PWChamber Alert 2020
PWChamber ALERT 2020
SBA Disaster Loans (EIDL) Webinar
Monday - March 23, 2020 2pm-2:45pm

The  Virginia SBDC  network is hosting a webinar to review the application process for SBA Economic Injury Disaster Loans (EIDL) available for Virginia small businesses and non-profits.


Meeting ID: 606 202 441
Phone: 646 558 8656

If you have questions or need assistance, email our team at  [email protected]  or call 703-792-5510. We will continue to bring you more information and resources as and when we receive them. Please do not hesitate to contact the  Department of Economic Development  for help.
Support of Local Restaurants

It's the weekend, and we all know that we need to practice social distancing, but did you know that many of our local restaurants in the Region are still open and taking orders?

Please click on the buttons below to help support our local restaurant industry. Many locations are offering pick-up, delivery and curbside options.
Members Helping Members

If you are a businesses providing a service or discount that can be offered to other Chamber Members, please let us know about it so we can share it with our membership! Click the button below to email us for more information on the service being provided so we can share it with our members
Resources to Help Employers Respond to Workplace Issues From COVID-19 (Corona Virus)

Thank you to our friends at Vanderpool, Frostick & Nishanian, and especially Kristina Spitler, for putting together an article for employers on how to respond to workplace issues stemming from the COVID-19 Coronavirus. Below click on the button below for more information.
SBA Declares Virginia an Economic Disaster Zone
& Disaster Loan Information

NOTE: Should you have any questions regarding the loan, or to schedule a virtual counseling session via Zoom, please send the Mason Small Business DEvelopment Center Team an email at [email protected]  


SBA LOANS

Applicants may apply online, receive additional disaster assistance information and download applications above. Applicants may also call SBA’s Customer Service Center at  (800) 659-2955  or email  [email protected]  for more information on SBA disaster assistance. Individuals who are deaf or hard‑of‑hearing may call  (800) 877-8339 . Completed applications should be mailed to U.S. Small Business Administration, Processing and Disbursement Center,  14925 Kingsport Road, Fort Worth, TX 76155 .
 
For a detailed explanation of SBA’s Disaster Loans, please see SBA’s Three Step Process Factsheet. That can be accessed above.
 
Items Required for Applications
1.       Loan application (SBA Form 5), completed and signed (this is electronic/online in the portal). To see what the form looks like, an example can be found here . 
2.       Tax Information Authorization ( IRS Form 4506-T ), completed and signed by each applicant, each principal owning 20 percent or more of the applicant business, each general partner or managing member; and, for any owner who has more than 50 percent ownership in an affiliate business. Affiliates include, but are not limited to, business parents, subsidiaries, and/or other businesses with common ownership or management.
3.       Complete copies, including all schedules, of the most recently filed Federal income tax returns for the applicant business; an explanation if not available
4.       Personal Financial Statement ( SBA Form 413 ) completed, signed, and dated by the applicant, each principal owning 20 percent or more of the applicant business, and each general partner or managing member
5.       Schedule of Liabilities listing all fixed debts ( SBA Form 2202  may be used)


KEY POINTS TO KNOW

  1. Loan amounts are available up to $2,000.000 and will be provided in the form of term loans only, no lines of credit.
  2. Purpose is restricted to working capital only. Funds can be used to make existing debt payments, however, cannot be used for payments to federally insured loans (existing SBA loans), for existing federally insured loans, the borrower must request a payment different from their respective financial institution. Business expansion; equipment purchase or funding prior year losses are not eligible uses. 
  3. Terms up to 30 years with NO prepayment penalties.
  4. Interest rates are 3.75% fixed for eligible for profit businesses and 2.75% for eligible nonprofit businesses (please refer to the PowerPoint for business type eligibility).
  5. Loans up to $25,000 do not require collateral.
  6. For loan amounts over $25,000 the SBA will place liens on available collateral including but not limited to business assets and real estate, however, no consideration will be given to the value of the collateral nor the position (second third or fourth lien).
  7. All fees for such loans are waived with the exception of pass-through expenses (lien search; recordation etc.)
  8. Current estimated timeline for processing is 18 – 21 days for a decision to be made, 30 – 45 days to close and fund.
  9. Loans will not be automatically approved, basic underwriting will apply and the company must be able to show ability to repay the debt on a historic basis.  
Business & Employee Resources
For more information on the status of Coronavirus in our region, we have provided links below to the CDC, Virginia Department of Health and Prince William County and the City of Manassas. These links also provide helpful information on how to plan, prepare and understand the virus.
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