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SBDC explains PPP for small business owners

Weekly Insights from
The Small Business Development Center at UNF
May 20, 2020

The SBDC’s are still working remotely. We have Zoom capability along with telephone meetings for our clients.
Thank you to everyone sending in your email questions. There was a common theme to many of the questions, it was the PPP.
Here is our weekly video. Click the image below to see full video…

 

So the major points to remember about the PPP:
At least 75% of the funds must be spent on Payroll- the remaining 25% can only be used for utilities, rent, mortgage interest (only-no principle).
www.treasury.gov -click on the COVID 19 red bar to get to the FAQs. The FAQs are located under the tools, Program Rules.
Banks have 10 days from loan approval to disbursement of funds (20 days if there were document issues).

Those of you that were able to receive a bridge loan, DEO has sent out a link for you to set up your Bridge Loan account in their system. The link is valid and you should complete the set-up.

The SBA is still only accepting applications for the EIDL from Agriculture businesses. They are processing them very quickly as well. Once it opens back up we will let you know.

Our Virtual Advisory Council will officially launch at the end of this month. In addition to our staff of experts, we will also have experts in specific industries available to assist our clients. This is a service that will be provided at no cost to you. If you are interested in having a small group of experts/consultants assist you with your business, please email us and we will put you on the waiting list.

We are also conducting many no cost webinars to assist your business. Please check our website often. www.sbdc.unf.edu

We will try to continue to give you updates as we receive them. If there are any questions you have, please email us and we will be sure to get them answered.

As always, we are here to help.

Sincerely,
Jodi
Florida SBDC at UNF in Nassau County-
904-530-6027 | [email protected]

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