Business Development Center Lynn Oswald, New York State Small - - PowerPoint PPT Presentation

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Business Development Center Lynn Oswald, New York State Small - - PowerPoint PPT Presentation

Dec 19, 2023 183 likes •404 views

Ask the Experts: Update from New York State Small Business Development Center Lynn Oswald, New York State Small Business Development Center Melanie McGovern &Lauren Kirchmyer, Better Business Bureau of Upstate New York Housekeeping

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Ask the Experts: Update from New York State Small Business Development Center

Lynn Oswald, New York State Small Business Development Center Melanie McGovern &Lauren Kirchmyer, Better Business Bureau of Upstate New York

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SLIDE 2

Housekeeping

  • Everyone is on mute
  • We will take questions

at the end of the presentations

  • Presentation is being

recorded

  • Resource packet is

coming after the presentation

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Lynn Oswald

Director, Niagara SBDC 716-210-2515 Niagara County Community College Small Business Development Center sbdc@niagaracc.suny.edu

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Economic Injury Disaster Loan (EIDL)

➢

Apply directly through SBA portal

➢

For businesses with < 500 employees

➢

EIDL Advance of up to $10,000

➢

Advance is based on $1,000 per employee

➢

Initial loan disbursement for 2 months working capital. Max initial disbursement = $15,000

SB SBA Loan A Loan Pr Prog

  • grams

ams

EIDL Info

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Express Bridge Loan Pilot Program

➢ For small businesses with a current relationship with SBA Express Lender ➢ Can be a term loan or ➢ Used to bridge the gap while applying for a direct SBA EIDL Terms ➢ Up to $25,000 ➢ To be repaid in full or in part by proceeds from the EIDL loan ➢ Ask you banker about interest rate and term options

SB SBA Loan A Loan Pr Prog

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Bridge info

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Paycheck Protection Program (PPP)

➢

Apply through your bank

➢

Funds to be used for: Payroll and payroll costs Rent Mortgage interest Utilities

➢ Loan payments deferred 6 months ➢ No collateral or personal guarantees required ➢ No application fees ➢ Maturity of 2 years & interest rate of 1%

SB SBA Loan A Loan Pr Prog

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ams

PPP info

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Paycheck Protection Program (PPP) Forgiveness Details

“The amount of the loan used for payroll and certain operating expenses in the first 8 weeks after loan disbursement may be forgiven if the business uses a minimum of 75% of the loan for payroll”

SB SBA Loan A Loan Pr Prog

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ams

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Paycheck Protection Program (PPP) SBA Asks:

SB SBA Loan A Loan Pr Prog

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PPP SBA Form Your bank’s form may require additional information

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Paycheck Protection Program (PPP)

Who can apply

➢ Must meet SBA’s size standards ➢ Businesses, 501(c)(3), 501(c)(19) veterans

  • rganization, or Tribal business concern

➢ Sole proprietors, independent contractors,

and self-employed persons

SB SBA Loan A Loan Pr Prog

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ams

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SB SBA Loan A Loan C Comparison

  • mparison

Chart pulled from SBA email

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As part of SBA's debt relief efforts:

The SBA will automatically pay principal, interest, & fees of current 7(a), 504, & microloans for a period of 6 months

SB SBA De A Debt R bt Relief elief for

  • r

Existing Existing Loans Loans

Deta Detail ils s Her Here

Check your loan status:

➢ Birmingham Disaster Loan Servicing Center: 800-736-6048 Email: BirminghamDLSC@sba.gov ➢ El Paso Disaster Loan Servicing Center: 800-487-6019 Email: ElPasoDLSC@sba.gov

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As part of SBA's debt relief efforts:

Under the Debt Relief Program, the SBA will also cover payment of: ➢ Principal ➢ Interest ➢ Fees For small businesses who apply for and receive a new 7(a), 504 or Microloan prior to 9/27/2020.

SB SBA De A Debt R bt Relief elief f for

  • r

New New Loans Loans

Call Call You

  • ur

r Ban Banker er

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Don’t wait to have conversations with:

  • Landlords
  • Vendors
  • Tax Department
  • Creditors
  • Key resource partners

Ease Cas Ease Cash F h Flo low

Maintained relationships = better recovery Stay connected with customers

Be pr Be proactiv

  • active.

e.

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IRS Economic IRS Economic Impact Impact Pyt Pyt

Non-Filers Link Who is eligible for the Economic Impact Payment? U.S. citizens or resident aliens who: ➢ Have a valid Social Security number, ➢ Not claimed as a dependent of another taxpayer, and ➢ Had adjusted gross income under certain limits. Who will receive the Economic Impact Payment automatically? Those who: ➢ Filed a federal income tax for 2018 or 2019 ➢ Receive Soc. Sec. retirement, disability (SSDI), or survivor benefits ➢ Receive Railroad Retirement benefits Who should use Non-Filers link to receive the Economic Impact Pyt? Eligible U.S. citizens or permanent residents who: ➢ Had gross income under $12,200 ($24,400 for married couples) for 2019 ➢ Did not file and were not required to file a federal income tax return for 2019

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Stic Stick to k to saf safe r e resour esources ces

NY DOL Unemployment SBA Scam Alerts SBA Guidance BBB Scam Alerts

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SBA Scams

How scam works:

  • Email, text or caller ID appears to be

from the U.S. Small Business Administration (SBA)

  • Offers grant for small businesses

affected by pandemic

  • Application looks simple; may request

banking and business info

  • After approved, business owner is

asked to pay “processing fee”

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Tips to Spot a Small Business Loan Scam

  • Look for a website that ends in .gov
  • Do a quick internet search for similar

scams

  • Government agencies do not typically

text or communicate through social media

  • If you have to pay money to claim a

"free" government grant, it is not really free. Learn more at SBA.gov

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Zoom-Bombing

Many companies and individuals are now using ZOOM Telework or other free videoconferencing services. BBB warns video conference app users of recent 'Zoom-Bombing' where hijackers infiltrate Zoom sessions.

  • Hosted on public channels making them accessible

to anyone.

  • Hijackers can sometimes guess the correct URL

giving them access.

  • Enable ‘Embed password in meeting link for one-

click join.’ This prevents an actor from accessing your meeting.

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Working From Home: Hackers & Scammers

  • Makes you more vulnerable; Ensure

security of company devices.

  • Implement firewalls, security

software.

  • Never click on any links or emails,

even if they look legitimate.

  • Be wary of all "urgent" alerts.
  • Train your team!
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Business Email Compromise (BEC) Scams

  • Be careful and suspicious of any email

relating to your work responsibilities asking you to provide information or be involved in a wire transfer

  • Confirm the authenticity of the sender

Is it really your boss? Don't proceed until you verify!

  • Make a phone call to confirm the authenticity
  • f the sender.
  • Call you boss directly or email in a separate

email!

○

Voice cloning software now makes it easy to impersonate your boss and even leave a voicemail

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NY NYSBDC SBDC

Sue McCartney, Director Buffalo State SBDC (716) 878-4030 Lynn ynn Os Oswald, Dir ald, Director ector Nia Niagar gara SBDC a SBDC 716 716-210 210-2515 2515

  • swald@niagaracc.suny.edu

To

  • reque

equest st FREE FREE SBDC SBDC ass assistan istance ce

Co Covid vid-19 19 B Busin usiness ess In Info:

  • : www.nysbdc.org

Cente Centers s ac across

  • ss N

NY S Y Sta tate te 800 800-732 732-SBDC SBDC

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Stay connected with BBB Upstate New York: (877) 478-8083 Metro New York: (212) 533-6200 BBB.org/coronavirus