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For those of you who were unable to join us for this week's Town Hall Meeting, you can watch it here, as well as download the spreadsheet that Jeremy Veatch discusses, and other materials mentioned, below: Paycheck Protection Loan Workbook To read the Third Interim Finale Rule that Jeremy discussed in this meeting visit: Business Loan Program Temporary Changes; Paycheck Protection Program – Additional Eligibility Criteria and Requirements for Certain Pledges of Loans - April 14, 2020 To view the PPP Loan Calculations and Formula provided by Nick Champa's bank, click here to download the file Note: All links, videos and files can be found at http://www.rollerskating.com/covid19 This week, members learned the importance of keeping track of their forgivable expenses as part of the Paycheck Protection Program and how to utilize the spreadsheet provided to do so. Jeremy also discussed the importance of paying attention to the three views on risk. 1. Risk removal (It doesn't matter what we do, we will get all risk off the table.) 2. Risk reduction. (Understanding key factors and leverage expertise.) 3. Risk ignorance (Assume nothing bad will happen.) Ironwood recommends that businesses go with risk reduction where you are training employees, making a point to open your business intentionally and retraining your customers on what's to be expected of them. This will be the topic of next week's discussion. Congress is expected to pass the next round of funding for small businesses this week, and members were instructed that they likely will have to re-apply for the loans. As soon as the bill is passed, make sure that you contact your local lenders to get your application in. As many of you know, funding went fast with a significant number of large corporations eating up the funds quickly in the beginning. That means that you must act fast. If you are currently waiting to find out the status of a previous loan, call Tier #2 at the SBA with your confirmation number at 1-877-641-8202. Our goal is to provide you with the tools that you need to keep your doors open and we hope that you will take advantage of the EIDL or PPP programs that the government is making available. With interest rates as low as 1% or completely forgivable, it's a no-brainer.
For those of you who were unable to join us for this week's Town Hall Meeting, you can watch it here, as well as download the spreadsheet that Jeremy Veatch discusses, and other materials mentioned, below:
Note: All links, videos and files can be found at http://www.rollerskating.com/covid19
This week, members learned the importance of keeping track of their forgivable expenses as part of the Paycheck Protection Program and how to utilize the spreadsheet provided to do so.
Jeremy also discussed the importance of paying attention to the three views on risk.
1. Risk removal (It doesn't matter what we do, we will get all risk off the table.)
2. Risk reduction. (Understanding key factors and leverage expertise.)
3. Risk ignorance (Assume nothing bad will happen.)
Ironwood recommends that businesses go with risk reduction where you are training employees, making a point to open your business intentionally and retraining your customers on what's to be expected of them. This will be the topic of next week's discussion.
Congress is expected to pass the next round of funding for small businesses this week, and members were instructed that they likely will have to re-apply for the loans. As soon as the bill is passed, make sure that you contact your local lenders to get your application in. As many of you know, funding went fast with a significant number of large corporations eating up the funds quickly in the beginning. That means that you must act fast. If you are currently waiting to find out the status of a previous loan, call Tier #2 at the SBA with your confirmation number at 1-877-641-8202.
Our goal is to provide you with the tools that you need to keep your doors open and we hope that you will take advantage of the EIDL or PPP programs that the government is making available. With interest rates as low as 1% or completely forgivable, it's a no-brainer.