to find one that was accepting applications for new customers and she quickly applied but then next week I got an email from them saying you know the money is running out and then now it's just going to prioritize their clients that had borrowed before the budget has applied there again during the second round of funding but hasn't heard back yet but she could use the money and fast her team is currently working through the pandemic without pay we will have a healthy pipeline coming into this year as soon as this came down everything went on hold and then disappear lawmakers set aside thirty billion dollars for smaller lenders with an aim of helping business owners of color like Bhoja but a new report from the small business administration's inspector general found that minority owned businesses may not have received loans as intended because the agency didn't tell lenders to prioritize those borrowers the carers act ten rules specifically laying this out the report also recommended that the agency collects demographic information going forward an additional problem for these owners is that they are more likely to be sole proprietors in other words their businesses are owned by one person according to Ashley Harrington senior policy counsel at the center for responsible lending what we're talking about getting rid of color most of them are very small businesses so their sole proprietorship or they have less than ten employees who are likely to be a sole proprietorship than any of the other small businesses the budget has six people on her team and they're all contractors making her business one of those one person's sole proprietorships some of those were only allowed to apply for PPP funds one week after other businesses that put them in the back of the line to get the money which ran out quickly during the first round in addition relationships with banks matter according to Michael Roth he's managing partner at next street which works with local governments on small business policy black and Hispanic owned businesses because of their lack of access to capital and banks and financial institutions and friends and family are far more likely to use personal funds to finance their businesses and generally that's run out of you know personal checking accounts that could be a problem for some businesses in the program because some banks would only loan to people with business accounts so owners without those were shut out boy just says that if she doesn't get the funding it won't take her business down completely but it could make life harder the main thing that we're on the verge of losing in their office space but yeah we will go out of business but it's it's already hurt the contractors who rely on her for income one of my team members and taken a job with Amazon for example but but we're still pushing to get business in for now she says they're working on a new project to make sure health information about corona virus can reach poor and immigrant communities as well as communities of color Danielle Kurtzleben NPR

Minority-Owned Small Businesses Were Supposed To Get Priority. They May Not Have

NPR's Business Story of the Day

03:45 min | 1 year ago

Minority-Owned Small Businesses Were Supposed To Get Priority. They May Not Have

"There's a big question looming over the paycheck protection program. The Gut the federal government set up that aid. Money is not reaching business owners of color Wi- NPR's Daniel Kurtzer looked into it. The first time Rosemary Borja applied for the small business relief loans. It didn't go well. She needed a loan for Neko Creative Minneapolis based which has created ad campaigns for brands like the NCAA final four. So she went to her. Credit Union should reach. But eventually I got through to someone and they emailed me back saying they can't process them because they don't process. Sba Loan I wasn't aware of that. Then after trying and failing it to other banks she managed to find one that was accepting applications from new customers and she quickly applied but the next week. I I got an email from them saying you know. The money's running out and then now just going to prioritize their clients that had boroughs before the Bulla has applied there again during the second round of funding but hasn't heard back yet but she could use the money and fast. Her team is currently working through the pandemic without pay we have a healthy pipeline coming into this year. As soon as this came Dow- everything went on hold and then disappear. Lawmakers set aside thirty billion dollars for smaller lenders with an aim of helping business owners of color like Boba but a new report from the small business. Administration's Inspector General found that minority owned businesses may not have received loans as intended because the agency didn't tell lenders to prioritize those borrowers. The cares act had rules specifically laying this out the report also recommended that the agency collects demographic information going forward. An additional problem for these owners is that they are more likely to be sole proprietors in other words. Their businesses are owned by one person. According to Ashleigh Harrington Senior Policy Counsel at the Center for responsible lending we're talking about businesses of color. Most of them are very small businesses so their sole proprietorship or they have left teams. Leave in fact more likely to be a sole proprietorship in any of the other. Small businesses budget has six people on her team. And they're all contractors making her business one of one person sole proprietorships. Some of those were only allowed to apply for P. P. Funds one week after other businesses that put them in the back of the line to get the money which ran out quickly during the first round in addition relationships with banks matter according to Michael Roth. He's managing partner at next street which works with local governments on small business policy. Black and Hispanic owned businesses because of their lack of access to capital from banks and financial institutions and friends and family are far more likely to use personal funds to finance their businesses. And generally. That's run out of you know personal checking accounts that could be a problem for some businesses in the program because some banks would only loan to people with business accounts so owners without those. Were shut out. The boy says that if she doesn't get the funding it won't take her business down completely but it could make life harder. The main thing that we're on the verge of losing is our office space. Yeah we won't go out of business but it's already hurt the contractors who rely on her for income one of my team members and taken a job with Amazon for example but but with still pushing to get business in for now. She says they're working on a new project to make sure health information about corona virus can reach poor and immigrant communities as well as communities of Color

Rosemary Borja Managing Partner Daniel Kurtzer WI Ashleigh Harrington SBA Credit Union Ncaa DOW Senior Policy Counsel Amazon P. P. Funds
"sba" Discussed on C-SPAN Radio

C-SPAN Radio

12:49 min | 1 year ago

"sba" Discussed on C-SPAN Radio

"SBA the small business administration that began this week again rejected so more in there been some snafus in terms of getting the money out I hope that will get straightened out but that is supposed to provide the SBA's program is host provide cash the smallest businesses on favorable terms and in fact those loans are at least partially forgivable if the companies to small companies maintain their payroll now the fed is hoping there as well it announced I think yesterday or yesterday that it will by SBA loans from banks or provide a secondary market for those loans making them more liquid making banks more willing to make those loans so I guess everything is nice here is that the fed but the fed can do is reinforce the the the private credit markets with a private credit markets are dysfunctional because of D. leveraging because of uncertainty that the fed can come in and replace those markets to some extent or strangles markets and then try to bring private lenders back into those markets this is not give away money it it the thirteen three requirements to do require that the fed take collateral that it intended be repaid but in order to get defensive protection a big chunk of the money in the fiscal program for her sixty five billion dollars essentially provides equity for the feds lending programs so that if they do lose money it'll be covered by by this by these treasury funds so again there has been progress already we have seen the credit markets improve I think the critical issue will be how quickly the the help public health situation improves and that will determine will depend on the logistics of distributing equipment and gear adds dental laters as well as the scientific effort that we are that we really need to get control of this finally let me just point out that we talk about the United States this is a difficult situation because it is a global situation almost every country in the world is suffering from this I pandemic and almost all have chosen to significantly reduce economic activity so this will be a global recession yeah the situation is being questioned by a strong dollar by falling commodity prices by capital flow outflows from those countries so we may well see emerging market crises and and global recession as well as in the United States so is we have a hard road ahead but I I I I am I pretty pleased overall with the fiscal or monetary responses we've seen that we're gonna need more but at least those of artistes have done what they can to help our economy stay functional until the public health situation gets better David I'll stop there and be happy to answer any questions members hosted by Brookings Institution in early April C. span radio right thank you very much for that van and listening and now we have a number of questions already but feel free to add to the list by emailing events at Brooking dot EDU or on Twitter at has taken over it nineteen academy David Wessel Brookings Institution this event took place early April as you mentioned Ben the fed has aggressively increased its balance sheet it's now approaching six trillion dollars it'll be twice the size it was when you left the fed twenty fourteen is there a limit to how much money the fed can create or reserves that can create to purchase US treasuries on land for all these emergency facilities is there is there some limit to how much the treasury can borrow to finance this rescue there's not a real it technically is not really a limit to how big the fed's balance sheet can get that that six trillion this would be it would be about thirty percent or less of US GDP in Japan I don't know the exact number but in the order of eighty or ninety percent of GDP is the size of the bank of Japan's balance sheet so it could be it could be bigger much of the of the increase is temporary for example a lot of the take the commercial paper facility for example those are short term loans usually as things normalise those loans will be paid back in the fed's balance sheet will accordingly shrink but you know I think the the fed does have capacity to increase its balance sheet and it it appears willing to do so significantly huh and I think that's appropriate I don't think there's any real data I don't think for example that inflation is going to be a risk if anything this inflation low inflation will be more of a concern and next year than than to high inflation that's Harling is concerned yes the the federal government's borrowing a lot again as I mentioned this is when that borrowing capacity is so valuable when you have a national emergency which of course this is paying for this with taxes would would be counterproductive just because it would depress buying power at a time when the economy needs needs buying power I think it's it's the the question of sustainability of the US federal debt is a tough one I think there are long range issues clearly as the population ages as cost of medical care go up you know we see projections of the federal debt that are very disturbing over the next decade or two and we need to think hard about how we're going to get control of trajectory but I think that in the near term dealing with a crisis of this magnitude that I think this is an important approach and I would just note finally that interest rates being almost zero means that the interest burden associated with this borrowing is actually going to be quite low even though the number of dollars borrowed is this high I want to back up to the inflation point because some people look at what's going on huge increase in the federal deficit low interest rates the fed creating a lot of reserves and they think surely this will create inflation maybe more than once you don't seem to think that's the case how come well if you look at it they are supplying demand elements of this crisis you know on the supply side you're seeing for example some things some types of goods are in short supply you're seeing some supply chains being disrupted so there are some slight facts that you know will be there for good service overall though you know think about what's happening to the demand for leisure industries think about what's happening to the demand for airline seats out what were or restaurant meals the because people staying home and because it'll be a while before they are back to our normal activity and because when they do come back to more normal activity they will have exhausted some of their financial reserves generally I think spending is going to take a hit so the net effect will be probably slightly disinflationary that's what Jay Powell said at his press conference I think he's right when we did when we see that it's just look at what's happening commodity prices oil prices for example which have collapsed so I I you know I think overall that monetary fiscal similis will not more were not sufficiently compensate to get us back to full employment and the rest will be that in the short term that's inflation will actually be a bit below the fed's two percent target the fed would like to back two percent or even a slightly above so I think at this point inflation is is not a high risk doesn't sound like you're anticipating a sharp V. shaped recovery it depends on I. dot the reason I'm not is because of the apparent trajectory of the of the virus and Raisman faction and the like it they tell us of course I'm not a doctor by any means but a test that I have seen it is eighteen months away there are things we can do to open up the economy significantly perhaps but I I don't see the economy returning to more normal state until there is much greater confidence both among the average person and among average people and at the level of governors and mayors that opening up the economy won't restart difficult to crisis so it seems likely that the if we if we could shut off the epidemic of course the economy would bounce back quickly but since we'll probably have to shut we start activity the gradually and there may be subsequent periods of of slower at activity again I I don't think it's going to be a rapid response on the other hand I do want to draw the distinction between this and say a twelve year Great Depression if all goes well here too we should be substantially better position I hope that the time back to full employment will be significantly less even than the Great Recession proved to be what residents in question the recovery from the Great Recession was sluggish and painfully slow are there lessons there that we should draw about either fiscal or monetary policy responses I think I'm the margin I think both his monetary policy could more aggressive at certain stages in their recovery but it was a very different kind of recession it was it was started it was created primarily by the combination of a housing boom and bust into finance and and those things and the first instance as asset prices fell house prices fell made people feel poor and then the credit crisis meant that there was tremendous disruption in credit markets as well and so we think about it is that a recession is not just everyone stopping for a moment what they're doing and then going back to it rather recession involves a whole lot of destruction people losing jobs being created from their employers companies closing and depending on the house how long do you consider that destruction is the longer it takes to get back to more normal and more normal situation I recall you saying when you were at the fed that you thought fiscal policy had tightened too soon to prepare it and that's the question hurt the recovery and I guess I was wondering whether you think that's a risk again this time well act as I said a moment ago I I think the policy what was not sufficiently aggressive and I think at times monetary policy in a more aggressive the the the the initial two thousand and nine fiscal program in retrospect and and some people said at the time was perhaps not adequately size given the size of the problem and then there was a fairly quick response not just the United States but globally towards a more more deficit reduction in tighter fiscal policy starting as early as twenty ten and United States are very significant tightening in twenty thirteen so yes the fiscal policy was that too tight at various stages that to fully aid the recovery back to full employment in this case you know I think the politics is a little different you know the two thousand and nine the fiscal package was passed you know it was basically on party line vote this this one we just had was a more bipartisan supported by the by the president in both parties so I'm hopeful that you know with a more bipartisan approach to what is again a some level really unnatural disaster I mean it it is a very big but it's in some ways similar to the hurricanes are the flaws of the other things that we've dealt with in recent years and a bipartisan response to support those.

SBA
Small business emergency lending program expands fintechs portfolios

Marketplace Tech with Molly Wood

05:23 min | 1 year ago

Small business emergency lending program expands fintechs portfolios

"The paycheck protection program is a weekend to its second round of hopefully funding small businesses through the corona virus outbreak. Some financial tech companies also known as Syntax got permission from Congress to offer those loans. They include pay pal into it cabbage and others. The hope is that they can get loans to people and businesses who haven't worked with traditional banks in the past and the Fintech say they're tack is also an advantage but so is that true. Let's dig into it and quality assurance the segment where we take a second look at Big Tech Story Felix. Salmon is chief financial correspondent for the tech site axios. The banks were a bit slow to be able to set up websites that customers found it impossible to get to a to a human being or to find out where they stood whether their applications were going through and there was a general feeling that given that all of this was being done on the Internet the Internet companies might be better doing it than the banks were so relatively quickly. This program was opened up so that the eligible lenders included not only banks but also Internet companies Lake Pay Pal and quicken and square. Gotcha I mean. I feel like one of the questions about these lenders. And FINTECH companies and neo banks in particular is that in some ways they serve. Replace this idea of the Community Bank. Like do we have any evidence that they are or could be more inclusive than established lenders. I think they are in the if you applied for P. P. Loan from pay pal. Then your chances of guessing it. We're probably the same no matter who you were given that many of the people applying if not most of the businesses applying had no particular relationship with these Fintech to begin with now doesn't mean they're going to get that loans. It's far from clear that the ability of pay pal to get loans through the SBA system and get people. Funded is any greater than any other bank. But at least you can feel that you're on a level playing field if that's any. Solis which you probably isn't to be honest. Who is applying through? Let's say pay pal or square or into it. Who are these small businesses to a first Brooks mission? Everyone who didn't get a loan or wasn't able to get through when applying through that bank. Whatever the reason was if you haven't got your money it's not give up on your bank entirely but you say well. Maybe I can't get a loan through my bank. I should try a getting along with someone else and given the it's not difficult to apply through pay pal. Oh quicken intuit it. You May as well try if they come back to you and say hey you've been funded. Brin and you can take the money and if they don't it's no harm no foul and is there any evidence or will there ever be a way to tell you think whether they claim that these kind of like tech driven platforms are more nimble and better able to get your application through than a big bank the banks and the Fintech have all been extremely unhelpful? When people like you and me have been asking them for details about how many people try to apply. How many of those people who try to apply actually got their money those ratios on not public information than the information that the SBA has see you need to get that information directly from each one. And I don't think any of them are going to be releasing that data on the kind of apples to apples basis that we'll be able to make that determination. Is this an opportunity for these companies like if they are able to establish themselves as this type of lender or just do good by some small businesses is an opportunity for them to build a customer base down the road I think for about twenty four rows an opportunity to get some goodwill? I think the small business owners actually went to those places putting their applications and then didn't receive any money that some of that goodwill did evaporate. What's more of these companies? Aunt actually lenders at heart companies like paypal and square a much more based on payments on loans. And so. It's not clear that even if this did give them a foot in the door when it came to small business lending that something that they would really want to be right and it feels like certainly some of them have provided loans like cabbage are into it but the others haven't to think they're likely to discover that in fact. This is a terrible morass that they would like to back out of slowly. Small business loans were horrible thing to be in in general because small businesses so many things can go wrong is so difficult to really get under the hood and find out how credit worthy they are for. P. It's different because it's all guaranteed by the government so you don't need to spend too much time really underwriting the loan and understanding the business before extending the credit but if you want to actually lend money to small businesses as part of your business especially if you're doing unsecured and you're not you don't have access to cash flows which you can just S- ts to pay back the loan. Then yeah it's really Nali business where lots of lenders have become unstuck. And it's not clear that very many investors want these companies to get into that line of

Lake Pay Pal SBA Fintech P. P. Loan Community Bank Congress Nali Salmon Solis Brin Quicken Brooks
"sba" Discussed on The Dave Ramsey Show

The Dave Ramsey Show

03:55 min | 1 year ago

"sba" Discussed on The Dave Ramsey Show

"Then it turned into this script would get rejected in Hollywood as not plausible. That when we this is like shark NATO or something I mean it's not gonNA ask NATO who thought of this and actually got this on film. That's what happened if you filmed it. I would have failed freshmen in highschool for writing this down as their short story. Maybe and that's not gonNA happen Come on man. Get your plot straightened out here. You gotta you gotTa make it believable for the reader or you lose them. I don't even know what to say anymore I. This is a strange world where I found myself speechless. Well you can't make this crap is warm the SBA is four hours with billions of dollars an hour going out. This is like this is like shutting down the water main to La for for four hours and nobody can get water for four hours in Los Angeles or New York City. That's what it would be like. I mean can you. This is not all. They were really swamped. We had some minor problems glit- minor glitches on Monday. And then you make a sign up sheet for billions and you don't think I I just I don't know man. I tell no well those of you that have not gotten your loans where you have been clearly recommending that you don't because there is the word loan in this process and Dave Ramsey team and has never recommended you go into debt and You have to meet the federal guidelines which are always kind of interesting. Have you ever tried to read the tax code meet the federal guidelines in order to have the loan forgiven it is not a grant it is alone with forgiveness provisions that you will have to meet exact? The government is well known for having a rush to bill through and then make up the rags on the back end. The suit their new mood on the back end. I worked with too many students at several universities who decided I'm going to be social worker. I'm going to go into public defense instead of chasing big money law. 'cause my heart is big and and I'm going to check it decade. They're gonNA forgive it right and then they didn't all gone. Yeah I remember that story loans. That were not going to be. I mean they were going to be forgiven. That weren't I remember. The story that changed changed remind in year nine. I mean up. Change your mind given up a decade of you're earning power To public services take a lesser job in public service up. Well we gave up now. We just took on our loan. They want a big deal on turned into allow. Who knows like all it alone but later out we found later on we found out it was alone. You folks. I'm telling you this what's going to be known as being bit but both cheeks some of you're GonNa get there so you're gonNA get. The rottweiler clamped down. I'm just telling you it's coming. Some of you will get the forgiveness. It'll work out. I'm not saying it's a hundred percent scam. I'm just saying you guys are acting like this is nothing you'd be a fool not to take the in quotes air quotes everybody free money and then the SBA. I'm telling you the COMP the organization you're dealing with can't keep their computers running. Does that mean anything to you. I mean you know when you see lack of competence. Lack of integrity was someone. You're doing business with expect to have a lack of competence integrity in the future. I mean why would you expect something else but we always we always have this Illusion this fantasy this time. It's going for me just for me. They're going up. You know it's going to be a short line at the DMV today just for me thirty minutes. I'M GONNA get straight through there just like that. I know it's backed up out the door but they're going.

SBA NATO Los Angeles Dave Ramsey Hollywood DMV New York City
"sba" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:59 min | 1 year ago

"sba" Discussed on Bloomberg Radio New York

"SBA administrator crowns and thank you you have been such a champion for America's small business if you'd also like to come up and join us and and Larry Kudlow thank you for for all that you do in fighting for for American workers with that I would like to kick us off by introducing Amy right to come up to the stage and share with us a little bit as her story she has created an amazing business that that stems from personal experience and and very much her her heart and it's been an honor getting to know you Amy as you really embody the spirit of of small businesses around this country Amy because of the PPP program was able to re hire behind all right so you've been listening to the president giving an update on some of the aid to help out small businesses and individuals and of course I've aka trump they're talking as well and going through some of her involvement so you notice will continue to hear the certainly the president continue to draw on it groups from the private sector and from industries and talking about you know the impact of some of those programs and also what still needs to be done right and we will keep an eye on that event down there in Washington at the White House its presence starts taking questions will take you back there and continue to monitor anything that he and the team are saying I mean this is an issue that we've been talking a huge amount about it is front of mind for so many people because of the importance of small businesses Carol to this country we see them in our neighborhoods we have family and friends who own and work at small businesses here and they are hurting you know the you heard the president mentioned that double the number of people who are accessing the system before access did yesterday right I I feel like he was saying that in in sort of a boastful way but the reality is that's not great but in the sense that it it means that a lot of people need money I mean they need essentially some help surviving this terrible terrible pandemic yeah exactly it's interesting to hear the president say that small business they will be in good shape and I think there's a lot of questions still about them because these are businesses that don't necessarily have a big safety net and show whether or not they will be able to still continue to open an exist on the other side of that I think there's a lot of questions and you know a lot of people being able to access the program also is a reminder of those who could maybe access at on the initial round of it and so people are pretty desperate I mean I've been watching a lot of the news coverage I know you have to look at people you know who individuals as well as small businesses that they run out of money nothing right well and and the notion is is that if you run out of money it's it's unlikely that you're going to be able to restart just right off the bat you know you're letting employees go you're having to shut down there's the whole question of you know our landlords going to give people a little bit more leeway and for how long they ultimately have to pay their bills as well that whole supply chain that we talked about with Kent swig last week in terms it was last week earlier this is last week it was nothing but and also what's the liability right of of if you do get a break on paying mortgages or rents or what have you but you still have to you know pay for it on the other side and you can transferring yeah and you can come back to business environment economic environment or maybe your customer base is cut in half you know and so you're not gonna see the same cash flow and revenue flow that you saw right so I just think it's really tricky and I hope we continue to spend a lot of time I know we you and I both find is a really important issue at this point and we're gonna continue talking about it but I do hope it's getting the attention of certainly all the lawmakers that are in there in Washington really and and and also in the hardest hit states absolutely all right let's get a check on what's happening in the trading day and in.

America SBA administrator
"sba" Discussed on AP News

AP News

08:27 min | 1 year ago

"sba" Discussed on AP News

"Banking industry groups say the small business administration's loan processing system is still unable to handle the sheer volume of applications business owners have been trying to get relief under the government's paycheck protection program both to keep workers on the payroll and pay overhead costs the SBA says the process is moving slowly because it's trying to limit the number of loans a bank can submit at one time but some banks say they're not able to get any applications in sadr mag ani Washington

SBA sadr ani Washington
BURST+VIDEO+EXPAND- burst 02

The Non-Prophets

00:54 sec | 1 year ago

BURST+VIDEO+EXPAND- burst 02

"Through nonprofits as well get faces. New Voices added in changes. Thank you use a good thing and we have some articles. We wanted to look at today. Did we just start us off? I one here. It's an editorial. Sorry Senator Holly. It's unconstitutional to bail out. Churches with three hundred and fifty billion dollars in small business aid from American atheists American Atheist Center for Inquiry Freedom From Religion Foundation and secular coalition of America corrected. Senator Josh hollies claim that the The SBA Small Business Administration is wrongly telling churches and lenders that churches and religious nonprofits don't qualify for the new Cova Nineteen Relief

American Atheist Center For In Senator Holly Cova Nineteen Relief The Sba Small Business Adminis Senator Josh Hollies America
"sba" Discussed on The Dave Gram Show on WDEV

The Dave Gram Show on WDEV

11:35 min | 1 year ago

"sba" Discussed on The Dave Gram Show on WDEV

"Is he eligible for any anything Get getting any of this money from the federal government and the idea that he cannot do as business really because he can't interact with people yes he would be eligible as a self employed person For both programs and actually Probably that economic injuries. That may be better that for him Basically they're trying to figure out. What are your operating costs for a year and give you about six months of operating expenses and as an in addition they have this thing called the It's an advance and up to ten thousand dollars Vance but it's really based on how many employees you have. So he's the only previous late forties the employees right so employees would be a thousand dollars that he could get. That doesn't happen to be repaid grandma part of it. So it's worth I'm applying. He can just go to our website. Sba Dot Gov and it's right on the front page corona virus and kind of walks you through the different loan programs and he can apply right online. Pretty it's a pretty basic application online. That would be a thousand dollars that would be that grant portion of it and then if he felt he needed a loan also president. What about unemployment? I'm yeah they can be Eligible and they just looked to make sure there isn't a duplication benefits between programs But yes I believe at self-employed they are included under the cares act for unemployment excellent. Thank you for the call. Vic I gotta move on but thank you for the call. Appreciate it Let's go to Let's go to Dick and Waterbury. Good Morning Dick. Good morning does it. Also apply to seasonal business as such is A GOLF COURSE EMPLOYEES. Yes curses eligible. Okay so you know we have We have just a few employees but with no operation no Greens fees Very few dudes coming in but the grass doesn't stop growing and maintenance doesn't stop so right you'd be eligible for either one of those programs of paycheck protection program or the The paycheck protection program. Again they're looking at what? Your normal employee level is even though you're seasonal you can use a seasonal period for that And they're just trying to say you've got to get back to that level so that would be the thing you would wanna look at. Does that work for you? Yes got the certain number of employees definitely. We need to have back even if we open up. You know June or later they still have to be done so recommend you go to your Credit Union or bank and just you know work with them because like I said they have like their own sort of little template that you fill out and then you can kind of figure out How much Monja would qualify for based on your you know your employees situation and you know. Do you like the terms. Is that GONNA work you? Yeah all right perfect. Thank you thanks. Thanks for the call. Appreciate it Two four four one seven seven seven is the local number in Waterbury one. Eight seven seven to nine one eight two five five is the toll free number for wd Ev and The Dave grab show year And and Darcy Carter is my guest. She is heading up the SBA Small Business Administration Office in Vermont and based Mafia or is that right Darcy. Yes that's right but we're we're teleworking teleworking. Yes you like everybody else I been doing this radio. Show from from my home here in my period as well and it's unusual times for sure this is This is something that everybody's trying to make these adjustments here And do you have I'm just wondering if SBA is hearing from any Any more sort of standard clients out there. People you've been dealing with over a period of time about About changes in in in our are. Are you doing any sort of loan pauses true? There's a technical term for that but We're we're folks are being told you don't have to make payments for a few months or anything like that. Yes right They've helped the debt relief. program so if you can currently have an FDA loan FDA IS GONNA pay six months of your principal and interest Going forward so that was the regular called seven as loan program five. Oh four or a micro loan. Any of those loans They'll pay the next six months of payment and many of the banks and credit cards have already been authorizing deferments on their own so this is going to add a soon. We'll be added on to that. So if you have a three months affirming already. The six months of payments would probably start after that three months to firmness over. And also if you have a disaster loan from SBA from Irene And we do have many homeowners that got those those loans are going to be deferred until December of this year. Okay the those will not be won't be a matter of espionage picking up the payments. It'll be payments deferred. How does she? We'll interest on those continue to accrue or will I be put on pause to or how does that work I think interest is still occurring on with it. Okay but there's no penalty for saying over a period of months of you know if I'm a homeowner and I lost my job income or whatever I can't I can't afford to be repaying. My Irene disaster loan right now I can basically put that on pause and not have to worry about it for for what is it. Three months Through the end of the year And I think that it's automatic looking on my sheet. We can find it I think it's just GonNa Happen. Automatically with the student loans Though you know the hours getting noticed that they're going to have the interest rate dropped. And then there's there's like a deferral periods as well so these things are going to happen without you having to make them happen. That's my understanding or I see. Okay so that's you know another another another thing to worry about for folks which is always helpful because of a lot of people are worrying about. Lots of things is they. Try to figure out. Especially if you've lost work lost income right now you're trying to figure out. What can I defer? And what what? What is absolutely necessary to pay and etc. So I think that's that's valuable and folks are able to go on the SBA website and find out these things work. What's the best dot Gov and it's right on the front page? It'LL SAY CORONA VIRUS. You just click on that and it can elicit off everything There is a tax credit also available for businesses employee retention tax credit and. I'm not the authority on that because again it's Kind of a distance division That does you know tax credits for businesses that that that could be an benefit that might work better for some businesses than the P P P loan It has different parameters that you know. Hopefully we'll be helpful out there Did want to mention the Agency of Commerce from my agency Commerce in community development. They have a great website. That has all the resources on there for Anything related to businesses. And the you know assistance available So I would have. People check that out again. The Agency of Commerce and Community Development They have a lot on there and they keep it very up to date. that's That is a good tip as well so plenty of information out there for folks to help in a what about calls to your office those encouraged or get do any of them. Yes we can't check of your idea loan however we have access so we get a lot of those calls probably understand the frustration of not hearing back on but yes people can call our office number it. Oh two eight two eight four four two two two actually forwarded somebody and also they can email me. Dr C. Dot Carter FDA dot. How's your email inbox looking these days? It's crazy we have six of us so we we spread the joy It's been a pleasure working with businesses. I have to say you know. They're very inspiring even in the face of so much adversity You know they've been extremely Articulate about their situation looking for the right kind of help and you know just wanting to open their doors again and get going you know. Yeah that's all that's That's good to hear A. I suspect that that is the general. The general mood out there. I'd be chomping at the bit myself. If I had any kind of you know small business alive I was operating just to I mean it's become such a part of people's lives and and sort of censor themselves and so on and so forth. You know the I hear people say it's what I do. You know how I roll. Or whatever and all of a sudden to have that role come to a screeching halt has got to be very disconcerting for people and not just financially. But you know sort of I don't know emotionally and spiritually and all that stuff as well. So that's that's a very tough. Yeah I'm for folks out there and you know that people know that you know that they are important in their community and now they're really frustrated and people have different ways of expressing their and it's okay we don't we don't care how you express that you can call us and say these things are not working for me. You know I need. How like we're getting those calls and we're happy to get him so we just encourage people to to reach out to us to the state on there are business advisors through. Spa that are at no cost. You don't have to get alone you don't have to apply for it We can set you up with with an adviser and You can work with them on any of your business issues and Whether alone makes sense or not just the whole the stick kind of figuring out what to do next and how to plan ahead. Well that's good. That's good to know as well. I'm sure that that's a that's got to be a busy phone line as well. These days that you guys are out street Darcy Carter of the Small Business Administration Office here. In Montpellier I really Thank you for joining me this morning. Great talking with you. It sounds like you folks are offering lots of good services it's SBA DOT GOV and folks WanNa go online and look y'all up and figure out what's available that's great so thank you so much. He thinks that machine and we are fast approaching the top of the hour. Here which means the end of this edition of the day. Graham show here stay tuned. We're going to have a regular broadcast of bill. Sayers show commonsense radio following.

Darcy Carter SBA Waterbury SBA Small Business Administrat Dick Agency of Commerce and Communi federal government Credit Union Vance FDA president Dr C. Dot Carter self employed Vermont Vic Small Business Administration Agency of Commerce Irene
"sba" Discussed on Pro Business Channel

Pro Business Channel

04:26 min | 1 year ago

"sba" Discussed on Pro Business Channel

"To your point. The sponge might be full at this moment for the details. Matter what I would say. Is You know you can talk about generic terms in generically. What can happen. What what what should people expect? But you know you might have people going for the exact same franchise in the exact same location and it's going to be different for each one of them so it is definitely a conversation and is definitely something where you know be open and transparent and work with your lending partner work with the franchise or in a way to get to. Yes as I said before is just you know. What does that look like? And so from a very consultative nature. It's a process and it's very individualized so we work with general guidelines to make every individual scenario pan out to the best possible. So there's always more questions after multiple calls together with clients. I know it exactly. I you know I always ended the same way. Which is I know the moment we hang up. It's okay you can have questions email me reach out to me let me know what the Czar You know and go down that path so as an entrepreneur. You're out there and you're you're not gonNA have all the information on day one. Just keep asking great questions and keep the vision and direction and keep that drive towards entrepreneurship going It'll happen well sad. You obviously come to us from Atlantic. I want you to share a little bit with our listeners. About Your Organization Your Bank. I'll keep it brief but Atlantic capital bank We are Atlanta's Atlanta's Largest public rated bank. That's headquartered here in Atlanta so We are Atlanta's hometown business bank. We are a commercial bank We have various niche Wines business that we do. And we do commercial franchise owned we do. Sba FRANCHISE WE SBA across the entire country So you know what you do here on radio show and the clients. You work with Very much in line with the vision and mission of where. We're trying to go as a bank as well to support the growth of franchise orders and franchisees across the entire country. So so yes as a lender then you're not just working with those that are in Atlanta You could work with someone from my hometown. Cincinnati Ohio absolutely. We've got lenders across the country And we work with franchise stores across the entire country. And it's it's been an honor to be part of this organization helping fuel entrepreneurship across the country Thank you so much for all of the great insight and information around. Sba lending pleasure and it's been great to have you have any on the on the show With that being said we're going to go ahead and wrap up the franchise business radio show. I WANNA thank Not only Thomas but also our listeners. For Tuning in In addition that I always like to thank our sponsors Franchise intellect a knowledgeable advisors for Franchise Selection. Just go to. Www FRANCHISE INTELLECT DOT COM. Feel free to contact me directly. If you're considering franchise business ownership I can easily be reached at Pam at franchise intellect dot Com. That's PAM at franchise intellect DOT COM. In addition my business partner franchise DOT CITY. A Better Way to buy franchise does some excellent educational of videos on our Youtube Channel. Please check it out. Franchise Dot city and this show is also made possible by France. Serve the world's largest franchise consulting and expansion organization so thanks to everybody and again franchise business rated show a emission. It's a platform to bring together. Business professionals to connect educate and collaborate to serve the franchise community and those considering franchise business ownership. Thanks for tuning in. Thank you again for joining Pamela Korean. Her guests for the Franchise Business Radio. Show sponsored by franchise intellect knowledge the franchise community for franchise selection more INFO at franchise intellect dot com also made possible in part by Franchise Dodge city a better way to buy a franchise more INFO at franchise dot city and France serve the world's largest franchise consulting and expansion organization more INFO at France Dot Com. Use the social media links here to share today show and check out more episodes at franchise business radio DOT COM..

France Dot Com Atlanta DOT CITY partner France Sba Thomas Pamela Korean Cincinnati Youtube Ohio Atlantic capital
"sba" Discussed on Pro Business Channel

Pro Business Channel

09:36 min | 1 year ago

"sba" Discussed on Pro Business Channel

"It's a cash flow situation for the business owner themselves and so We're GONNA continue down this sinner snare that we have just have a real world example All right so we. We've done that. I've got my franchise agreement signed. I've done one hundred thousand dollar cash injection for my four hundred thousand dollar project loan. Now I need to go find a site well and I would say. Site selection is going to be a part of the initial process. You might have dropped the funds into the bank account. You might have executed your franchise agreement so in this case you've got fifty thousand dollars left to inject but definitely go find a site as a lender right. I'M GONNA be underwriting in using the location of your new business as a key component to my determination of your are we in agreement that this is going to be successful. Okay so yeah and just for our listeners. So there is a. There's a sequence that needs to occur an order of events Those funds aren't released until you actually have that site. Yeah I would say in. Nobody's going to be closing alone without a location right. So if you've got a new retail concept where that's going is critical right. The traffic count the head. Count The foot. You know all of that. It's going to matter. And so you know you can enjoy you can say. I'm committed to this franchise I'm GONNA execute my franchise agreement. I'm going to pay those ones. That's as as a new business center. That's your call but the lender is GonNa WanNa know that you are You've got at least we know what the term lease are. There's a lot of an SBA regulation about that lease and so that's something to work closely with once you find a site location and you start going down the path of negotiating your lease There's GonNa be in terms in you're lender GONNA WANNA work with you to make sure that at least is going to be eligible in the collateral. That's going to go into their For the SBA loan that. There's an agreement that landlord understands this is going to be secure with an SBA loan and the lender may need to go get that Claudio. There's a lot of those moving parts but assuming you have your location you've got everything ready to go You know once you've injected those funds and for example. We paid the fifty thousand dollars in our scenario. You find a location likes it. You might you know. Pay a deposit for the right to. There's a ten thousand dollar. Check your math easy here to sixty you know you're gonNA have some closing costs right. That can also be part of your capital injection. There might be initial deposit on equipment or inventory. You need to make your contractor to build out the space they might need a deposit upfront right. So those are all things I would say. In the in the normal scope of getting your franchise location up running. Yes that are going to happen. That will probably yup into that cash injection that we're talking about cash injection requirement. And the reason we want a time this is when the when the funds the SBA funds are actually released to the individual There are a couple of additional reforms. Not only do they need. To have a franchise agreement signed. They need have that site selection of plays and then the build out occurs. And when we see it's a team effort it really is so I just WANNA give peace of mind to anyone who's considering a franchise. This is not something you're out there doing on your on this is why people go franchising. Because the Franchisor has expertise in this area. They have commercial real estate side. Now you've got the lender on your site and you're really working together as a team to have things grass and move forward in the right order absolutely. Yes that site selection your franchise is GonNa to have signed off on it? They're gonNA have a designed that they're going to want you to execute those are all things you can hand to a contractor and now it's a bit out the contracting to three during companies. Figure out which one you WANNA use just isn't always the best. So you know. The lender will have experienced and prompt borrowers to say. Hey ask about these things. Make sure we have this into the construction contract. You know all of these things right but an experience lender should be able to help also advising guide you through that process most likely loan proceeds are going to be dispersed to the contractor and so there's a specific guidelines that again. Espn AS GONNA WANNA make sure that we have documented a couple of it because we can get a loan proceeds. Basically I I like to keep it simple. Keep THE KISS MODEL. Simple sweet right When you say lone precede so now Going back to our scenario We've the side. I've now hired our contractor. Build out his is his started. And I'm working with you as my lender and you are basically gradually pain that contractor. Which is what you consider the proceeds right correct. Yeah so you what we're GonNa want want document. The loan proceeds was every penny spent on right. Maybe not painting but yeah Monte dollar but yeah I mean so we're GONNA WANNA say okay. Do we have an invoice to backup this dispersion request? So you're GonNa work with your winter. There might be a post closing team that you're working with or might be the actual person who package and closed the loan But you're gonNA work that lender to essentially disperse the three hundred thousand dollars until it's fully dispersed great and so once once you've spent all three hundred thousand dollars the plan from the very beginning is you're up and running and your cash flow positive and let's let's not jump to so you're having the document all of those pennies right. That are going to get to spur. So you'd say Hey. I've got this invoice. I need to pay you. Provide that invoice. The lender then dispersed those funds to pay that invoice. They'll either drop it to your business account there. You can write a check off of or they might check directly to the vendor and get that straight to them but you know contractor great example assuming you have all the documentation to disperse the funds. They'll submit it. Invoice wants Arafat documentations received. Then the lender will either cut a check directly to the contractor to pay that invoice and can proceed forward so now I've I've got my side. I've finished my build out Got My sign up. I'm ready to open my doors. And is that when I have to start paying back my loan. How does that work absolutely? That's a great question so the the moment you close your loan right if you started drawing on the funds. You're going to have a monthly payment. It's important in my opinion. That your lender building an interest only period right through the construction for example. You're not driving any revenue and it's important that essentially have the smallest payment possible. So you know build in that that construction interest for example. You're seeing so you have dollars that accounted to make those payments through the construction period until you're actually pass the break even so yeah I I would say typical terms or you're going to start paying on the SBA loan on any principle balance. That's dispersed one to two months after you close your own and that'll continue for the term of the loan. Okay so I'm at a I'm just going to recap that because they think there's value in in this. I've got my loan and the recommendation. If you can is is to with specially a retail location as. That's our scenario that were working with you. Try TO GET. Let's just say it's a ten year term by loan. I WanNa get the first twelve months interest. just pain on interest to keep my payments low until. I really start seeing my business make money. That's the Goal Ryan. Sure so in our scenario if we look at it and we say okay we're GONNA do a three month build out and then it's GonNa take another six to nine months to get up to that break even point. So you're gonNA need six to nine months of operations to to to become worse rankled cash flow positive or essentially have enough net income to pay the loan and have money left over then. Yeah you'd want a twelve month interest only period so enough time to get your doors open and then enough time as well to to get to the point where you can cover the loan payment on a full principal and interest basis. That's the period of time that should really be interest only and just Just be clear because sometimes I think we take The the jargon for granted When we're talking about principal and interest Please explain to our listeners. What a principal is and what an interest is sure so our scenarios you have a foreign thousand dollar project. It's the three hundred thousand dollar loan. So you have three hundred thousand dollars. That is essentially what you're going to have to pay back plus the interest right. So is your draw the loan you know you might disperse the first month. Only one hundred thousand dollars in the second month you might disperse another one hundred thousand and then once you get your doors open. We're going to buy all the inventory. We're going to disperse the working capital over a period of time. Eventually you're going to be a three hundred. Thousand dollar dispersed loan though the print the interest accrued is accrued daily based upon. What is dispersed? Which is why you don't want three hundred thousand dollars. Dropped into your account tomorrow. Wanted Space that out and have that only come to when you need it because you're gonNA be paying interest on that that makes sense so each loan payment is you know interest only in the beginning. That's you're only paying the interest. That's accumulated since the last loan payment. Based upon the average daily balance that's been drawn up or average daily principle. That has been taken out of the loan. Once your businesses able to pay back that three hundred thousand dollars plus the interest in our scenario twelve months of interest on me. You've essentially got one hundred eight months to then pay back the three hundred thousand dollars okay and It does it if I again. I'm the borrower. I'm I'm getting SPA loan. Does it make sense for me shop around? Can I get a lower interest rate from.

SBA WanNa principal business owner Espn Claudio Arafat
"sba" Discussed on Power 105.1 FM

Power 105.1 FM

01:48 min | 1 year ago

"sba" Discussed on Power 105.1 FM

"What the needs are but then also to make sure that what was proposed as a solution actually solve the problem and so for the last several days there been a number of conference calls that you have served as the convener and the moral voice to make sure that we could finally get where we want to be which was as of yesterday clarity that based institutions could apply through there a small business certified lender and as I said what we call a seven a lender we can find them online just go to SBA dot gov and look up your lender to be able to find an access point to be able to protect your payroll for the next eight weeks and then if you use those dollars to protect your staff those those well they start out as loans are forgiven if those monies are used for the designated purposes and established in the law so it's been a it's been a long road it's been a very diligent role my sister revenue genet is helped in making sure that we kind of kept this communication going on because at times it felt a bit chaotic because we we get misinformation from a number of different portals and now I think we finally have the answer but revenue despite no small block at all that your voice and your willingness to have conversations with folks you don't always agree with to be able to make the call on behalf of the least of these has helped us to get to this point and for that I think we will all be the better because of it movement of churches a daycare programs they're pretty rare and the like those that don't fit because the program also is reaching new print to me it seems this coming week please give the way it is I think this is a three thousand meals in that three out of the mail.

SBA
"sba" Discussed on WSB-AM

WSB-AM

06:58 min | 1 year ago

"sba" Discussed on WSB-AM

"And both are off to a very very difficult starts their payroll protection program has a revolt going on from banks the US department of the treasury the SBA did not issue the regulations tell why **** night the regulations the banks are very unhappy with the wording of several parts of the regulations and a number of banks are not going to process loans until they have clarification from the federal government other banks have gone into a crouched position instead when they do make loans are only going to make them to people who had existing relationships with the bank either back in twenty nineteen or earlier or earlier this year that they're not going to allow someone to come in from a business who does not have an account with the bank and do an application for the payroll protection program the problem is the banks calculate that there's just downside for them with the way the regulations were issued by the US treasury that the banks expect they'll lose money on these loans that for the most part can turn into grants for businesses and their the banks unfortunately by their interpretation face liability if somebody to frauds the federal government with an application for this program so what's basically going on as the banks are pushing back trying to get new regulations issued that will give them safe harbor if someone applies for a loner turns out to be a fraud stir the banks also are lobbying for raising the interest rates the interest rate can be as high as four percent I numbered that was stated by the feds was half a percent it's now been raised to one percent today but the banks want it back up to the four percent so we'll see what happens over the weekend in this tug of war between the banks and the trump administration about how the payroll protection program will operate the second thing unemployment compensation the intention of the Congress was to get money into people's hands right away the latest gas on the percent of Americans that are now unemployed is thirteen to fifteen percent so a huge number of people unemployed and state labor departments are very upset with the US department of labor feeling that U. S. department of labor has let them down issuing regulations on how to carry out Congress's intent of the six hundred dollars a week for four months of federal money for people who are unemployed plus the expansion of unemployment benefits to people other than those that would normally help that's the gig workers self employed independent contractors so there's a lot lot more questions than answers yet and at first one thing the federal government is operating much quicker than normal right now they're trying to get these things done the promises made about how quickly money we get into people's hands were unrealistic but by setting these unrealistic deadlines my hope is that next week will bring some clarity on both of these efforts to get money into people's hands the third thing is a complete and total fail on the banks to provide mortgage relief banks are either not following the law or don't know how to follow the law the third stimulus law on how to give mortgage relief which based on the latest estimate I saw seventy percent of mortgage borrowers should be eligible for forbearance on your mortgage loan for an initial six month period followed by an additional potential six months if necessary which I don't think it will be but the thing is the banks in the mortgage loan servicers are not doing what they're supposed to do and the federal government needs to come down hard on them in one of the worst movies I've seen the consumer financial protection bureau instead of protecting consumers is giving banks wide latitude to mass up on reporting to credit bureaus without having to fix that in the normal timely basis required under the original law that established the consumer financial protection bureau and that is in excusable K. I'm I'd like to stop there and go to questions so would you like to start with all right well let's start with Christina today she says that she has a question regarding student loan payments she works for a large nonprofit hospital and she's part of the ten year student loan forgiveness plan she understands that payments will be automatically put into forbearance but she doesn't know if they'll still count towards her student loan forgiveness plan she's said she's doing a great job and she just doesn't want to screw it up well good for you counting down the hundred and twenty months so the minds of the forbearance will cal click away minds of the one twenty so you'll get through September credit is if you've made a payment even though you won't have made a payment and the guidance issued by the U. S. department of education is clear as could be on it you can even go to the department of education website at C. D. dot gov and you can read and print out which I would recommend the wording that they have published it says clearly there's no Hemming and hawing about it these months will count towards your one twenty gel Clark Brian says I'm a contract employee in the medical device sector and I have been impacted by the reduction in elective cases at hospitals I was thinking about forgoing my mortgage payment for a few months I can take care.

SBA US
"sba" Discussed on Defenders of Business Value

Defenders of Business Value

10:27 min | 1 year ago

"sba" Discussed on Defenders of Business Value

"I don't know what the question is. But other than clarification. So they're definitely again. It's going to be two channels that that's just the direct loan program. The economic injury just astronaut program which you apply for right. Now there are there not to be S the seven and Orleans available through traditional banks credit unions and lenders and there are a lot of lenders that are actively working with their borrowers and their clients not just to deport cameras on existing credit but to extend additional creditor new credit to help them meet their their current needs. So it makes sense to start. Having a conversation with your lender now and not one of these solutions is the answer. There's going to be a multi phase multipronged solution to economic injury. And we're all going to have to contribute to this Where we can and to the extent that we can't come If you're if you were in the process should use that number on your current application or on the disaster relief application again. Those are two different channels. If you had a conventional seven or I will or loan application process pre-crisis that application is still in process and again you should communicate with Leonard Secunda into where you are on that so I'm if you've also applied for an economic injury disaster directly from the SPCA it's going to be a completely different pool of capital in a completely different application crosses so Again this the sewer not interchangeable Some clarification on the Couple of questions back. I read online. That the cares act Is Not the same as the seven be? Sba loan program that is already available online on the SBA website. What is the difference if I go through the bank or both so to reiterate There's going to be two different solutions available. Actually I was going to be more than two different solutions available with was in place now is the SP direct economic injury disaster program as the seventy program that the that the writer callers referring to That is available right now. You should fly. Seventy program is a core. Spa Loan Support Program. That's knows emplaced. Pre-crisis is being considered for enhancement under the carrots. Act Now Battle still probably be called the seven loan program but it will be enhanced to meet some of the criteria that's being proposed in fact we don't know exactly she is. GonNa take but whatever shape that takes definitely going to be non delivered through Conventional Banks. Credit unions and other mission focused lender so two completely different channels one direct from SBA with the economic injury disaster loan. And then there's the seventy program and actually there's other programs out there as well. Bill come from banks credit unions and mission focus lenders. My recommendation would be exactly like Eric's which is applied for economic injury disaster loan. Now because that's what's available and then also start the conversation with your lender About what other options are out there or could be out there. Say next week or the week after the week after that Start having those those conversations now on working with your existing lender finding one that does Spa backed loans would probably be the best way to prepare for two reasons. One B Seven eight program already exists. Five four program already exists if you don't have an SBA lender you can go find Glenn. A bit already operates in those programs pre-crisis as Eric mentioned. And Ed Eric. I can no longer hear audio from David. Are we connected? Yeah he I'm in the same camp I I was just looking to see if it was on my end or his at appears on his. So we'll we'll let him Yup. We'll let him dial back in Okay one don't we move into the neck. I only have a couple of more questions How much is a proposed That's available under the the disaster injury program right now nationwide so so right now under the currently available economic injury disaster loan program each borrower plus all their affiliates is eligible for up to two million dollars funding through that program alone and that will not affect your ability to receive additional funding through either the conventional seven eight program thinks now or whatever enhanced program gets rolled out wants to cares act actually his act and looks like we got David Back. Welcome back thanks. Yeah we're good now. Did you want you know it's all right it's we're all in the same camp What was the? What was the last thing you heard most of it? Okay Good Yeah Yeah. All I was saying was just in. We're getting a lot of questions. I know the SBA Eric Specifically but all of his colleagues are limited in what they can talk about as it relates to proposal to slow legislation. I'm somewhat less limited than than Eric as but even then I am not in a position to promise things or or give definitive advice based on proposal just Latian. We've got hundreds of members of the House of Representatives who still to have their say on this piece of legislation But I would say if you're if you're a small business. Disaster Lawn is available today right now. Apply Not GonNa take you that much time go ahead and do that and apply anything that comes down. The Pike is going to come with an understanding that millions of small businesses have probably already applied to the economic injury disaster loan program. If it's if it's an enhancement to an existing. Sba a program like the way. Then make sure you're having conversations with your lender now about whether they do seven a loans if they don't Go go to the. Sba's website called lender match and find seventy banker and start that relationship now so that if a week or two weeks or three weeks. There are new enhancements to seventy program. You've already done that groundwork to have that relationship built say. Hey I'm I want to go after this. We've got a relationship and we can. We can do that now. That would be my advice if I had my own small business right now. That's what I would and I would add to that that you know. We have relationships with with all of the preferred lenders Within the community and if we can be a resource to certainly reach out to us we're we're happy to refer you to the folks that that we've worked with over the years all right. The last question is would you be able to provide examples of how of of how amount how'd the amount of injury loan amount should be presented to the SBA officer would all right? Yeah it's a little broken but you get you get than just and then then the lone officer. How much authority do they have? Tim or latitude. Do they have to make the loan amount decision? I can maybe talk to the first part and then maybe Eric can talk to the second part. On the first part the guidance that we've received his essentially This the definition of this and I don't mean to get kind of governmental on it but I think it helps understand how espy as approaching this The disaster started January. Thirty First Twenty Twenty The indata this disaster is quote unquote ongoing That's highly unusual. Normally we talk about a tornado. The tornado came through at this time on this day and that went out on this time on this day and the economic injury lasted. Xyz Is set This is ongoing so the guidance that we've received the latest guidance I had from SBA disaster office. is essentially February axles march or close to March actual March twenty seven. She should have a pretty good idea. Where you'RE GONNA fall from March in April May and June projected Documentation to support that. So if you're if you're if you're saying hey last April we did you know. I'll use a hotel. Perhaps it'd be easiest last day. We had this much In terms of occupancy in April we project this month because And then show the documentation. Gatherings of this number of people have been canceled. This number of weddings have been canceled. Here's here's the emails Our local state government gave a shelter in place order These are not essential business. Have that documentation ready to go with your projections to justify why you're saying. Hey in April May and June We're not gonNA make any money or whatever. That projection is So and maybe Eric can talk about the authority of the loan officer. I came to a limited extent when I can't tell you is number one The Disaster Assistance as WE UNDERWRITE. Economic injury disastrous. They've they've follows basic formulas now they won't disclose even to US internal partners. Exactly what the formulas are But it's probably going to be something like well. You're you know who goes procedure. Your gross profit for last year divided by twelve times however many months. We think we're going to have this economic injury place now. That's my speculation that to be something like that they're gonNa make some reasonable Basis war economic dream based solely on your Japan and for Some reasonable actions that are developed submitted. Along with your application. So exactly what they're going to. I don't know it's going to definitely be based on history plus any projections. They're going to have to kind of justify anything various too much from whatever formula that they're that they're authorized to use some authority to flex on that provided at the bar. Were has the ability to demonstrate that. Hey we approve me X. amount but I had this documentation shows there really should be x plus and the reason pluses because of these reasons that might be like this a seasonal and. I'm coming into the busy season or that you know. My dealer industry is more hard hitting than some other industries but they'll do justification to deviate GRONK. Whatever formula.

SBA Ed Eric Sba officer David Back Conventional Banks First Twenty Twenty Leonard Secunda Spa writer Bill US Japan House of Representatives Glenn Tim
"sba" Discussed on Defenders of Business Value

Defenders of Business Value

09:09 min | 1 year ago

"sba" Discussed on Defenders of Business Value

"Eric made it sound like the SBA assess how much business gets how much a business gets for the e Eddie L. David seems to imply the business can provide impo. Can you provide some clarification? Yes he's GONNA turn determine your loan amount based on your import Strangely historically cashflow plus any projections and We're going to offer you a loan amount based on what? Your historical cash flow projections would reflect completely. It's based on what you submit. So it's it's both cam you guys might have to fill in the pieces for this The next question is do you have to be in operation for a year perform. He's zero one nine. I'M NOT GONNA lie. I'm not sure I know what he's zero one nine is But no generally you don't have to be in business for a year. Let's see Helen. Yes we're going to be sending Audio and video the loan to be dispersed in full or treated like a line of credit or construction loan so they're generally speaking Funding happens in either one or two phases so to five hundred thousand dollars They Awesome Sasser. Assistance is doing sort of a interesting line. Underwriting process up to that credit limit. So if you're alone is that size or lower that's going to be your pulled a spokesman essentially it's GonNa Happen in one disbursement if your loan request Is A crew for greater than five hundred thousand dollars? At first trunch of five hundred thousand dollars will be underwritten. I and typically dispersed. I am not going to have a more thorough underwriting nobis I in a second I so so five hundred thousand dollars less typically wanted to sportsmen larger than five hundred thousand dollars typically due to person again you can come back for an increase later but the more direct question with regard lying credits. No it'll be term loan not a revolving credit okay. The next question is is a is fifty billion the amount of proof for the ideal now before any new bills pass. If so isn't it likely going to run out before all covered up approved now Which likelihood well so I'm just lately it's highly league we're going to have additional fund gifts forty ideal It is conceivable that that funding would run out on that on the current allocation or appropriation. But I suspect that everybody's got an eye on keeping levels at a sustainable point all right. Thank you next. Question is under the new paycheck protection program your precluded from this new program if you receive funds from the disaster loan for payroll purpose. What happens if a taxpayer receives funds from the paycheck protection program and wants to later file for the disaster loan? Is there a period of time that must elapse before you are eligible for the other program? I've yet been determined assuming a owner receives financial relief for payroll. How does he or she receive income that would normally come in the form of distributions or would the owner Be in the payroll subsidy typically dispersants routine. We'll change this person's anyway are taken into consideration. When when examining the extent of the economic injury so similar to looking at the average payroll and they're going to look at the average. I miss and take into consideration Lincoln when underwriting Malone and determine the loan size I'm a CPA. And I want to help clients prepare their applications but I I don't want to charge them or have them pay if they don't qualify but I know there is no contingency provisions can cost for preparing financial tax returns etc be separated under the cost To just fill out the application so I could not charge for those services if they can't afford it nasty form one five nine D Delta that service providers can use to document the piece that they're charging and as long as they're reasonable typically. Spa will examine those. And you know there's there. There are some flexibility on this They asked. Here's that you'd be considerate when when when charging fees to clients for helping them draft location package The maximum amount allowable without increased. Scrutiny is about two thousand five hundred dollars per application. Okay let's see on the disaster relief loan question They're asking for what what lost rents. We lease space. And that's not what they're asking for. We see no place. They want to know what obligations for monthly payments we. Oh that's absolutely part of the question. The liabilities head who leaked famous rapidly part of that scheduled liabilities form. Now and Eric's got the number in the slide deck got I two small taverns they make They make tips. How will I know the appropriate wage to give employees such as are we only allowed to give them minimum wage or will it be based on the norm on what they normally make with tips? Would you take that one can give it a go released any new legislation unknown unknown at this time? I know that there are provisions of the Congress is talking about as it relates to The new programs. They're they're exploring with payroll forgiveness But again that's Worth nothing right now. It's worth less than the paper. It's written on as it relates to the economic injury disaster lawn I correct me if I'M WRONG ERIC. But you can include that in your Schedule of essentially liability but the the the loan proceeds can be used to cover payroll correct. I guess what I was getting. Probably work with a client as they determine what the total compensation for their employees lost wages. Yes but also tips correct yes. Both both are certainly included in that calculation Yeah absolutely so. It relates to economic injury disaster on Those long proceeds can be used to cover payroll payroll calculation As we work with you on if you work with SPDC on that with your Projections and understanding the uses. The lawn. Tips can become part of that. Next question What will be forgivable? I know that's kind of a loaded question right now Anyhow hypothetical just wanted this woman wanted to see if you'd bite if someone who just purchased their business this year. Will there be any hurdles in documents. In documenting historical financials our time in business assuming they still have sellers financials and payroll records again. Essays carefully examine the historical performance of the business plus any reasonably assemble branch projections. I would actually strongly encourage a new business that is now operating with understanding going to match or exceed historical performance based on a previous ownership. Encourage them to meet with the SPDC TO DEVELOP PROJECTIONS THAT. There are reasonable which are expected to have occurred. Outbreak not happen. Yeah and for in for any of the clients that we've that we've worked with. Obviously we keep we keep Historical Data on the companies. We sell so certainly reach out to us and and we'll give you whatever we have in order to to help the process along The next question Any indication for time line for processing disaster loan applications. Or do you have any idea how many are already in Q. So again this average turnaround time the somewhere between twenty one and thirty days the disaster assistance as of last night because Reaffirmed that. That's what the typical turnaround time to be In terms of the total loan application process. No I don't have a number but I can tell you that it's enough to crash a website that was built to handle very high traffic. Got It the next question Seven verses seven be a relief loan versus SBA..

SBA Eric SPDC Eddie L. David Helen Lincoln Congress Malone
"sba" Discussed on Defenders of Business Value

Defenders of Business Value

07:08 min | 1 year ago

"sba" Discussed on Defenders of Business Value

"The these next few questions are related to forgiveness. Do you want to look into the Crystal Crystal Ball or do you want me to move on to two other questions? I am not going to speculate on. Loan forgiveness is suspected some shape form or fashion loan. Forgiveness is going to be part of the Final legislation is enacted on. I understand that there's a This concept of having some portion of funding grant right now and then some portion of funding be some portion role funding package nipper alone provided that those two aspects you're used to support payroll at is speculation at this point not enacted. I expect there will be some form of that but we can't say exactly what she does. GonNa take this point but As far as application it should be. It should be. If as soon as it's available you should be applying for it correct. It's going to be a big line. You WanNa get get up okay. Can't answer that all right. Let's move over to over to the chat any consideration for newer start ups that had limited payroll in two thousand nineteen. I think you said go ahead and apply that That would apply even. Won't you speak to how you're what you're doing to help them? Pre Projections to show with the economic injuries in the age of cable. It's not yet books. Yeah Yeah so explicitly. Actually we've been on calls with the disaster office that they're encouraging startups from late. Twenty nineteen or even early twenty twenty To Go ahead and apply again. You know once you get with the lone officer there and this is where the projections become really really key right I mean There may not be a comparative period. Right so we can't go from March twenty twenty two look at March Twenty Or there may not be six months worth of sales to say. Okay you average this much this much month. April should have been ex. And so that's where it really becomes key to have well-documented here were the here. The contracts we had right or here were the Sales we anticipated Here are the the customers who have shut down because of this pandemic and to be able to Walk the loan officer through that process. I you know we can't obviously. I can't make any promises on what an individual lone officer will do or what the SBA disaster office will do But they have been explicit in encouraging startups To Go ahead and apply understanding that you're going to have the they're gonna be relying on your projections. Which essentially comes down to your ability to edge injury and your ability to demonstrate that you can repay the loan at a later date right. That's ultimately what it's GONNA come down to okay next question is I sent an online application through the SBA through their email. Do I need to send it? Also through the mail sorting ensures no so if you view of applied online or via e mailing disastrous center. A hard copy mail version is not going to be required. Nothing to the initial application. I say that with this qualifier if they're asking for documentation Say Attache tournaments. You know we have a really big tax return. You may need to consider Mailing that I'm simply. Because document upload size I think has been improved significantly. Maybe limit depending on your specific case okay. Mandy asks and this is a big one We have seventeen application started and are extremely close to being completed. We are unable to log back into our account. Do we need to start over and paper apply or will will we be able to log back into our account so I'm going to be perfectly frank. I don't know the answer to that question. I am aware that essentially the original web portal with application portal. Quite frankly became well with the with the amount of Inching in we realized bound by the organization they realized we didn't have sufficient resources and a process that would accommodate the volume of applications that we have. We are told that they're going to be able to relaunch. The original board will and should be reacts US those applications at some point in the future. That's not today and when it's going to be I can't tell you if I were in that position and I I know this is not the answer anybody who wants to hear but if I were in that position and I was concerned about getting myself into this line to get funding I would go back to the new portal. I mean do the PD enough. Load those new portal again. There's no costs crime there. There's duplication of effort and I recognize that But I think Given the option of waiting to see what solution our. It folks and little we applying. I would personally apply to the new process and while you start that I would also say go ahead and call the Disaster Assistance office phone number that Eric has his slides again long. Wait time but if you're sitting there going through some of these application materials again go ahead and just hop on the phone I have had. We have had clients get through and actually talk to a person at that office in a given the situation and understandably reasonable amount of time These next to Lindsay and VIC so This is regarding these the slide deck and Eric talking too fast and Lindsay. Not being able to hear Eric. So again we will make this slide deck available. The webinar in its entirety is being recorded in to two separate places. So you the video. The everything that you're hearing is going to be The webinar in its entirety will be uploaded and available As well it will be The audio will be on our podcast defenders of business value. So if YOU MISSED ANYTHING DON'T SWEAT IT we'll do that as well as We probably can get this transcribed for you if you need it all right next question. Do I apply locally in my city? the addressed To send the applications in Texas. Is that correct even though? I live in Indiana so the preferred method of allegation is actually like chronically through the web portal. If you're wanting to mail in a paper application the correct places to bet that is that address and worth Texas What form is used for the sole proprietor? Warm Five Steve Charlie. All right Let's see next question is? Can you address how the loan amount will be determined in very general terms? They're GONNA look in historical cash flow and make the determination Big based.

officer Eric SBA Texas Lindsay US Indiana Steve Charlie Disaster Assistance Mandy
"sba" Discussed on Defenders of Business Value

Defenders of Business Value

01:39 min | 1 year ago

"sba" Discussed on Defenders of Business Value

"Fantastic question so we don't have one hundred percent transparency on how this is. GonNa unfold so they can tell you is every consideration. It's going to be made to assist small businesses as we move through this crisis so we're phasing in Solutions No frankly will phasing in the solutions that we have available right now and we'll building new tools to help address the need is also develops we come to understand how can be most impactful There was there's many consideration given to or or examined as we look at eight that's already been assisted with workm- you've been given compared to new programs. I think the ten years to be you know kind of air on the side of being generous. In the sense of providing the full breadth relief has become available later. Eric Creek me from wrong though. It's specific to the economic injury. Disaster Loan If say I initially apply and work with the SBA to get a loan? Neta value of a million dollars And this thing kind of keeps going on and we're still closed and I realized that I need an extra two hundred thousand dollars. Can I go back to the SBA disaster office and get an increase on that your David? That's a great point and you're absolutely right so yes you can actually go back and requested increase round look substantiation. So if you're approved say a million dollars today based on your documentary economic injury. The thing drags on further than the second two and down the road. You realize that another two hundred dollars. Additional funding not available. Conventional Lenders is going to be required in absolutely go back Nesper. An increase in the neck number injury disaster.

SBA Eric Creek Neta Nesper David