At the Clatsop SBDC, we are here to help your business.
Getting ready for Round II of SBA Funding
As you have likely heard, last week the Payroll Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program ran out of funds. This week, Congress is expected to allocate additional funds for these two programs with an emphasis on the PPP, which is designed to help the greatest number of businesses.
What 5 things should you do right now?
1. Get your 2019 bookkeeping and taxes completed 
Need help? Register for the FREE QuickBooks Online course offered through the Clatsop SBDC. Register for QuickBooks for All Levels

2. Get ready to apply for PPP 
Read the 6 steps you should take below

3. Actively explore alternative funding 
Check out the list of funding options listed below

4. Don’t lose focus on your customer (even if you can’t serve them right now)

5. Talk to an SBDC Advisor 
Schedule a free and confidential appointment with an SBDC Advisor by phone at 503-338-2402 or by email at  [email protected]
6 Steps to Prepare for Round II of Funding
If you have not already received PPP funding and need to apply, here are a few important things to consider in this process:  
1. Get in line quickly. The funding for this program is limited, and we encourage businesses to their applications in as soon as possible.

2. Talk to your bank about what they plan to do. Many lenders are capped and have allocated the maximum amount allowed, and if you can’t find someone to help you, let us know at the SBDC and we can help guide you. There are some online lenders that are currently still taking applications in preparation for the program to open again, but make sure you know who you are dealing with and read the fine print.

3. Be specific with your lender. This program has two primary steps when you apply: (1) your lender will review and process your application before sending it to the SBA, and (2) the SBA will review your application and allocate the funds. It is important to know where you are in this process. Ask your lender where you are in this process.

4. You are only guaranteed to receive funds once you have a PPP number assigned by the SBA.

5. Remember: there is a lot of information about the PPP and EIDL programs out there, and not all of it is accurate. To make sure you have the best information, talk with an SBDC adviser. 

6. There are very specific ways this funding can be used if you are expecting to receive the maximum allowable loan forgiveness. SBDC advisers are here to help make sure you know these rules and can maximize the benefits from these programs. 
Alternative Funding Sources 
The Employee Retention Tax Credits: You can be eligible for payroll tax credits if you keep your employees on payroll, if you paid COVID-19-related sick leave for employees, or if you had to suspend operations. Talk to your CPA to see whether you qualify for this. 
  
SBA Express Bridge Loan: You can borrow up to $25,000 for disaster-related purposes from an approved SBA lender you have an existing banking relationship with.
 
Google Ad Credits: Google is providing  ad credits to small and medium businesses  that advertised on Google in 2019. Credits will be added automatically. 

Industry Support: Make sure you subscribe to/follow your industry organization’s communications for alerts on offers, grants and specialized support 
 
Federal Stimulus Checks: The federal government is providing up to $1,200 to eligible individuals. You can check the status of your payment at the  IRS Get My Payment site . 

Unemployment: Self-employed individuals and independent contractors are eligible for unemployment benefits if they find themselves unemployed, partially unemployed, or unable to work due to COVID-19.  Oregon’s Unemployment department is working on a self-employed application process. Check here  

Private Lending:  Banks, merchant processors, and other private lenders may offer lines of credit or other lending options. But the terms won’t be as favorable as the PPP and EIDL.  

Talk to an SBDC Advisor

To schedule a free and confidential advising session, call 503-338-2402 or email  [email protected] .

Note: At this time, all advising is remote via zoom or phone.

Clatsop Small Business Development Center
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We are here to help your business.

Our services are designed to help business owners and operators in all stages from start-ups and businesses in their first year, to mature business looking to grow. Our services include free and confidential business advising, monthly workshops and seminars, and the Small Business Management Program.
503-338-2402

In Seaside
CCC South County Center
1455 N. Roosevelt, Seaside, OR

In Astoria
CCC Lexington Campus
1651 W. Lexington, Astoria, OR
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For more information, visit bizcenter.org/clatsop
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