Village President Sheena Collum
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.
Thank you for putting this together.
I’m getting messages that the call is full. Please let folks know that we will have a recording available, as well as handouts.
Julie you may have the max participants set to 100, I believe you can change that to 300 or another number.
Thanks, George. We are checking now
Can we ask question now for some clarification on the grant program?
you can send a question in chat now.
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?
We have 11 employees, but most are part-time. Do we qualify for the grant?
Ok. Nevermind. I’ll rescind my question and use the Wizard. Thanks.
Does applying or receiving any of the listed initiatives make you ineligible to applying or receiving the others on this list?
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?
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
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.
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?
we will get to these questions, promise
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?
Where can we find this document online? It’s hard to read the screen. Thank you
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?
Deborah from what I understand yes you can get the $10K grant forgiven and still get PPP
What type of revenue/income impact due to COVID needs to be shown such that PPP loan is forgiven?
George, that’s my understanding too but just clarifying since he just said you can’t have EIDL loan and PPP loan.
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?
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?
Which program would be best for small daycares where mostly employees are hourly and part-time
How can we get our business information included on the towns covid portal if we’re still operating?
For the EIDL program, is there any loan forgiveness other than the $10,000 initial advance that is available through the EIDL?
Are business expenses such as payments to vendors, recipients of 1099s, web hosting, printers etc. allowed to be covered by either program?
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?
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
Is there any relief identified for billing of taxes?
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?
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?
At what point do we apply for forgiveness?
Thanks Julie and all
This was terrific - a great start. Thank you so much for putting this together and being available to us. It’s tremendously helpful.
Thank You Julie and Melissa for putting this together. It was terrific!
Thanks for hosting this. It was very informative.
Will a recording of this call be available?
Village President Sheena Collum
Yes it will
Village President Sheena Collum
Emma, yes, a recording will be available
Sheena/Julie - are you able to set up a webinar with someone from the NJ Dept of Labor?
Great idea Deb! I think a webinar with NJ Dept of Labor would be very helpful.
Thanks Sheena and Julie!
good morning Julie. I am trying to ask a question. Can you please unmute me. Thank you
this is Joye from Indulgence Day Spa
you unmuted and then muted me back
I think if you “join without audio” at the beginning, you can’t unmute yourself. Might be that.
Julie, unmute everyone and then the rest of us will mute again
Emma try this https://recovery.chase.com/contingency-plan
Thank you George!
We are lucky to be doing biz in this great town
Thank you, Julie and Sheena