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So Orange Sm Biz Owner - COVID Financial Support Overview Call - Shared screen with speaker view
Village President Sheena Collum
01:03:15
Finally was able to get my zoom to work ;-) Welcome everyone. Remember we will have all information covered today available to you following the meeting.
Caroline Gosselin
01:06:42
Thank you for putting this together.
Julie Doran
01:08:42
I’m getting messages that the call is full. Please let folks know that we will have a recording available, as well as handouts.
George Constantinou
01:10:33
Julie you may have the max participants set to 100, I believe you can change that to 300 or another number.
Julie Doran
01:11:05
Thanks, George. We are checking now
Nidhi Bhardwaj
01:13:49
Can we ask question now for some clarification on the grant program?
Julie Doran
01:15:09
you can send a question in chat now.
bobzuckerman
01:16:05
Paul - how do folks connect with one of the four statewide groups that you’re working with to assist applicants who are applying for SBA loans/grants?
Rhianna Kreger
01:16:12
We have 11 employees, but most are part-time. Do we qualify for the grant?
Rhianna Kreger
01:16:53
Ok. Nevermind. I’ll rescind my question and use the Wizard. Thanks.
Valerie Braverman
01:16:54
Does applying or receiving any of the listed initiatives make you ineligible to applying or receiving the others on this list?
Samantha Pinto
01:17:08
My company was registered in 2018 and the business was acquired in July 2019, and we fully commissioned the restaurant in September 2019. Therefore the 2019 P&L will reflect only 3.5 months. What impact will this have on my ability to get the disaster assistance?
jimgordon
01:17:17
How do we process the PPP program. I called B of A yesterday and was on hold foe an hour and half and then told I need to go to a certain website which was not helpful. The program should be very good for store owners like myself. How do we navigate this
deborahengel
01:20:13
I’ve done the wizard twice now. Looks like NJ 0 interest loan requires a personal guarantee. Is that true? Also why have childcare centers been left out of the grant program? Last, there is no NAICS code for coworking spaces (shared office space - not incubator spaces). With new emerging business models like this that don’t have NAICS codes, can they still apply? Coworking spaces have brick and mortar locations.
Samantha Pinto
01:21:57
Regarding the micro-loan program on the NJEDA site. The NJEDA website recommends that we talk to a NJEDA representative before we apply. However, given the COVID-19 crisis it appears no representative is available (I have tried for 15 days now trying to reach someone through phone and email). My question is, is the micro-loan program available or not?
Julie Doran
01:23:04
we will get to these questions, promise
deborahengel
01:24:00
A question re EIDL grant and PPP loans that I keep getting: If you apply for EIDL 10K grant but NOT the PPP loan, is there a chance you’ll have to pay the 10k grant back? How will it be audited?
Aileen Boyle
01:31:25
Where can we find this document online? It’s hard to read the screen. Thank you
deborahengel
01:31:41
Re EIDL vs PPP - you mentioned that you can’t have an EIDL Loan and PPP loan (would have to refinance the loan to PPP first). But to clarify - you can get the 10K EIDL grant and still qualify for the PPP loan, correct?
George Constantinou
01:32:42
Deborah from what I understand yes you can get the $10K grant forgiven and still get PPP
Jack Haberman
01:32:47
What type of revenue/income impact due to COVID needs to be shown such that PPP loan is forgiven?
deborahengel
01:33:11
George, that’s my understanding too but just clarifying since he just said you can’t have EIDL loan and PPP loan.
Nidhi Bhardwaj
01:33:23
If the employees are claiming unemployment and business is not paying employees, but still has to take care of other fixed costs, will the Nj Grant program be available for this situation too?
Samantha Pinto
01:34:36
I have filed for EDIL online. It has been 12 days. Since then the SBA website has changed and we cannot see the status. Will the application still be processed by SBA or will it be passed on to the banks dealing with SBA?
Nidhi Bhardwaj
01:35:10
Which program would be best for small daycares where mostly employees are hourly and part-time
Katie Desmond
01:36:28
How can we get our business information included on the towns covid portal if we’re still operating?
bobzuckerman
01:37:44
For the EIDL program, is there any loan forgiveness other than the $10,000 initial advance that is available through the EIDL?
Allison Ziefert
01:38:49
Are business expenses such as payments to vendors, recipients of 1099s, web hosting, printers etc. allowed to be covered by either program?
bobzuckerman
01:40:11
For existing SBA 7a loans, my understanding is that six months of payments will be made by the SBA instead of by the borrower. Does the borrower have to apply for that payment forgiveness or is it automatic?
George Constantinou
01:42:05
It seems that unemployment (Weekly rate benefit + weekly $600 extra = over $1000 weekly) How can a small business compete with that and why would an employee leave unemployment and come back to work?
YAA Thomas LLC
01:44:02
Is there any relief identified for billing of taxes?
markmurphy
01:44:11
W2 employees that work part time for my business (5-10 hours a week) apply for unemployment for the other work they lost thru Covid. How does that impact my business that keeps these employees gainfully employed. Does that business become ineligible for grants, because these part time employees are applying for unemployment for their other lost work/wages? Also, can these employees access unemployment for the work that they lost but still stay employed with my company? Finally is there an impact if they apply for unemployment for the work they lost in NYC vs my business located in NJ?
Nidhi Bhardwaj
01:44:51
As Paul mentioned that Grant program os mostly for retail businesses, can daycare also apply for the grant program? If not, what would be the best program to support daycares?
Emma Magenta
01:45:25
At what point do we apply for forgiveness?
Emma Magenta
01:53:30
Thanks Julie and all
Aileen Boyle
01:54:42
This was terrific - a great start. Thank you so much for putting this together and being available to us. It’s tremendously helpful.
bobzuckerman
01:55:32
Thank You Julie and Melissa for putting this together. It was terrific!
Alexander Elias
01:57:17
Thanks for hosting this. It was very informative.
Emma Magenta
01:58:37
Will a recording of this call be available?
Village President Sheena Collum
01:58:55
Yes it will
Village President Sheena Collum
01:58:59
We’re recording.
Emma Magenta
01:59:16
<3
Julie Doran
02:00:47
Emma, yes, a recording will be available
deborahengel
02:03:18
Sheena/Julie - are you able to set up a webinar with someone from the NJ Dept of Labor?
markmurphy
02:06:14
Great idea Deb! I think a webinar with NJ Dept of Labor would be very helpful.
markmurphy
02:07:22
Thanks Sheena and Julie!
J F
02:10:10
good morning Julie. I am trying to ask a question. Can you please unmute me. Thank you
J F
02:10:30
this is Joye from Indulgence Day Spa
J F
02:11:09
you unmuted and then muted me back
Emma Magenta
02:11:29
I think if you “join without audio” at the beginning, you can’t unmute yourself. Might be that.
Paul
02:11:40
Julie, unmute everyone and then the rest of us will mute again
George Constantinou
02:16:29
Emma try this https://recovery.chase.com/contingency-plan
Emma Magenta
02:16:35
Thank you George!
Emma Magenta
02:20:28
We are lucky to be doing biz in this great town
Paul
02:20:42
Thank you, Julie and Sheena