🏥 Business Emergency Room 🏥 Master Doc (UPDATED 05_15_20)


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2		Please email to submit impactful links:	talk@eventusag.com			UPDATED: 4/28/2020
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4	#	Title	Type	Link	Active (Y/N)	About / Additional Notes
5	1	COVIDCAP	General Information	https://sites.duke.edu/casei3/2020/04/08/covidcap/	Y	On March 26, 2020, CASE and CASE i3 at Duke University’s Fuqua School of Business launched a searchable website to help any entrepreneur in the world, for-profit or nonprofit, struggling due to the economic impacts of COVID19, to locate cash relief resources in their community.
6	2	Four Pillars To Shore Up In A Crisis	Article	https://www.forbes.com/sites/forbesfinancecouncil/2020/04/28/four-pillars-to-shore-up-in-a-crisis/	Y
7	3	Its Time To Build	Essay	https://a16z.com/2020/04/18/its-time-to-build/	Y	Marc Andreessen's words.
8	4	How To Deliver Bad News When It's Not Your Fault	Article	https://www.entrepreneur.com/article/319842	Y
9	5	Mental Health: This type of optimism saves lives	Article	https://www.nytimes.com/2020/04/07/opinion/coronavirus-mental-health.html	Y	Look for Meaning, Not Happiness -- In these times.
10	6	15 Mental Health Strategies for managing during the crisis	Article	https://medium.com/@ashleigh.louis/your-physical-distancing-mental-health-tool-kit-15-strategies-for-managing-the-impact-of-the-fddcc4592125?sk=d3b96c6f5eb6a28920192645d5637a86	Y
11	7	The Power of Vulnerability	TED Talk	https://www.ted.com/talks/brene_brown_the_power_of_vulnerability	Y
12	8	Delete These Words From Your Vocabulary	Article	https://www.weskao.com/blog/take-3-minutes-to-delete-these-words-and-improve-your-writing-forever	Y
13	9	Cyber Security & Remote Work	Article	https://www.aspeninstitute.org/blog-posts/cybersecurity-and-remote-work/	Y
14	10	Cyber Security Tips	Article	https://www.linkedin.com/pulse/covid-19-cyber-security-tips-make-progress-uncertain-times-gentile	Y
15	11	Scientifically Proven Breathing Technique to Boost Immunity and Mood	Guide	https://docs.google.com/document/d/1YjWanHjy7sPwVl0meYkmu6wg78Yh493nTF3xdxL-72Q/	Y	Simple, easy, effective.
16	12	Senate approves $370 billion in additional small business funding	Article	https://www.journalofaccountancy.com/news/2020/apr/senate-approves-more-small-business-funding-ppp-loans-coronavirus-relief-.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=22Apr2020	Y	Article in the Journal of Accountancy (AICPA) on 4/22/20 which summarizes Senate legislation (voted on and approved on 4/21/20) for additional funding for SBA loan programs for COVID-19; House of Representatives is expected to vote on it on Thursday 4/23/20
17	13	New potential ventures/ideas in a COVID environment	Article	https://www.foundational.nyc/insights/pitching-coronavirus-tailwinds/?mc_cid=3973995940&mc_eid=2cc3ae4910	Y
18	14	Our New World	Partner Letter	https://assets.documentcloud.org/documents/6842117/Our-New-World.pdf	Y	Mary Meeker & Team @ BOND
19	15	Returning To Work In The COVID-19 Environment - What It Means For Your Business & Employees	Guide	https://www.usi.com/content/downloads/Returning_To_Work_In_The_COVID-19_Environment-What_It_Means_For_Your_Business_and_Employees.pdf	Y	Guidelines for facilities that have been idled by COVID-19 (prepared by USI)
20	16	A First Timers Guide to Down Rounds	Article	https://www.crowdfundinsider.com/2020/04/160553-a-first-timers-guide-to-down-rounds/	Y	Crowdfund Insider
21	17	CDC Site	Health Information	http://cdc.gov/	Y
22	18	Johns hopkins	Health Information	http://coronavirus.jhu.edu/	Y
23	19	Institute for Health Metrics and Evaluation	Article	http://www.healthdata.org/	Y
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26				Please email talk@eventusag.com to suggest impactful links. Thank you!

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UPDATED: 4/22/2020

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Loan Type

Description

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1. SBA - Economic EIDL Loan Advance (“EIDL” – Economic Injury Disaster Loans)

- emergency loan advance of up to $10,000 immediately (within 3 days of submission of application)
- does not have to be paid back, even if the applicant is subsequently denied an EIDL loan
- can be used to maintain payroll, to cover paid sick leave and to service other debt obligations
- submit your application directly to the SBA

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2. SBA - Economic EIDL Express Bridge Loan Pilot Program (“EIDL” – Economic Injury Disaster Loans)

- up to $25,000 - this bridge loan allows the applicant to access up to $25,000 with less paperwork
- applicant must already have a business relationship with an SBA Express Lender
- can be a term loan or used to bridge the gap while applying for a direct Economic Injury Disaster Loan (“EIDL” loan - please see item “3” below)
- will be repaid in full or in part by proceeds from the EIDL loan

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3. SBA - Economic Injury Disaster Loans - “EIDL” Disaster Loans (i.e. working capital loans)

- Low-interest federal disaster loans for working capital
- For small businesses that are suffering substantial economic injury as a result of corona virus
- Available to small businesses and most private non-profit organizations
- Not more than 500 employees
- Eligible entities include:
a. businesses directly affected by the disaster
b. businesses that offer services directly related to businesses that are likely to be harmed by losses in their community
c. businesses that are indirectly related to industries that are likely to be harmed by losses in their community (i.e. suppliers of materials)
- Must be a small business and must show economic injury as a result of the corona virus
- Must apply at the SBA web portal and must identify if you have any affiliations with any other businesses that could affect your status as a small business
(the portal lists the “size” criteria for determining whether you qualify as a small business, e.g. average annual receipts or number of employees, etc.)
- Businesses that are NOT ELIGIBLE for loan assistance:
a. agricultural enterprises that fall under the Department of Agriculture
b. religious organizations
c. charitable organizations
d. gambling concerns, casinos and racetracks
e. to be determined: will the SBA waive the requirement that the borrower not be able to obtain credit elsewhere?
- Criteria for Loan Approval:
a. Credit History - applicant’s credit history must be acceptable to SBA
b. Repayment – SBA must determine that the applicant’s business will be able to repay the loan
c. Eligibility – applicant must have suffered working capital losses due to corona virus, and not due to a downturn in the economy or other reasons
- How much can be borrowed and what are the interest rates:
a. eligible businesses may qualify for loans up to $2 million
b. interest rates are 3.75% for small businesses and 2.75% for nonprofit organizations, terms up to 30 years
c. eligibility for these working capital loans are based on size (must be a small business) and the type of business and its financial resources
- What can the funds be used for:
a. working capital – to pay fixed debts, payroll, accounts payable and other bills that could have been paid had corona virus not occurred
b. these loans are NOT intended for expansion or to replace lost sales or profits
c. cannot be used to finance long-term debt
- Collateral Requirement:
a. Economic Injury Disaster Loans over $25,000 require collateral (they will accept furniture, fixtures or equipment – whatever the borrower has)
b. not having collateral will not disqualify a borrower, but having collateral will improve your chances of getting the loan approved – SBA may require the borrower to pledge whatever is available
c. SBA may require insurance
d. SBA will waive the requirement of a personal guarantee for loans of less than $200,000
e. SBA will take real estate as collateral when it is available
- Application Process:
a. file online at SBA website (electronic loan application) – you can also download paper applications at the SBA website
b. estimated review time is 21 days
c. timing for loans to be disbursed could be 1 to 2 months after application
d. funds are disbursed directly from the U.S. Treasury and applicants do not have to go through any bank to apply
e. there is no cost to apply
f. applicants can have an existing SBA Disaster Loan and still qualify for a corona virus disaster loan, but the loans cannot be consolidated
- Filing Requirements:
a. completed SBA application
b. Tax information authorization - IRS Form 4506T (tax transcript)
c. copy of most recent Federal Income Tax return for the business (all pages)
d. copies of most recent Federal Income Tax Returns for principals, general partners, etc.
e. schedule of liabilities (SBA Form 2202)
f. Personal Financial Statement (SBA Form 413)
g. a current year-to-date Profit & Loss Statement
h. SBA Form 1368 providing monthly sales figures

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4. SBA – 7(a) Loan Paycheck Protection Program

- these are disaster loans other than COVID-19, this is subject to interpretation whether you can access funds from both programs
- the loans will be made by banks and commercial lenders authorized to make SBA loans – application deadline is 6/30/20
- any business, private nonprofit or public nonprofit organization which employs not more than 500 employees
- the borrower must have been in business by 2/15/20
- maximum loan amount is $10 million
- the amount of the loan will be determined by the applicant’s payroll cost:
a. 2.5 times the average MONTHLY payroll costs incurred during the 1-year period before the date on which the loan is made PLUS
b. the outstanding amount of any refinanced loans under EIDL that were obtained after 1/31/20
- Borrower may apply for loan forgiveness in an amount equal to the cumulative amount of payroll costs, rent, utilities, and interest paid on mortgages during the 8 weeks after the loan is made. The amount forgiven is limited to the extent compensation and headcount are reduced relative to a base period, and any amount forgiven will not be taxable to the borrower (as it otherwise would have been).
- Loan terms:
• No collateral required.
• Loan cannot be obtained if taxpayer also receives the employee retention tax credit (please see item “5” below).
• Maximum interest rate of 4%.
• Maximum term of 10 years.
• No interest or principal payments are required for a period between 6 months and 1 year (though interest will accrue from the day the loan is made).
• Prepayment penalties are prohibited.

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5. CARES Act – Employee Retention Credit:

- the Cares Act provides a refundable payroll tax credit equal to 50 percent of wages paid by employers during the coronavirus crisis.
- the credit is provided for the first $10,000 of compensation (including health benefits) paid to an employee starting March 13, 2020 through December 31, 2020
- Generally, employers qualifying for this credit include those whose: 1) operations were fully or partially suspended due to a Coronavirus shut-down order; or 2) gross receipts declined by more than 50 percent as compared to the same prior year quarter. And, it can apply to exempt organizations.
- The credit is based upon qualified employee wages.
Qualified wages for employers with more than 100 full-time employees are wages paid to employees when they are not providing services due to Coronavirus related circumstances.
Qualified wages for employees with 100 or fewer full-time employees include all employee wages, even if the employer is closed due to a shut-down order.
- Employers can elect not to take advantage of this credit.
- Employers may also be limited in their ability to take advantage of this credit where the employee wages are used to compute a different credit, such as for hiring veterans, the small business R&D, plus the new sick and required leave programs or if the employer accepts a covered loan under the Small Business Act.

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FAQ's about the PPP loans:

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1. We have 8 weeks to spend the loan on applicable expenses to have the loan forgiven. Is this cash basis or an accrual basis? ie. Can we pay a payroll early at the end of our 8 weeks or prepay rent for a later period, if we haven't spend all the loan proceeds at that time in order to be granted full forgiveness?

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Response: The stated objective of the loan program is that the loan proceeds are required to be spent on current payroll costs (at least 60%), rent, utilities and interest expense on loans that originated before 2/15/20 in the regular course of business.

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The intent of the loan program is to bail out businesses that are in a current cash crunch, not to create a cash cushion for future expenditures.

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2. We received the loan on 4/13 and a payroll was processed on 4/15, is this entire payroll applicable to be used for forgiveness?

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Response: When you mention that you "received the loan", we assume that you mean that you received the loan proceeds (not merely that your loan application was "approved").

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The eight-week period begins on the date the lender makes the first disbursement of the PPP loan to the borrower.

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Accordingly, this payroll must be included in the calculation for loan forgiveness.

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3. Forgiveness is capped at an annual 100k per employee, is this 100k cash compensation? If yes, what additional items can be included on top of the 100k? What kind of taxes? Is the employer portion of FICA taxes included in the forgiveness amount? A detailed list of payroll items that can be forgiven would be great.

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Response: The criteria for forgiveness is the same as the definition of "payroll costs" in the original criteria for loan eligibility.

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This definition was clarified by the SBA in FAQ's that were issued last week (most recent version was released on 4/8/20).

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Thus, the SBA clarified that the 100k annual cap applies ONLY to wages.

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Other components of payroll costs (which are not included in the 10ok cap) are:

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- employer's porion of benefits (i.e. medical & dental insurance)

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- employer's portion of retirement account contributions (e.g. 401k match)

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- employer's portion of state payroll taxes (NOT federal FICA, Social Security and Medicare payroll taxes -- these are addressed in a separate provision with respect to deferral)

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4. Regarding the 100k annual cap, is this assuming that if an employee made over $8,333.33 for a month, they are capped at that amount per month during the 8 week period?

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Response: Yes, the calculation of the "100k cap" is pro-rated with respect to each payroll period

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5. Are commissions accrued for Q1 and then paid out in Q2 applicable to payroll forgiveness during our 8 week period?

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Response: The SBA did not address whether accrued commissions are applicable to payroll forgiveness.

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The only "commissions" issue that they did address is that commissions (or any other payment) are included in the 100k cap.

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If the borrower's ordinary course of business is that commissions are paid on a reasonable 'time lag", then it can be argued that such commissions ought to be included in the payroll costs on the date that they are paid.

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6. We utilize a PEO to handle our payroll, are payroll processing fees applicable for forgiveness?

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Response: The SBA did not include payroll processing fees in the definition of "payroll costs", thus such fees would not be included in the calculation with respect to forgiveness.

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7. Prior to Feb 15, we had 66 employees. We now have 68 employees. If we let two employees go and dropped to the 66 employees, how does this affect our forgiveness?

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Response: the calculation is based on an average.

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Specifically, there are 2 alternative formulas that you can use to caluclate the amount of the loan forgiveness:

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- The amount of the loan forgiveness:

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a. Reduction of forgiveness based on number of employees (“FTE” – full-time employees):

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§ Average number of FTEs per month during 2/15/20 and 6/30/20 divided by:

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· At the election of the borrower:

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Average number of FTEs per month during 2/15/19 to 6/30/19; or

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Average number of FTEs per month during 1/1/20 to 2/29/20

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b. Reduction based on Salary and Wages:

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§ Any reduction in total salary of any employee during the covered period that is in excess of 25% of the total salary during the most recent full quarter before the covered period

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Employees earning over $100,000 per year not used in the calculation

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c. Re-hire/re-instate reduced wages:

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§ The amount of the reduction of the loan forgiveness is determined without regard to a reduction of FTEs or Salary Reduction if

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By June 30, 2020, the employer eliminates the reduction of the number of FTEs and salary amounts during the 2/15/20 and ending 30 days after the date of this enactment

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8. Before we received the loan, our founders decided to take a 100% pay cut. All made over 100k. Does this affect our forgiveness because they took more than a 25% cut?

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Response: Please see the response to # 7 above.

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9. We did a salary cut effective 4/1. No one making under 100k was cut more than 20%. No one, except the founders, making over 100k had a cut more than 25%. Does this effect our forgiveness?

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Response: Please see the response to # 7 above.

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10. Given we took 2.5 months of payroll from 2019 and then made pay cuts effective 4/1/20, we may have taken more money then we will spend in the 8 week period. What is your recommendation for any funds that were received in excess of what can/will be forgiven? Do we pay it back immediately after the 8 week period?

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Response: The purpose of the Payroll Protection Plan laon is exactly what its name says -- the purpose is to protect the paychecks of employees during this COVID-19 crisis. That is one of the certifications that the borrower must attest to on the loan application.

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Accordingly, the employees whose salaries were cut should be paid the full amount of their salaries retroactive to the first pay-date after the loan proceeds were received.

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11. If the loan is forgiven, is the interest also forgiven? If a portion of the loan isn't forgiven, is the interest only on the portion not forgiven?

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Response: No interest or principal payments are required for a period between 6 months and 1 year (though interest will accrue from the day the loan is made).

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The calculation of the forgiveness results in an "absolute amount", it does not appear to separately provide for forgiveness with respect to the interest.

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Response: We still have not seen anything from the SBA, Treasury or IRS regarding specifics as to the PPP forgiveness program and as we learn more about the forgiveness calculations we realize that there are more questions than answers. For example, we still do not have clear guidance as to the accounting requirements (including documentation requirements) as well as forgiveness reductions related to payroll cuts or employee counts.

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One thing that we have been told to alert everyone to is the possibility that the forgivable expenses may be strictly limited to 8 weeks (not 2 months, and not 2.5 months)

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We are still monitoring to see whether the SBA, Treasury or the IRS will issue any guidance and any specifics about this.


1	To view as website:	Click Here
2
3	Business Emergency Room Master Doc
4	UPDATED 4.28.20
5	This is a curated crisis resource is designed to help business owners and operators facing financal challenges.
6	Who & Why: This master doc of resources is curated by Business Emergency Room team & co-created to by our community -- and people just like you -- coming together to contribute resources during this crisis, to help our fellow humans, without expectation of reciprocity.
7	Sharing: Open share. Please consider sharing this document because it will help increase impact. The more who see this document, the more contributions will be made, and more value will be created for all!
8	Additions & Edits: To suggest edits and additions, please email:	talk@eventusag.com
9	Weekly Business Emergency Room Session: Business Emergency Room is a free space where business owners, operators, managers, executives, and board members can come to ask questions and get answers from a community of experts and individuals who tend to be facing similar challenges. -------> If you or someone you know has a burning business problem/issue/challenge/question, OR can contribute value to those facing challenges, consider joining a Business Emergency Room session. Tuesdays at 12:30 EST / (9:30AM PST):	Click Here to Register
10	We ARE getting through this, together!
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12	Index of Tabs
13	1. Welcome (you are here)
14	2. Assorted Articles & Links
15	3. SBA & CARES Act Summary
16	4. SBA Key Programs: PPP vs. EIDL
17	5. SBA 7(a) Loan Programs [NOTE - this is a different type of loan, not from the CARES Act: PPP or EIDL]
18	6. PPP & EIDL Key Links
19	7. Alternative Capital Lenders
20	8. Commercial Lenders
21	9. Intermediaries - Investment Bankers and Loan Brokers
22	10. PPP Loan Forgiveness Tracker Schedule (from our friends at SobelCo)
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25	*We hope you find this resource useful and look forward to any comments or questions you may have. We also know that each of you has a business situation that is unique and one size does not fit all. As such, the info included is for informational purposes only and should not be considered as legal, tax or business advice. The info is of a general nature and is not intended to answer the specific needs of any individual entity. For feedback or questions, please email: talk@eventusag.com
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27	To view as website:	Click Here


1	Last Updated: 4/7/2020
2	Question	EIDL	PPP
3	Who is the lender?	The SBA	A Bank that does SBA 7(a) Loans, underwritten by the SBA
4	What is the maximum amount of the loan?	The maximum loan size is $2 million. Applicants who apply for this loan may request an advance of up to $10,000 from the SBA. The advance will be distributed within 3 days. Applicants are not required to repay this advance if they are subsequently denied a loan.	The maximum loan size is $10 million. The calculation is as follows:
5			2.5x the average monthly “payroll” costs, measured over the 12 months preceding the loan origination date. Seasonal business may use the period February 15, 2019 – June 30, 2019 or March 1, 2019 – June 30, 2019 to calculate the average payroll If you took out the EIDL loan between February 15, 2020 and June 30, 2020 and you want to refinance that loan into a PPP loan, you would add the outstanding loan amount to the “payroll” sum.
6			Payroll includes salaries, commissions, tips, certain employee benefits (including health insurance and retirement benefits), state and local taxes and certain types of compensation to sole proprietors or independent contractors. Payroll costs specifically exclude compensation of an individual employee in excess of an annual salary of $100,000, foreign employees, FICA and income tax withholdings
7	What is the annual interest rate?	3.75% for businesses, 2.75% for non-profits	Not to exceed 4%
8	What Is the term of the loan?	Up to 30 years	10 years
9	When is the first loan payment due?	One year after the loan origination date (interest is accrued during the deferment)	At least six months after the loan origination date (interest is accrued during the deferment)
10	What can we use the loan for?	Financial obligations and operating expenses that could have been met had the disaster not occurred	Payroll costs (as defined above), group healthcare benefits, insurance premiums, and interest (but not principal) on mortgages or other debt incurred prior to February 15, 2020, rent on any lease in force prior to February 15, 2020 and utility payments
11	What collateral is required?	The SBA will place a UCC lien against the assets of the business	No collateral is required from either the business or its owners
12	Is a personal guarantee required?	Yes, for loans > $200,000, owners of > 20% of the business, managing members of LLCs, managing partners of LPs. However, no liens will be taken against real estate owned by the guarantor	No
13	Is there a loan forgiveness program?	No	Yes – calculated as the amount spent by the borrower during an 8-week period after the origination date of the loan on: payroll costs (as defined above), interest payment on any mortgage incurred prior to February 15, 2020, payment of rent on any lease in force prior to February 15, 2020, and payment on any utility for which service began before February 15, 2020. Payroll costs are subject to the same exclusions as noted above
14	What reduces the forgiveness?	N/A	The amount forgiven is reduced based on failure to maintain the average number of full-time equivalent employees versus the period from either February 15, 2019, through June 30, 2019, or January 1, 2020, through February 29, 2020, as selected by the borrower. The amount forgiven is also reduced to the extent that compensation for any individual making less than $100,000 per year is reduced by more than 25% measured against the most recent full quarter. Reductions in the number of employees or compensation occurring between February 15, 2020, and 30 days after enactment of the CARES Act will generally be ignored to the extent that reductions are reversed by June 30, 2020. Forgiven amounts will not constitute cancellation of indebtedness income for federal tax purposes.
15	Do I need to have filed my 2019 Taxes to apply?	No, 2019 Taxes do not have to be filed prior to applying for the loan. However, businesses will be asked to submit IRS form 4506T, which provides the SBA with access to historical tax returns	Will depend on the lender
16	How long will the loan application take?	2-3 weeks plus an additional 5 days for funding	Unknown at this stage
17	Can I apply now?	Yes, the application process is live, and loans are available now. There is no obligation to accept the loan if you qualify. The SBA typically allows 60 days to accept the loan offer, but you can always extend this if needed. Therefore, it is better to apply ASAP	No. Now that the CARE Act is law, the SBA will give their loan guidelines to the banks. The banks will then prepare their loan application process. We expect this to take at least two weeks
18	What businesses/entities can apply and what are the affiliation rules?	Small businesses. There are several standards the SBA uses to define a small business, and it varies by industry. As a general guide, less than 500 employees and $35 million in revenue would typically qualify. Applicants for SBA loan programs typically must include their affiliates when applying size tests to determine eligibility. This means that employees of other businesses under common control would count toward the maximum number of permitted employees	Businesses and entities must have been in operation on February 15, 2020 and have 500 or fewer employees. There are some exceptions based on industry – see below Individuals who operate a sole proprietorship or as an independent contractor and eligible self-employed individuals. Any business concern that employs not more than 500 employees per physical location of the business concern and that is assigned a NAICS code beginning with 72 (Accommodation and Food Services companies) Affiliation rules are also waived for franchises with codes assigned by the SBA, as reflected on the SBA franchise registry and businesses that receive financial assistance from one or more small business investment companies (SBIC)


1		Last Updated: 4/20/2020
2		SUMMARY of SBA 7(a) Loan Programs
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4	1	Standard 7(a)
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6		Maximum loan amount	$5 million
7		Maximum SBA guarantee %	85% for loans up to $150,000 and 75% for loans greater than $150,000
8		Interest rate	Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum (for April 2020, SBA 7(a) current rates: 5.5% to 8%)
9		Eligibility decision	By the SBA. Qualified lenders may be granted delegated authority (PLP) to make eligibility determinations without SBA review.
10		Revolving lines of credit	Up to 10 years (Permitted only under CAPLines submission. See below)
11		SBA turnaround time	5-10 business days
12		Forms	SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required)
13		Collateral	Lenders are not required to take collateral for loans up to $25,000. For loans in excess of $350,000, the SBA requires that the lender collateralize the loan to the maximum extent possible up to the loan amount. If business fixed assets do not “fully secure” the loan the lender may include trading assets (using 10% of current book value for the calculation), and must take available equity in the personal real estate (residential and investment) of the principals as collateral.
14		Credit decision	By the SBA. Qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
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17		7(a) Small Loan
18	2	7(a) Small Loan
19			$350,000
20		Maximum loan amount	$350,000
21		Maximum SBA guarantee %	85% for loans up to $150,000 and 75% for loans greater than $150,000
22		Interest rate	Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum (for April 2020, SBA Microloan current rates: 7.75 to 8.5%)
23		Eligibility decision	By the SBA. Qualified lenders may be granted delegated authority (PLP) to make eligibility determinations without SBA review.
24		SBA turnaround time	5-10 business days
25		Forms	SBA Form 1919 and SBA Form 1920 are required for every loan (other SBA Forms may be required)
26		Collateral	Lenders are not required to take collateral for loans up to $25,000. For loans over $25,000, up to and including $350,000, the lender must follow the collateral policies and procedures that it has established and implemented for its similarly-sized non-SBA-guaranteed commercial loans, but at a minimum the lender must take a first lien on assets financed with loan proceeds and lender must take a lien on all of the applicant’s fixed assets including real estate. Lender is not required to take a lien against applicant’s real estate when the equity is less than 25% of the fair market value. The lender may limit the lien taken against real estate to the loan amount.
27		Credit decision	By the SBA. Qualified lenders may be granted delegated authority (PLP) to make credit decisions without SBA review.
28		SBA Express
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30		The SBA Express program features an accelerated turnaround time for SBA review. The SBA will respond to your application within 36 hours.
31	3	SBA Express
32			$350,000
33		The SBA Express program features an accelerated turnaround time for SBA review. The SBA will respond to your application within 36 hours.
34			Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
35		Maximum loan amount	$350,000
36		Maximum SBA guarantee %	50%
37		Interest rate	Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
38		Eligibility decision	Made by the lender
39		Revolving lines of credit	Up to seven years with maturity extensions permitted at the outset
40		SBA turnaround time	Within 36 hours
41		Forms	Lender primarily uses own forms and procedures, plus SBA Form 1919
42		Collateral	Lenders are not required to take collateral for loans up to $25,000. May use their existing collateral policy for loans over $25,000 up to $350,000.
43		Credit decision	Made by the lender
44		Purchase	Lender may request expedited SBA purchase on small loans or in situations where liquidation may be delayed
45		The Export Express program provides exporters and lenders a streamlined method to obtain SBA-backed financing for loans and lines of credit up to $500,000. Lenders use their own credit decision process and loan documentation. The SBA will respond to your application within 24 hours.
46
47		Maximum loan amount	$500,000
48	4	Export Express	90% for loans of $350,000 or less, 75% for loans more than $350,000
49			Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
50		The Export Express program provides exporters and lenders a streamlined method to obtain SBA-backed financing for loans and lines of credit up to $500,000.
51		Lenders use their own credit decision process and loan documentation. The SBA will respond to your application within 24 hours.
52			May not exceed seven years
53		Maximum loan amount	$500,000
54		Maximum SBA guarantee %	90% for loans of $350,000 or less, 75% for loans more than $350,000
55		Interest	Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
56		Eligibility decision	Made by the lender
57		Revolving lines of credit	May not exceed seven years
58		SBA response time	24 hours
59		Forms	Lender primarily uses own forms and procedures, plus SBA Form 1919, Borrower Information
60		Collateral	Lenders follow collateral policies and procedures that the lender has established for its non-SBA-guaranteed loans
61		Credit decision	Made by the lender
62
63		Maximum loan amount
64		Maximum loan amount	$5 million
65	5	Export Working Capital	90%
66			Lenders and borrowers negotiate the interest rate and there is no SBA maximum interest rate limit.
67		Export Working Capital loans are for businesses that can generate export sales and need additional working capital to support these sales. Lenders review and approve applications and submit the request to the U.S. Export Assistance Center location servicing the exporter's region.
68
69		Maximum loan amount	$5 million
70		Maximum SBA guarantee %	90%
71		Interest	Lenders and borrowers negotiate the interest rate and there is no SBA maximum interest rate limit.
72		Eligibility decision	By the SBA. Qualified lenders may be granted authorization to make eligibility decisions.
73		Revolving lines of credit	Terms of 12 months or less
74		SBA turnaround time	5-10 business days
75		Forms	SBA-EIB 84-1, plus attachments
76		Collateral	Export-related inventory and receivable generated by export sales financed with EWCP funds. The SBA also requires personal guarantee of owners with 20% or more ownership.
77		Credit decision	Made by the SBA
78		Businesses can use International Trade loans for fixed assets for construction, building, real estate equipment, and for working capital for export transactions.
79
80		Maximum loan amount	$5 million
81	6	International Trade	90%
82			Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
83		International Trade loans provide long-term financing to businesses that are expanding because of growing export sales, or that have been adversely affected by imports and need to modernize to meet foreign competition.
84			10 years for permanent working capital, up to 10 years for machinery and equipment or the useful life of the equipment (not to exceed 15 years), and up to 25 years for real estate.
85		Businesses can use International Trade loans for fixed assets for construction, building, real estate equipment, and for working capital for export transactions.	5-10 business days
86			Made by the SBA
87		Maximum loan amount	$5 million
88		Maximum SBA guarantee %	90%
89		Interest rate	Lenders and borrowers can negotiate the interest rate, but it may not exceed the SBA maximum
90		Eligibility decision	Made by the SBA
91		Loan maturity	10 years for permanent working capital, up to 10 years for machinery and equipment or the useful life of the equipment (not to exceed 15 years), and up to 25 years for real estate.
92		SBA turnaround time	5-10 business days
93		Credit decision	Made by the SBA
94		Has the ability to process, close, service and liquidate loans
95		Has the ability to develop and analyze complete loan packages
96		Has satisfactory SBA performance
97	7	Preferred Lenders
98
99		Under the Preferred Lenders program, the SBA gives select lenders more authority to process, close, service, and liquidate SBA-guaranteed loans. An SBA field office serving the area in which a lender's office is located can nominate the lender, or the lender can ask a field office to consider it for preferred status.
100
101
102		In making its decision, the SBA considers whether the lender:
103
104		Has the ability to process, close, service and liquidate loans
105		Has the ability to develop and analyze complete loan packages
106		Has satisfactory SBA performance
107		Service-disabled veterans
108		Reservists and/or active National Guard members
109		Current spouse of any veteran, active duty service member, Reservist, National Guard member, or the widowed spouse of a service member who died while in service or as a result of a service-connected disability
110	8	Veterans Advantage
111
112		Veteran-owned businesses are one of the fastest-growing and significant segments of the U.S. economy. SBA loans made to veteran-owned small businesses come with reduced fees.
113
114		To be eligible to receive fee relief through the Veterans Advantage program, a small business must be at least 51 percent owned and controlled by someone in one of the following groups:
115
116		Honorably discharged veterans
117		Active Duty Military service member eligible for the military’s Transition Assistance Program (TAP)
118		Service-disabled veterans
119		Reservists and/or active National Guard members
120		Current spouse of any veteran, active duty service member, Reservist, National Guard member, or the widowed spouse of a service member who died while in service or as a result of a service-connected disability
121
122
123
124	9	CAPLines
125
126		CAPLines is an umbrella program that helps small businesses meet their short-term and cyclical working-capital needs. It features four lines.
127
128		Seasonal CAPLine: Borrowers must use the loan proceeds solely to finance the seasonal increases of accounts receivable and inventory — or in some cases associated increased labor costs. It can be revolving or non-revolving.
129		Contract CAPLine: This line finances the direct labor and material cost associated with performing assignable contracts. It can be revolving or non-revolving.
130		Builders CAPLine: This line can finance direct labor and material costs for a small general contractor or builder constructing or renovating commercial or residential buildings. The building project serves as the collateral, and loans can be revolving or non-revolving.
131		Working CAPline: This is an asset-based revolving line of credit for businesses unable to meet credit standards associated with long-term credit. It provides financing for cyclical growth, recurring and/or short-term needs.
132		Repayment comes from converting short-term assets into cash, which is remitted to the lender. Businesses continually draw from this line of credit, based on existing assets, and repay as their cash cycle dictates.
133		This line generally is used by businesses that provide credit to other businesses. Because these loans require continual servicing and monitoring of collateral, additional fees may be charged by the lender.
134
135		With the exception of the Builders CAPLine, the maximum maturity on a CAPLine loan is 10 years. Builders CAPLine loans must not exceed five years. Holders of at least 20 percent ownership in the applicant business are required to guarantee the loan.


1
2		PPP/EIDL	Title	Type of Document	Link	Active (Y/N)	Additional Notes
3	1	PPP	3 Key Items from PPP Program	Market Resource	Forbes Article	Y
4	2	PPP	PPP Information Sheet	Info Sheet (including agent fees)	Provided by Treasury	Y
5	3	PPP	PPP Overview	PPP Summary	Withum Summary	Y
6	4	PPP	SBA Loan Calculator	Excel Model	Excel Model	Y
7	5	Other	SBA Disaster Assistance	US SBA Doc	SBA Doc	Y
8	6	PPP	SBA - PPP Application	PDF	PPP Application	Y
9	7	Other	EBL Lender Summary	Overview	EBL Program Guidance	Y
10	8	Other	SBA Borrower Form	PDF	Borrower Doc	Y
11	9	Other	CARES Act Overview	Market Resource	ADP Overview	Y
12	10	PPP	Understanding PPP - Anchin	Overview	Anchin - Understanding PPP	Y
13	11	Other	BoFA SBA Overview	Bank Resource	SBA - BoFA Overview	Y
14	12	Other	CARES Act Overview	Market Resource	Eisner Amper CARES Overview	Y
15	13	PPP	SBA FAQ's updated 04-26-2020	click on "download" button	https://www.sba.gov/document/support--faq-lenders-borrowers	Y
16	14	PPP	SBA's Interim Final Rule 04-24-20 re: eligibility of hedge funds, private equity groups and public companies that have access to other sources of capital	click on "download" button	https://www.sba.gov/document/policy-guidance--ppp-interim-final-rule-promissory-notes-authorizations-affiliation-eligibility	Y
17	15	Other	Treasury and Customs Announce Deferment of Duties and Fees for Certain Importers during COVID-19 Response	Temporary Final Rule	https://www.federalregister.gov/documents/2020/04/22/2020-08618/temporary-postponement-of-the-time-to-deposit-certain-estimated-duties-taxes-and-fees-during-the?utm_source=(direct)&utm_medium=(none)&utm_term=undefined&utm_content=undefined&utm_campaign=(not%20set)&gclid=undefined&dclid=undefined&GAID=1419772312.1588113430
18	16	PPP	PPP Application and Forgiveness Processes	AICPA recommendations	https://www.aicpa.org/content/dam/aicpa/press/pressreleases/2020/aicpa-ppp-recommendations-letter.pdf
19	17	PPP	PPP Extension Bill Signed Into Law	The Trusted Professional - summary of changes to PPP signed into law on 6/5/20	https://www.nysscpa.org/news/publications/the-trusted-professional/article/ppp-extension-bill-signed-into-law-060820?utm_source=RealMagnet&utm_medium=Email&utm_content=1041778&utm_campaign=6%2E9%2E20%20Headlines	Y
20	18	PPP	Partial PPP Loan Forgiveness Remains if 60% Threshhold Not Met	Journal of Accountancy	https://www.journalofaccountancy.com/news/2020/jun/partial-ppp-loan-forgiveness-remains-60-percent-threshold.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=09Jun2020	Y
21	19	PPP	AICPA Provides Guidance on Forgivable PPP Loans	The Trusted Professional - summary of accounting treatment for nongovernmental entities	https://www.nysscpa.org/news/publications/the-trusted-professional/article/aicpa-provides-guidance-on-forgivable-ppp-loans-061120?utm_source=RealMagnet&utm_medium=Email&utm_content=59089&utm_campaign=6%2E16%2E20%20Headlines	Y
22	20	PPP	SBA and Treasury Announce New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program	SBA news release - on 6/17/20	https://content.govdelivery.com/accounts/USSBA/bulletins/2913aac	Y
23	21	PPP	PPP recipients can apply early for loan forgiveness, SBA says, but doing so could cost them money	Journal of Accountancy	https://www.journalofaccountancy.com/news/2020/jun/ppp-loan-recipients-can-apply-early-for-loan-forgiveness.html?utm_source=mnl:cpainsider&utm_medium=email&utm_campaign=29Jun2020&SubscriberID=124930403&SendID=290824	Y
24	22	PPP	New PPP guidance addresses maturity dates, loan amounts	Journal of Accountancy	https://www.journalofaccountancy.com/news/2020/jun/ppp-guidance-maturity-dates-loan-amounts.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=29Jun2020	Y
25	23	PPP	5 Reasons borrowers shouldn’t rush their PPP loan forgiveness applications	AICPA recommendations	https://blog.aicpa.org/2020/07/5-reasons-borrowers-shouldnt-rush-their-ppp-forgiveness-applications.html#sthash.2ElSs9mm.dpbs	Y
26	24	PPP	PPP forgiveness: No need to rush, and other tips	Journal of Accountancy	https://www.journalofaccountancy.com/news/2020/jul/ppp-loan-forgiveness-tips.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=27Jul2020


1
2	#	Lender	Title	Contact	Email	Website	Type of Funding
3	1	Dwight Funding	Director	Simon Bindloss	sbindloss@dwightfund.com	https://www.dwightfunding.com/	Asset Based Lending
4	2	Republic				www.republic.co	Online equity-based crowdfunding (appears on cap tables as SAFE on a single line) up to ~$1m
5	3	Versant Funding	Business Development	Chris Lehnes	clehnes@versantfunding.com	http://versantfunding.com/


1
2	#	Intermediary (Investment Banker / Broker)	Title	Contact	Email	Website	Type of Funding
3	1	RCC Ventures					Venture Debt broker
4	2	RRC Ventures	Principal	Zach Chetrit	zc@chetritventures.com	https://chetritventures.com/	Venture Debt fund
5	3	Chetrit Ventures	Principal	Zach Chetrit	zc@chetritventures.com	https://chetritventures.com/	Venture investor
6	4	Beechwood Capital	Partner	Scott Rothman	srothman@beechwoodcapitaladvisors.com	www.beechwoodcapitaladvisors.com	FINRA registered broker-dealer and advisor who helps companies raise debt & equity capital, provides balance sheet restructuring services in distressed situations and has established a no-risk, success fee only cost method of introducing companies to capital providers to broaden their exposure and possibilities.
7	5	Oberon Securities	Managing Director	Yoav Rekem	yoav@oberonsecurities.com	http://oberonsecurities.com/	Middle market investment bank. Provides M&A advisory and fund raising services to middle market companies in all industries. Debt placement practice, closing dozens of debt transactions in numerous industries and types, including bank debt, mezzanine, bridge loans, unitranche, recaps, refinancing, etc. Has a comprehensive rolodex of hundreds of lenders, across all levels of capital stack and maintain close relationship with them on a regular basis.
8	6	Business Capital	Business Development	Jake Rose	jrose@bizcapital.com	http://bizcap.com/


1	Client Name		Brough to you by SobelCo
2	PPP Loan Forgiveness Tracker		Disclaimer: this is a draft calculator and final calculations may vary from the original date. Please do not use in a vacuum to make any financial or legal or HR decisions.
3	4/13/2020
4				Payroll and Related Costs					Rent and Utilities
5			Loan Amount Received	Gross Payroll Paid	Excluded Payroll Amount	Payroll Amount Forgiven	Health Insurance	Pension	Rent Paid	Electric	Gas	Water & Sewer	Other	Real Estate Taxes	Loan Balance Remaining
6	Date Loan is Received:	4/10/2020	1,000,000.00	-	-	-	-	-	-	-	-	-	-	-	1,000,000.00

7	Day 2	4/11/2020		215,000.00	15,000.00	200,000.00	40,000.00	30,000.00	85,000.00	3,000.00					642,000.00	Forgivness Information:
8	Day 3	4/12/2020		-		-									642,000.00	The final amount of loan forgiveness can be up to the full principal amount of the loan and depending on the total amount of payroll costs, payments of interest on mortgage obligations incurred before 2/15/2020, rent payments on leases dated before 2/15/2020, and utility payments under service agreements dated before 2/15/2020 over the 8 week period following the date of the loan. Not more than 25% of the loan forgiveness may be attributable to non-payroll costs. As of 4/10/2020, real estate taxes are not confirmed to be allowable as part of debt forgiveness calculation.
9	Day 4	4/13/2020				-									642,000.00
10	Day 5	4/14/2020				-									642,000.00
11	Day 6	4/15/2020				-									642,000.00
12	Day 7	4/16/2020				-									642,000.00
13	Day 8	4/17/2020				-									642,000.00
14	Day 9	4/18/2020				-									642,000.00
15	Day 10	4/19/2020				-									642,000.00	Payroll and Related Costs include:
16	Day 11	4/20/2020				-									642,000.00	- Salaries and wages
17	Day 12	4/21/2020				-									642,000.00	- Cash tips or equivalent
18	Day 13	4/22/2020				-									642,000.00	- Payment for vacation, parental, family, medical, or sick leave
19	Day 14	4/23/2020				-									642,000.00	- Allowance for dismissal or separation
20	Day 15	4/24/2020				-									642,000.00	- Payment req'd for provision of group healthcare benefits, including insurance premiums
21	Day 16	4/25/2020				-									642,000.00	- Payment of any retirement benefit
22	Day 17	4/26/2020				-									642,000.00	- Payment of State or local tax assessed on compensation of employees
23	Day 18	4/27/2020				-									642,000.00	- Compensation to a sole proprietor/contractor that is a wage, commission, or similar comp up to $100k (prorated for covered period)
24	Day 19	4/28/2020				-									642,000.00
25	Day 20	4/29/2020				-									642,000.00	Payroll and Related Costs exclude:
26	Day 21	4/30/2020				-									642,000.00	- Compensation for any employee in excess of an annual salary over $100k (note: you can include their compensation up to a $100k cap)
27	Day 22	5/1/2020				-									642,000.00	- Taxes imposed or withheld under chapters 21, 22, or 24 of IRS Code
28	Day 23	5/2/2020				-									642,000.00	- Compensation for any employee whose principal residence is outside USA
29	Day 24	5/3/2020				-									642,000.00	- Qualified sick and/or family leave wages, for which a credit is allowed under Families First Coronavirus Response Act
30	Day 25	5/4/2020				-									642,000.00
31	Day 26	5/5/2020				-									642,000.00	Excluded payroll limit under $100K:
32	Day 27	5/6/2020				-									642,000.00	Frequency of Pay	100k Limit	Weeks	Maximum Per Pay
33	Day 28	5/7/2020				-									642,000.00	Weekly	100,000.00	52	1,923.08
34	Day 29	5/8/2020				-									642,000.00	Bi-weekly	100,000.00	26	3,846.15
35	Day 30	5/9/2020				-									642,000.00	Twice per month	100,000.00	12	3,846.15	WATCH THIS REGARDING TIMING
36	Day 31	5/10/2020				-									642,000.00
37	Day 32	5/11/2020				-									642,000.00	FINAL RULES HAVE NOT BEEN ANNOUCED BY SBA OR TREASURY
38	Day 33	5/12/2020				-									642,000.00
39	Day 34	5/13/2020				-									642,000.00
40	Day 35	5/14/2020				-									642,000.00	Under the law:
41	Day 36	5/15/2020				-									642,000.00
42	Day 37	5/16/2020				-									642,000.00	(a) the term "covered utility payment" means payment for a service for the
43	Day 38	5/17/2020				-									642,000.00	distribution of electricity, gas, water, transportation, telephone or internet
44	Day 39	5/18/2020				-									642,000.00	access for which service began before February 15, 2020
45	Day 40	5/19/2020				-									642,000.00
46	Day 41	5/20/2020				-									642,000.00
47	Day 42	5/21/2020				-									642,000.00
48	Day 43	5/22/2020				-									642,000.00
49	Day 44	5/23/2020				-									642,000.00
50	Day 45	5/24/2020				-									642,000.00
51	Day 46	5/25/2020				-									642,000.00
52	Day 47	5/26/2020				-									642,000.00
53	Day 48	5/27/2020				-									642,000.00
54	Day 49	5/28/2020				-									642,000.00
55	Day 50	5/29/2020				-									642,000.00
56	Day 51	5/30/2020				-									642,000.00
57	Day 52	5/31/2020				-									642,000.00
58	Day 53	6/1/2020				-									642,000.00
59	Day 54	6/2/2020				-									642,000.00
60	Day 55	6/3/2020				-									642,000.00
61	Day 56	6/4/2020				-									642,000.00
62	Totals		1,000,000.00	215,000.00	15,000.00	200,000.00	40,000.00	30,000.00	85,000.00	3,000.00	-	-	-	-


1
2	#	Lender	Contact	Title	Email	Website
3	1	CitiBank	Amit Shuker	Vice President, Relationship Manager	amit.shuker@citi.com	https://online.citi.com/US/login.do
4	2	JP Morgan Chase	Gaurav Suri	Relationship Manager	gaurav.suri@chase.com	https://www.chase.com/
5	3	Silicon Valley Bank	Director	Lindsey Guinn	LGuinn@svb.com	https://www.svb.com/
6	4	First Republic				https://www.firstrepublic.com/contact-us
7	5	BBVA				https://www.bbvausa.com/
8	6	Bank of America				https://www.bankofamerica.com/
9	7	Wells Fargo				https://www.wellsfargo.com/
10	8	TD Bank				https://www.td.com/us/en/personal-banking/
11
12		If your lender is unable to take requests or lend, consider trying a community bank.			Community Bank Lookup Tool:	https://www.icba.org/about/community-banking