SBA & Treasury Begin Unprecedented Public-Private Mobilization Effort to Distribute Funds
SBA Loans – What You Need to Know:
The SBA Economic Injury Disaater Loan (EIDL) and SBA 7(a) Relief Programs by Cohen & Co.
SBA Economic Industry Disaster Loan Information and Grant Options from LEAP
Here is a snapshot of what was covered regarding loans from the Small Business Administration:
- Just about every single business in the country will be deemed eligible – they did not want to answer specific eligibility questions on the call. They would prefer the business owner apply and work through the process with a loan officer.
- Size standards for a small business are the same as they are for a business to apply for an SBA loan in the first place – if you see slide 5 of the presentation there is a link to the SBA size standards.
- Most important thing to remember is that the borrower is not obligated to take this loan at any point during the application process – I would encourage you to have them apply while they work through other opportunities. If something else comes along better, they can stop the application process and not close on the loan.
- They estimate the current turnaround time to be 21-30 days, but ask for patience as this is an unprecedented time for their group as well. They have worked with areas affected by disaster since the 1950s, but have never dealt with one of this magnitude that has affected essentially every business in the country.
- Borrowers who own rental properties may be eligible! This will be huge for a lot of borrowers in northern Michigan.
- Borrower cannot list a PO Box – there must be a physical address.
- This program is not meant for agricultural enterprises – those business owners will need to use USDA or another farm service agency.
Please check out PowerPoint for more information: https://bit.ly/3bBXnxs
- SBA Disaster Loan Application – Webinar Update (March 26, 2020)
1. New access to online application: sba.gov/disaster
2. Estimate 30 days from application to funding
3. New site—-fillable pdfs, download, complete, save to desktop, sign, upload through box on sba.gov/disaster
4. If in doubt, apply and let loan officer assist client with what is needed or further questions
5. As of today, dropped credit score/worthiness requirement
6. As of today, dropped credit elsewhere questions, don’t have to prove denials
7. Applicant does not request an amount, describe to clients as an application for credit card—client applies, SBA decides the amount based on info client submitted and SBA will notify client
8. There is a process for reconsideration if client feels they need a different amount
9. Eleven month payment deferral—first payment due in month 12 after date of signing promissory note
10. If denied SBA loan, can ask for reconsideration and have 6 months to do so
11. No known minimum for $ approved
12. Client will get call from LO if more info needed. Otherwise, client will get approval notice with amount or denied communication
13. Having other conventional SBA loans, does make clients ineligible for disaster loan
14. Loans processed in order received
15. Additional forms on sba.gov/disaster. Clients can send with submission or wait to see if requested by LO
16. Complete SBA form P-019 with app
Small Business Administration (SBA)
Process for Accessing COVID-19 Disaster Relief Lending
Michigan governor announces new unemployment programs for workers hit by coronavirus pandemic
Employment Issues – Work Share Program
MI Unemployment and the Federal PSL/FMLA Options
We also have new clarification on the “choice” between the MI Unemployment and the Federal PSL/FMLA options as follows. They are not really “options”, but each was intended to address one of two business scenarios as follows:
- MI Unemployment option is for those business who were forced to close or reduce hours or layoff workers due to mandate. Direct employees to apply for it as usual on the UIA website noted in this resource: https://www.michigan.gov/coronavirus/0,9753,7-406-98163-521770–,00.html You are not charged for the unemployment IF the reason is due to an Executive Mandate.
- Federal PSL/XFMLA option is for those businesses that stay open, and have work available but employees who are unable to work due to need to attend to children home from school, are sick themselves, or need to care for someone who is sick (see other reasons in the slide resources). Use standard FMLA forms (as they are kept internally and not filed with the government) and note the COVID19 reason as the need for leave: https://www.dol.gov/agencies/whd/fmla/forms and follow the rest of the expanded mandate on that. Reimbursement will be through direct tax credits. See DOL notice
https://www.dol.gov/newsroom/releases/whd/whd20200324 and IRS notice
LANSING, Mich. – Home Builders Association of Greater Lansing (HBA) publicly announced on January 8th, 2020 that HBA has appointed Brent Forsberg of T.A. Forsberg Inc. as the 2020 President of the association. Brent Forsberg has been an active member of the association both Locally and Nationally for 22 years.
“Brent is the right leader for HBA,” said Cindy Kosloski, Chief Executive Officer of HBA. “Brent’s real estate background and his significant experience should help HBA to grow and help members to enhance their networking.”
“I appreciate the confidence bestowed by the membership in me to be the 2020 President,” said Brent Forsberg. “My 2020 vision is to promote our industry in the region. All the HBA members are the key to making that happen. This is going to be a great year for the Lansing Region. The HBA is excited and proud to help people create the best experiences in how they use their homes.
More information on the HBA website at hbalansing.com.
# # #
Suite 2, 2945 Jolly Road – 3,840 sq ft – $11.50 p/sq ft
other units available ranging from 1,500 sq ft.
For more information or to view the property please call 517.349.9330
In celebration of Manufacturing Day 2018, The WILS Morning Wake-Up w/Dave Akerly kindly hosted T.A. Forsberg, Inc. President and CEO Brent Forsberg. During their chat, the two discussed the importance of manufacturing in the capitol region, and how “the Community Developer” is hard at work to breathe life into a one-of-a-kind multi-use manufacturing centric development, unlike Lansing has ever seen before.
For more information click here.
T.A. Forsberg, Inc. President and CEO Brent Forsberg drops by Fox 47’s The Morning Blend to speak on what makes a great city and what residents of Lansing can do to become advocates for the great things happening in their own backyard!
For more information click here
There is no shortage of potential for the city of Lansing’s downtown area, but where exactly should residents, developers, and officials be focusing their efforts to bring our urban core to new heights? T.A. Forsberg, Inc. President and CEO Brent Forsberg shared his thoughts on just that with the Lansing State Journal.
For more information click here
President and CEO Brent Forsberg join The WILS Morning Wake-Up w/ Dave Ackerly to discuss the upcoming development planned for an Eaton Rapids-based Tembo Village: where he is turning an abandoned trailer park into something very exciting!
For more information click here