Paycheck Protection Program Updates
Amber Faist (00:00):
Hello. Good afternoon. My name is Amber Faist. I am the program manager at the Oregon Native American Chamber. I'm an enrolled citizen with the Coquille Indian Tribe. And I'm joined here today with Noah Brockman from the SBDC. Um, Noah, would you please introduce yourself?
Noah Brockman (00:19):
Yeah. Hey, great to be here, Noah Brockman with the Oregon SBDC network and I lead the capital access team. Uh, we help business owners. Um, well these days navigating all the different pandemic stimulus programs, you know, outside the pandemic. Generally we work with business owners on, um, planning out and connecting with access to capital and helping them get ready.
Amber Faist (00:45):
Perfect segue. So today we'll be talking to Noah about, um, the remaining PPP. Um, just to note today is May 13th 21. And so, um, yeah, Noah, if you want to go ahead and talk to us about what it looks like for the remainder of the PPP and what we all need to know so that, um, you know, businesses that are still looking to access this, have the best information moving forward.
Noah Brockman (01:12):
Sure. So over the weekend, uh, we heard that banks were spent out on the PPP. And so for those small businesses that still want to get a PPP loan, the place to go is the local CDFI or community development finance institution. Now we still have some local lenders across Oregon that are CDFI's um, that are still participating in the PPP program. And I'm just going to list them off real quick. Um, so throughout all Oregon there's Central Willamette Credit Union and central Oregon, there's the Mid Oregon Credit Union, uh, and, um, Eastern Oregon, there's Old West federal credit union around Baker City Prarie City, uh, John Day. And then there's a couple of regional lenders, the Rural Community Assistance Corporation, RCAC, they cover Oregon and then SBA has a, uh, a lender connection tool on their website at sba.gov. It's called the lender match SBA Lender Match Program. And so if somebody, if they couldn't find a CFI, they could just go to the vendor match and put in their business and where they're at, and it would hopefully connect you with a CFI still lending in PPP. Now, um, the program theoretically runs through the end of may, and that's assuming the funds still hold up and are available for first round for folks who haven't gotten one or second round PPPs for those who haven't gotten those yet, but we'll see, um, CDFI, CDFIs, uh, or the place to go for business owners right now. [inaudible]
Amber Faist (03:04):
Awesome. And, uh, just a reminder, if you're looking for the links, um, for all of these resources, um, there'll be in the resources section of this recording. Um, so we will link those credit unions there. Um, Noah, with your understanding and probably like inside knowledge, um, would you say that, you know, the funds are running out pretty quickly and that if somebody is still interested in getting PPP, like today is the day, uh, to make sure you're engaging in that way?
Noah Brockman (03:35):
Well, um, you know, if folks are thinking about it, they should definitely jump on it. You know, I wouldn't, at this point, I certainly wouldn't wait around or capitulate too much. Um, yeah, now's the time. And, uh, for those who've already gotten their PPP loans and their, especially their, um, their around to PPP loans. And they're thinking about, um, loan forgiveness, and, you know, maybe worried because they, they haven't heard from their lender yet about that. Eager to get started with the process of loan forgiveness, um, on, uh, April 28th, the SBA put a notice out to their lenders that they were opening up the SBAs forgiveness platform, um, for banks to go in and start, um, getting ready to access that platform, um, so that they could then turn around and work with their borrowers, their, their customers to submit PPP loan, forgiveness applications for Ram too.
Noah Brockman (04:43):
So just know that that's probably around the corner and some banks who are, you know, a little more plugged into the SBA backend infrastructure may be a little faster on that process while other banks, maybe the smaller ones may have to, um, work a little harder to get plugged in there. But, you know, for this one, because this will be the second round of forgiveness loans, they've probably got a good flow going from the first time. So if folks haven't heard yet from their bank about loan forgiveness, uh, I wouldn't fret. And I would just kind of, you know, if you feel like reaching out to your lender, asking them what the status is, go for it, but just know that when it's time they're going to be reaching out to you. Okay,
Amber Faist (05:29):
Great. And just for clarification, so the PPPs that are still in existence right now, are they for round one and round two?
Noah Brockman (05:37):
Yeah. So if, if someone, you know, operates a business and they chose not to participate in round one initially and have been thinking, Oh, maybe, maybe I should, it's still, they still have that opportunity. And for those who've already done round one, but haven't done round two yet. There's still time.
Amber Faist (05:58):
Yeah. And, you know, we have the tax deadline coming up. And so, um, what does it look like for businesses that are taking a loss to apply for PPP?
Noah Brockman (06:10):
Well, um, if you're taking a loss, um, you know, you're probably gonna meet, uh, the requirement that you show that your, um, current year quarterly earnings are at least 25% less than previous year, same corner. So that might, I guess, help your PPP application. I mean, most people would rather be in the black as opposed to in the red. So would probably be a better situation to not even be able to qualify for PPP, not having a loss, but in this case, there, there might be a silver lining.
Amber Faist (06:52):
Well, great. Um, you know, I, I think, you know, you've answered a lot of my questions around the PPP, but if anybody else has any questions and, you know, wanting to get in touch or reach you or a member of your team or the SBDC for that matter, uh, what's really the best way for them to engage.
Noah Brockman (07:10):
Yeah. So, um, we can always be reached online with a new client inquiry and, um, I'm sure we can provide a link to that, but generally our website for the capital access team is, um, Oregon SBDC, cat that's C a t.org. And if they navigate over to the top right corner of the page, it says start here. And, um, they just click on that indicate which region of the state they're in. And, um, just tell us a little bit about yourself, your business. We get that form and then a regional capital access team advisor would then reach out and set up a call. Now we can't do just one off phone advising, like someone calls us out of the blue and have some questions we'd love to, but we ha we also have this requirement as part of, um, as a service provider, um, contracted by SBA. We have to work with clients that are registered in our system. So it just takes a minute to register. Um, that's usually done online and to register as a new SBDC client, they go to Oregon sbdc.org.
Amber Faist (08:27):
Great. And then just as one more reminder, so if there's anybody out there watching this video and just have some kind of general questions just wants to reach out by phone, um, ONAP is available to help you and assist you in navigating resources. We can, you know, get in contact with somebody from the CFI assist with your application process. Um, and, uh, you can contact us on our website. Oh, and acc.org, backslash TA. Um, and then, um, we also are available by phone and email. Um, so, and all that information can also be found on our website. Oh. And acc.org. Um, I don't have any more questions, so no, thank you so much for joining us today. Um, I really appreciate your time and expertise and, um, yeah, just sharing your knowledge with, uh, all of our viewers,
Noah Brockman (09:22):
Happy to give a little PPP update. You know, I think this may be almost the last one on that program, but we'll see. It's, it's been full of surprises along the way.
Amber Faist (09:32):
It's been a long year of changes and adjustments as all right. Well, thanks so much. Thank you.