 Good afternoon, everyone. We're going to get started in just a minute. Just let people start, continue to log in. We're going to go ahead and get started. Welcome, everyone. Today, we're going to discuss what you need to know to access the economic injury disaster loan. My name is Aisha triggers. I'm with the city of Columbia. I'm the office of business opportunity. I'm the program administrator. Also from our office we have on here. Collina again yard. She's responsible for our supplier diversity and she also assists with the compliance programs. Collina will be watching the chat to ask any questions that come up so you can just type those into the chat and we'll also give time towards the end if you would like to ask your question. We asked that you please keep your microphone on mute until the end. I want to go over a couple of things regarding our office before we get into our presentation. On behalf of our director Melissa and learn we do welcome you and we hope that you find this training very helpful on one of the items I wanted to mention was the city was a recipient of funding from economic development administration under the cares act. We've almost completely exhausted those funds but we do anticipate that through the American Rescue Plan act of 2021 that was recently passed that we may receive additional funding. So be on the lookout for any information regarding that and eligible uses for that fund. Also you may be aware that the house passed a bill to move the PPP application deadline from March 31 to May 31 so right now I believe that deadline is still March 31 but we anticipate that that may be extended. Regarding our office we have three separate areas that we're primarily responsible for one is our commercial lending. We offer financial assistance to start up and existing businesses for growth expansion retention and the creation of new jobs. We offer also offer assistance in the redevelopment of the commercial corridors funding is only available to those businesses that are located within the city of Columbia limits. However, our other program areas are open to any business that is interested in working with the city. We offer contractor and supplier diversity programs, which include training and support for city initiatives designed to increase the local contractors capacity to compete for government contracts and other procurement policies. It's really important to the city that our procurement reflect the diversity of our great city, and we do that through subcontractor outreach, mentor protege, local business enterprise and the Columbia Disadvantaged Business Enterprise. We'd be happy to share with you any additional information regarding those program areas. If you contact our office. Our technical assistance education and advocacy area, which provides business development assistance and courses for startups and existing businesses that are looking to grow and expand. Some of the topics we cover include marketing, the use of social media, business plan development, finances, legal issues and more, we're always looking for opportunities to share this very important information with our small business community. So if there are any topic areas that you are interested in learning more about please contact us and we'll see if we can provide a training for that. Here's our contact information, although our physical office is closed you can reach us by calling us. You can call us at 803-545-3950 or you can email us at obo at columbia sc.gov and we will get back to you as soon as possible. Now I want to introduce our panelists. Mr Tony Grant and Mr Hamilton Grant. Bank of America Bank of America for years Mr Tony Grant form grant business advisors, also known as GBA, a strategic and financial advisory firm for middle market and small business companies, churches, for profit, and not for profit entities. He has spent the last 19 years as a business owner providing coaching, strategic and financial advisory services. During Mr Grant's entire 40 year career he has successfully directed business advisory activities to arrange and coordinate over $1 billion in commercial financing and commercial projects for national, regional and local organizations. Mr Grant currently serves as president for GBA. For over 10 years Hamilton has worked with the company in a leadership role. He is responsible for many of the financing projects for the company. Hamilton works for clients to understand your financial needs and develop solutions. So I'm pleased to welcome Mr Tony Grant and Mr Hamilton Grant. Thank you so much for being with us this afternoon. This afternoon as discussed dad and I will be talking about the economic injury disaster relief disaster loan program, excuse me. This is a very important piece of information. We hope to share with you we look forward to engaging in some dialogue and some question and answers. As noted before, if some questions come up if you would put them in the chat as our partners and friends will help us get to those and we'll make sure we'll try to answer as many questions as possible. So with that we'll go ahead and get started. Alright, so what is the EIDL so in response to COVID-19 small businesses small agricultural cooperatives and most private nonprofits, located in declared disaster area, which have suffered substantial economic injury may be eligible for these SBA economic injury disaster loan. So this is an SBA loan. So the purpose of this is to meet financial obligations, operating expenses that could have been met, but we're not met because of the disaster, which is important and so really this loan steps into place of saying hey, we could have met these obligations and these accomplishments and these goals, but because of the disaster we had limited resources and we're not able to fulfill our duties at the best of our abilities. The loans come with terms, one of the terms is 3.75% interest rate for businesses which is fixed. And if you're a nonprofit is that 2.75, which is again fixed. These fixed interest rates are for 30 years with no prepaid penalty or fees, which is awesome. What that means is, if you take on this loan and this responsibility of getting this loan, if you decide to pay it off early, you're not penalized for that, which is different from some several other different loans in different loan money processes where you could be penalized for paying off the loan early. So this is really good in that extent. Your use of proceeds, which is very important. Last week, when we discussed the PPP, we talked a lot about what you can use PPP for, and then we also highlighted what you cannot use it for because what you cannot use it for can get you in trouble. We don't want to get anybody in trouble. So the use of proceeds is for working capital and normal operating expenses. So some examples of that will be a continuation of health care benefits for either yourself or for your employees, paying rent, if you're a leasing situation, utilities, or fixed debt payments. So that's very important to know that what you can and cannot use it for your collateral requirements for loans over 25,000. Small Business Administration uses a general security agreement, also known as a UCC, which designates business assets as collateral such as machinery, equipment, furniture and fixtures and etc. So is it forgivable with an EIDL loan? Yes, but an EIDL loan advance. So advanced funds have been fully allocated but are not currently available. So that is something important to note and to watch as we move forward with this process. Hey, Hamilton, let me let me just interject here. EIDL loans are not forgivable as we and but the EIDL advance is. And the other point that I want to note as well is for loans that over $200,000 for EIDL, the SBA will require your personal guarantee. Thank you. As we move forward to the next slide, please. All right, great. Thank you. So, who is qualified for this? Small business owners and qualified agricultural businesses in all US states and territories are currently eligible to apply for the low interest loan due to COVID-19. The agricultural businesses with 500 or fewer employees are now eligible as a result of the new authority by our Congress in response to the COVID-19 pandemic. The agricultural businesses include those businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and agricultural related industries, which is defined by section 18B of the Small Business Act. And so your EIDL loan eligibility and loans are approved again by the Small Business Administration. And so with that, as we move forward, I'll turn it over to Tony Grant as he goes into further details on how the process is streamlined and the application process. Okay. I think there's a question. And the, I see there's a question in the chat about if you got the idea from our good friend, Ms. Lissette Lewis Ellis, requesting that we got EIDL. You can request an increase up to $150,000, but you can request an increase on your EIDL that obviously you'd have to justify it, but in the application you have to write increase and request an increase for your EIDL loan. And I'll be monitoring the Q&A portion of the questions. So if anyone has any questions, I will be monitoring them. The chat is disabled, but you can put your question in the question, the answer button in the chat and we'll respond whenever. Okay. Fantastic. So, thank you very much. I'm extremely grateful. We are extremely grateful to the city of Columbia. Just a little background on our company, a five minute plug, five second plug. Hampton and I, and as Ms. Ms. Trugas has stated, you know, we have commercial and small business background, you know, I ran Bank of America small business background for North and South Carolina. And small business lending platform. And I ran the commercial lending platform here in the city of Columbia for, for Bank of America. And also on a national basis, I was a chairman of the asset quality review function for the corporation and I was president of Multicultural Banking for Bank of America Corporation. I just wanted to share that in addition to this experience, what we bring to the table is commercial and small business lending experiences to the table. I'll be next slide on page. Four, I believe. Three, four. Yeah. The streamline process go back to the other page with your online application, the streamline process. And I apologize that this is this is not very legible. I apologize for that but what I wanted to give you a feel for is with EIDL. It is an online process, meaning you'll have to go to the SBA site or other sites to access the application, but it's a direct form that you will pull down, fill out and complete online and submit online. From PPP. All of us and those of you who are familiar with both recognize that with PPP you completed the application, and it was actually submitted by bank. In this case, this is different. So I wanted to make certain that you know where to access these applications so that you may fill it out and complete the application online through the online process. Okay. The next question. So if you look at eligibility entity verification. So it says applicant is a business with not more than 500 employees. And so there are some thresholds. So want to make certain that you're conscientious and knowledgeable of those thresholds that you can have to complete with those thresholds and with this online process, you know, the first section you choose one, the next session, you'll have to choose all of them. And I didn't put all the all of these online verification or the online application, but I did want to go to the site and so that you can have some idea of what's required. If you go to the next slide please, they'll get more in detail about your application business more business information business revenue cost of good soul. In some cases. And I'm going to do a comparative analysis. If you look at PPP PPP requires you to provide some documents depending on which approach you are going with. So if it was a total net income approach, then one set of documentation schedule C. If in this case, when you complete this application, you will complete the application and immediately it'll tell you what you might be eligible for. That does not mean you're approved. But it may it'll come back and say here's what you may be eligible for, based on what you submitted thus far. They will assign you a loan officer. That officer will communicate direct with you and they'll send you information to sign up for a portal. Into their portal, it will tell you that you put in the username you put in an ID, and then they'll communicate with you that way. If you have questions there's a toll free number for you to call the very final questions. In fact, let's go to the next page and just more of the application process, but go to page seven. So again, you receive a loan quote of what you're eligible for. It's an estimate. It doesn't mean it's approved. And you know after that needs to choose loan amount up to this maximum. So even though you're approved for 50,000 you may say, well I don't want 50,000. I just want 30,000. That is what you will you will select although you're approved for a higher amount you don't have to take all of it. Okay. The loan officer again reviews your application for the completeness, and then they will may or will contact you if it's more information. I've been told that in addition to schedule see they may just as you send them a copy of your 2019 tax return. Your full return. Don't be surprised. If you're asked to do that, and they may require you to do that. And that is in their final decision in process. And so they'll tell you what they need and what additional documentation that they need. And it says to you that number four they'll make a decision. They'll tell you whether it's approved or declined. We'll talk about that. But the email is sent to you. And you'll be asked to choose the loan amount and then sign the loan documentation. And then you'll download a copy for your records. Nevertheless, I do want you to know that that decision in process. Even though you see the quote that amount has not been finally approved. And so you should keep that in mind. If you go to the next page, the, if you're declined. Here's some of the things that you could be declined for. And again, unsatisfactory credit history, unlike PPP. PPP was an emergency situation. And based on that, in order to receive PPP, they did not pull your credit history. In addition to that, it did not go to underwriting. Okay. And so in this case, the fact that it's assigned to a loan officer there is an underwriting process credit history has been pulled. And they will make some determination from that. So that's the difference between the two programs. One doesn't because there's emergency and PPP, and the other does. They may have information that they can't verify. And again, you have a timeframe to respond. You've got to respond within seven days for the request for additional information about a loan officer. And if not, your application could be declined. You obviously can come back and ask for reconsideration and to reactivate your application. But the whole effort is to get the money and get it out fast. And, you know, again, they're working on your file. They give you seven days to get the information back. If you don't get it back to them, they're going to the client. You may go back and ask for it to be of reactivated. Or there's a process for having the client applications reconsidered, but understand that, you know, there's a timetable, and their effort is to respond to the timetable and respond to those businesses. The other point Hamilton said earlier, but EIDL loans are available for nonprofit organizations, including churches. So what we want to make certain that we all understand that it's for profit and not for profit. And even in the pricing structure, the not for profit interest rate is 1% below what the for profit interest rate is. For profit is 3.75% fixed for 30 years. And the not for profit is 2.75. So someone can say, Well, I don't need all this money for all this year and paying that if I get $50,000 and I pay it off over 30 years. I paid that loan back, you know, four, five, six, seven times. And the consideration is that you don't have to you can prepay it at any time. And so you could borrow the funds on a loan of, and I ran some numbers for some calculations for you, but we'll get to those in a minute but prepay the loan at any given time. Okay. Other reasons for that plantations. You may be ineligible as a non US citizens. You must be a US citizen. And there's some other things that you refer to standard opera procedures, operational procedures in the sections there. And those activities may not be eligible. And then your academic injury may not be substantiated. And then there could be character reasons. So just look through those. The SBA website is phenomenal. Because it gives you so much information, so much data. They've done a phenomenal job with the question their questions and answers. They've done a number of Q&As from so many different perspectives. It really is a well thought out in my opinion. The SBA website that answers a lot of questions, and there are a lot of Q&A's questions with detailed information about what to complete how to complete it. And so I could be in the SBA for the work that they've done there in anticipation if you will. Now, I also want you to be aware that there are different types of idea loans. We're just speaking specifically about the COVID-19 EIDL. There are non-COVID EIDL loans. So you want to make certain you're specific in terms of what you are requesting. In addition to that, there are different types of EIDL loans as I mentioned. There's the EIDL loan from the perspective that we're talking about. But then there's a targeted EIDL advance. And then there was an EIDL advance that's closed that's now moved into what they call, and this is limited eligibility, a targeted EIDL advance. And so you say, what's the difference? Well, one, the targeted EIDL advance. This is an emergency grant that provides working capital to businesses and non-profits located in a low income community. And you suffered a reduction in revenue of greater than 30% and have 300 or fewer employees. Okay, so keep in mind, there's a distinction of a non-COVID EIDL, EIDL, and a targeted EIDL advance. Make sure you understand the difference between all three of them and that you are aware of what you're asking for. Additionally, when you are approved for an EIDL, they will, you know, once the decision is made, the SBA will contact you, they will let you know your loan has been approved, and they will wire the proceeds, the dollar amount, to your business account. You know, they will ask you for an ADA routing number, an account number, and then sometimes they may ask you for a copy of a voided business check. But again, they will get those funds to you. In addition to that, the payment structure, there's an automatic one-year deferral. So if you got the loan in 2020, your first payment wasn't due until one year later. If you got it in 2021, your first payment isn't due until 2022. All EIDL loans that are approved in 2020 that had a one-year automatic one-year deferral, those deferrals have been pushed out into 2022. Okay. Questions? I'll stop to see if there are any questions at this juncture. Yes, Mr. Grant, we got a lot of questions in the Q&A, and I'm going to start in the order as they came in. The first one is from Michelle Priester. She wants to know, is the EIDL loan available to businesses that started in late 2020? The PPP had a cutoff of February, which disqualified our business. I think that, I think you're okay while we're talking about our research set and come back to you. But I do think that you may be eligible. I'll say may, and I'll come back and confirm that. Okay. All right. The next question is from Pat. The IRS is behind in processing taxes. The SBA is requiring the 2019 taxes. Is there anything else we can do to be approved for a loan, but the IRS transcript is not available yet? To me, that means they haven't filed 2019 taxes. So you must have filed 2019 taxes in order to be considered for an EIDL loan. If you haven't filed 2020, that's one thing. That loan officer may ask you to send a copy, and that may be the reason why that if they don't look at the, can't get a copy of the transmittal, they may ask you to send them a copy of your tax return when you sign it and send it in. Yeah. If I could jump in because that's very important. As noted, there is a huge backlog with taxes being filed or being processed. So what that basically means is if you filed already sending your information, but still don't have a transcript on the IRS website, is nothing that you've done is just the backlog is that great from 2019. And they're anticipating a backlog in 2020 as well, which is why they pushed out the deadline to submit. What I would recommend is talking to your lender, if you already had them filed with a CPA and they've prepared it for you to see if your lender will take that prepared copy, noting that the IRS is having an extreme backlog. Some lenders may be open to that some may not be. I think it really just depends on who you're speaking with and their knowledge of understanding the unfortunate circumstance that the IRS has a lot of us in. And in this case, when he says the lender, the only lender in this case is the SBA. And so that that SBA loan officer, if they're trying to get a transmittal they aren't able to get it but they want to be responsive to you, and they may just ask you send them a copy of the return. Okay. All right, the next question is from Shaniqua Green. She wants to know how can you resubmit an application for reconsideration. I was denied because I did not show a loss. I was confused by the questions regarding the good soul. Okay, so there is a process for where you've been denied. And if you go to this SBA site, there's a, it says after a certain period of time if you've been, your application is declined, you have up to six months to request reconsideration. That deadline approaches December 31 2021. Okay, and to do that, you have to email an email address is P as in Paul, D as in Dr. C as in Kat, R as in Robert, E as in Echo, C as in Kat, O as in Oscar, N as in Nancy, and S as in Sam. And I'll give that information to to Miss Kalina, or Miss triggers and will post it, but you can, you've got up to six months to ask for reconsideration. Or you can send a letter to the SBA administration asking that they reconsider your decline application. And, and they will do that but in that you've got to include your business name bars name tax ID application loan number that loan officer, when they communicate with you, they'll give you a number. I tell you, here's your number, your, your loan number or your application number, but they'll give you all of that. And you have to request in a letter, why you want to be reconsidered. And Angela brutal with South Carolina district of the SBA office. She put some information in the Q&A as well she did put the email address in there and again that email address is P as in Paul, D as in Delta, C as in Carolina that reconsideration at sda.gov. And she also said that your business must have been in operation as of February 2020 in order to apply for EIDL. Right. That's what that's what I was researching and thank you. Okay, the next question is from Ed wants to know, I received notification that my idea alone has been transferred to the US Treasury. Is that correct or is that efficient scam. Well, it would depend on who the, who it came from. There's a lot. There's a loan number. There's a said once you hear back from the SBA on your application. There's a toll free number to call. And so I would call that number. And then loan officers name provided. They will get that to you. And then ask them if you are uncertain. Recall and ask before you take any actions on that, and they will tell you that it has been transferred or it hasn't been transferred. But that's what that's what you're able to do and they're very, they're very proficient and getting back to you. So they will get back to you. You know, about whether would it has been transferred haven't heard about that, but nevertheless doesn't mean it doesn't happen. Okay, this is the last last question from M Williams. This may be she wants to know, I did the LLC and open a bank account to start a business in 2019. The prices are trying to secure start up capital but have not done so. Is the idea alone in opportunity is the idea alone in option I will be eligible for. Yeah, keep in mind that with the idea application you've got to demonstrate their questions about your business. There will be questions about the operation of your business. So if you open up the account but did not go in the process of providing business and business services. It's kind of hard for me to understand why you would want to apply a while you while you would apply if there's no revenue that you've already generated. I wanted to help you as startup capital. It's there to assist small businesses that have been in operation that have have been impacted by the coronavirus. So again, don't want you to misconstrue it it's not set up for free money, you got to pay it back. And the addition of that. No, it's and it's for working capital. One of the needs, but working capital and some of the other business needs. You know, again, you've got to demonstrate with your tax return that you've generated some revenue, and you generated some income from your business. When you started that business but didn't generate any revenue as a result of starting that business, then it would be hard. I would be hard pressed to see how you would apply for EID alone. Again, that's just on the surface. I don't know what the additional parameters are, but nevertheless that would be my response to you. And again, not to misconstrue what the program is, is to help those have been in business. And if you've just opened up the account is one thing, but if you have. And that could be a something that may be difficult to to accomplish accomplished. Okay, and we got one more question. Okay. I have a personal question about EIDL. I received on February 25 2021 something saying I could apply for EIDL again, provided I did not receive the $10,000 so I applied again, and they said I was approved for $5,000. I received $5,000 back in July. I have signed along authorization but have not heard from anyone. So, who do I need to speak to regarding that issue. All right, there is a number that you can call a customer service number. And let me give it to you. And this is their customer service center is 800 659 2955 800 659 2955. And if they are hearing impaired. The number is 800 877 8339. Okay, but the service center would be a place I would start mentioned to them what your what your issue is. And then they will, they will get back to you but again they've been very proficient and you got to imagine what's going on the SBA. You know all of a sudden their lives have been redirected. They've got to get their money, and they got to get it out the door. And so but that I mean I think they're doing a fantastic job people are receiving their money in a very timely manner they're working on the weekends. You know, so it's it's very very, you know, my hats off to to SBA. So that's all we have for right now and if there are any other questions that were not answered please put your answers in the Q&A question and we will address those questions when we get Mr. Grant ready to answer them. Hey. Next slide please. One of the things I did is and I'm showing the difference in payments. You know this is a 30 year loan. So I did different option one I use if you got 25,000 35,000 50,000 75,000 100,000 so I use different dollar amounts to give you an idea what your monthly payment will be. Now, this is a suggestion. I don't want anybody think that this is the exact. The. There is a note process that you will sign that you will have to you'll have all the particulars of what your note says. Okay. Keep in mind that this is a the just an idea or suggestion. The loan amount is is 25,000. If it's for a for profit business interest rate at 3.75 30 year amortization, your payment is $115 and 78 cents. So 35,000 same particulars 375 interest rate and 30 year am that payment goes up to $162 and 9 cents and 50,000 is 231 5675,000 is 347 34 and 100,000 is 463 12. I wanted to just give you some idea of what the payment structure will look like. Keep in mind there's a one year deferral. And you'll get a letter from the SBA and advising you when your first payment will begin and you can write a check or go online and pay online. You know they they've made it very user friendly for you. But, but nevertheless, that process is included. And it's a user friendly process. If you look at the next slide. And it's what I did for churches. We've done for churches him tonight, same same structure, same increment of dollars 2535 5075 and 100. Again, the interest rate in this case is the difference 2.75 for churches, and I say churches but it could be not for profit. It could be XYZ nonprofit organization could be boys and girls club. It could be so and so so and so as a, but they have to have a 501 C desert C3 designation and other designations in order to be compliant with a not for profit status. So, you know, you want to make certain that, you know, that you are eligible for not as a not for profit entity, and that information is available. You may be required to submit documentation that supports that. And in doing that, you would just tell them, you know, what what that is, etc. The payment on these loan, one of the things I want to mention to you also, if you are a business or for profit business. You have a credit facility with another bank. And your loan amount exceeds $25,000. Then this loan is secure. So, and, and it's secured. And if you go back to the slide, where Hamilton mentioned about UCC's think that was a second page. So second slide where it says collateral requirements. Yes, you see where it says 25,000 SBA uses a general security agreement so it is a general security agreement but the collateral interest is a perfected by filing a UCC, UCC one. And that UCC one will be filed with the Secretary of State. And it will note that you, you know, SBA is taking machinery and equipment, furniture and fixtures, etc. Here I want you to be careful that you're not double you're not pledging your assets twice. Because if you have a bank loan that's secured with these things, obviously the UCC is of record would be a record prior to the SBA's guarantee, but if you ever pay that equipment loan off, or any other loan that's secured with the UCC followed, count receivable inventory, things that nature, or channel properties, you once that you see she's paid off, then the SBA moves to a primary primary position priority position until your loan is paid off. In some cases they may be willing to, if you have to ask them to subordinate it, but I just want you to be conscientious of that. And the other thing is that as a lender, if the lender ends up, if the lender ends up having something to occur with them. And they, they have a lapse in filing of UCC's then meaning that the UCC is a for five years. And if in fact is not paid off and if the fact is not extended or renewed, and that that UCC goes away, the SBA UCC steps in its place. I'll pause for a minute for questions. Okay, we have just one additional question that came in. This person said that their business began in late 2019. There were a couple of months of demonstrated sales. I received a portion of the ideal, which equals to $1500. I projected what my sales would have been in 2020. I haven't heard anything. Am I not being considered because I was only open for a short portion of 2019. And those types of questions, I would take that customer service number, and I would call them just to be certain. But nothing like talking to the source, give them your, your loan number or give them your application number that they provide you from day one. They will research it and they will give you the details and they'll give you the particulars, and they would direct you in terms of pointing you in the right direction, in order to get the matter cleared up. Don't assume anything. And what I mean by that is, it's up to you. They have so many applications to process. If you have questions, you've got to raise your hand. If you got questions, you got to follow up with them. But keep in line, a mind that there is a deadline for reconsideration. And so you have to get in six months after your application. And so, and there's a total. Heartstop of December 31 2021. So you got to make sure that you keep all of those dates in mind. And so that you're able to go back to them, as for reconsideration as for clarification on a matter that involves you. But yeah, that's the process. And just so you know, we do have Angela Burrow with the South Carolina District Office of the US Small Business Administration SBA. And if it's okay with her, I will put her information in if anyone has any questions regarding anything that was asked today. So Angela, let me know if it's okay with you if I could give your information as far as your email address and phone number. And that's, wait a minute. Okay, we have one more. Before you go there. Okay, I'd ask Miss Angela if it's anything she'd like to ask. Okay, if she's not on what she could speak. I don't think she's on as a panelist. Okay, all right, but if it's okay with her, just, I think she's put her information in the Q&A but I'll release it again with her permission if it's okay to do that. One, the last question was from Sandy. She wants to know this debt be paid with the EIDL loan money. I have SBA revolving loan that is maturing at the end of the month. And what was the question. The question was, can business debt be paid with the EIDL loan money. I have a SBA revolving loan that is maturing at the end of the month. If I had to make that call, I mean, if you look at use of proceeds, I mean they're very specific about use of proceeds. Let's just take it apart working capital. That's one normal operating person expenses. And then continuation of health services and care, healthcare benefits, rent utilities, fixed debt payments. Okay, so working capital or a line of credit. That is coming due. Depending on how, you know, how is the definition, but in my opinion, fixed debt payment mean I got a term loan, which is fixed debt. And I have to pay that monthly payment being a truck, being equipment, being a copy of that I'm financed. That's fixed debt in my opinion. If you've got a working capital line that's maturing, then I would question whether that falls within that purview in order to clarify that however, don't take my word for it. So please call the SBA service center. Just to make certain Ms brewers number is her email address is Angela dot brewer at SBA dot gov, or the toll free number I gave you earlier. So please call and ask for clarification and get a direct response from them and document that response. But, you know, if you've got a credit facility that's coming due. That line of credit, then either you have got to term that line of credit out. Or you, you, you're going to have to go to a lender and get it refinanced or find out what are the other refinancing options that might be available. But you should proceed working capital. In my opinion, you want to, you want to make certain you're not using those funds in a manner that's inappropriate. Okay, and we just had somebody to put their information in chat as well. Valerie torcinson. She's also a point of contact with SBA but she will she covers much of the upstate area stop Carolina so if your business is located in upstate. If you have any questions on for her, you can contact her at Valerie torcinson at SBA dot go for contacting from her contact numbers 803 253 3123 and I'll put that in the chat as well. And that is all the questions that we have right now Mr. My friend Greg white and tell him that he had so many folks on a live. But there are less. I hope we've given you the information that's helpful to you. This is a very, very worthy and a much needed funding program. Again, new monies have been made available 7.25 billion dollars for PPP and 15 billion dollars for targeted EIDL. And so, and I'm certain as Mr. said earlier some of these programs will in terms of their efforts to obtain additional funding to help Columbia businesses that have been impacted by the coronavirus or COVID-19. But very helpful and just very straightforward questions. Hamilton anything you want to answer. No, I'm good so far. Okay. So, the, the, the, I would just stop here again, and see if there are. I know I've asked whether any question is not apologize y'all let me turn my, my camera off. But that that's the information provided here. Our website. Hamilton's mobile and email address and my mobile and email address. I know we've a lot of more time. Hour and a half. I'm happy to take any additional questions. And happy to talk any more about the EIDL, but it really is a straightforward process. Mr. Grant, I have a question regarding EIDL. So, and I'm just curious because I'm not a business owner, but I just wanted to know for those who are in the process. How do they determine your, as far as what amount that you receive for the wrong, how do they determine that can you kind of explain that process to us. Well, I'll be honest with you. Thanks, Colleen. I have not seen a formula about how they decide what it is I mean is with PPP that's very knowledgeable that you know they take a percentage of your net income. On the EIDL, I am not certain in terms of what that formula is, nor do I know whether that's been printed anywhere or documented anywhere in terms of what your eligibility is. And even with PPP, under the second round they came back and they changed it. They said, you don't have to just, you're not just eligible off a net income, but you could be eligible based on, you could be eligible based on your gross receipts, a gross income. And, but there is a, on the round two there's $100,000 cap. So even if it's 160, as your, as your gross income, the formula for round two caps it at 100. So even if it's 100, you're still going to get back to that 8333 you'd have to take the 100 divided by 12, and then multiply it by 2.5. But yeah, so to answer your question Miss Colleen, Miss Gignard, I'm not certain what that formula is. Okay. Thank you, sir. Yeah. But, but they will tell you when you make your application, what your quote is on what you're eligible for. And I stress that doesn't mean that's what you're approved for, until you get that correspondence from them saying you have been approved. And here's the amount you've been approved for. Okay. Okay, and can I ask one more question, another question. Yeah, questions you welcome. Okay. Um, when applying for the idea. What information would you say SBA, as far as making sure that the applicant whoever applies for it. What information they should have when applying for the idea alone. They're going to ask you just basic general information. Some of that is on page. Page seven, I think it is. Some of that is they're going to know your revenue. If you look at page, which says COVID-19 disaster application. Second page with his online application. I'm going to ask you your gross revenue for the 12 months to the data business data disaster. They're going to know your cost to good souls for the 12 months prior to the data, the disaster, your rental properties, nonprofit agriculture, but you know they're going to ask you to supply that information. And then to verify that information, then they will ask you to possibly ask you to submit the return so that they may be able to verify what you put there. Okay. All right. So the application will tell you specifically what what they're looking for. Okay. And we just got a question that came up in the chat. They want to know, is there anyone we can talk to about the targeted idea of green. I am surrounded by low income areas, but for some reason my area is not considered low income. Yeah, miss up the the representatives and the executives on the phone from the SBA can tell you specifically. And perhaps they can tell you why. I'm not targeted. But yeah, Miss Powell, and the other person you mentioned, they can give you the specifics. Generally is probably driven by maps. Generally is maybe driven by other academic data that the government has, and perhaps that may determine why you're approved. You're going to target it less and why you are on a targeted list. But again, the EIDL targeted EIDL. These are not loans. These are grants. So they don't require repayments. But it's not a whole lot of money could be $10,000 or so. But you can't get more than $10,000 for EIDL advanced and a target EIDL combined. But if you've got a question about eligibility, and whether you're eligible and whether your area is eligible, that's an SBA question. Either the folks direct at the SBA, or whether you call that toll free number. Okay. And Angela Brewer, she has to put an answer in the Q&A. She said that there is a map that based on the census that determines the economic guidelines. And Haisha, you want to go ahead and answer that. I'm just going to tell Angela I'll send her that information. Okay. And then I did see Jeff had some comments about the time. Yeah, Jeff, who just said that for the previous question he said that normally they asked for a copy of your driver's license. In 2019 federal tax return and avoided check copy almost always need that was the question I had as far as what do you need to apply for EIDL. And plus your banking account information. Yeah, that was the other thing I forgot to tell you they will ask you to send a copy of the banking account information. And I will tell you that they're cross checking. And thank you, Jeff, because yeah, they want to make sure they know who the bar is. They want verification and so I should have sent a copy. And I think it's front and back of your driver's license. And then they'll ask you to send a copy of your bank statement. And that bank statement name will match up I had a situation that the bank had changed names for that person, and they'd merged with another bank but that person was still using old checks. And then and the name and on the on the void check did not match the name of the bank, but the but the routing numbers did. And so in cases like that, that loan officer will ask you to verify and provide additional information, or ask you to provide some justification thereof. And so yeah, that is a situation that would be what you would be. What you need to do, but the driver's license is just, you know, any bank that you borrow money from will ask you a copy for a copy of a driver's license any lender. That's no different with the SBA. So they want to make sure they know, you know, according to the Patriots Act, you know, and things change after 911 but you know the Patriots Act requires that they know who they're and that they're able to verify that you are actually a person who borrowed the dollars. And so that's the reason why they'll get a copy of your driver's license. And we don't have anything in the chat right now and I just checked Facebook there were no questions that came up on Facebook. Since we're streaming on through our city's YouTube page. So we don't have anything any questions at this time. Okay. We're going to work on getting Angela added on the call now. We're going to do it with adding Angela to the call. Okay, you're gonna do that now for. Okay. And while they're working on it. She just wanted to talk about the targeted ideal. So I think I should just they're working on getting her added on. And while we're doing that, Jeff made a comment he said one common mistake on the applications was folks putting their expenses in the cost. In the cost PF goods sold. This is wrong only put COGS. Yeah, so let me give you an example for business that may. Let's say it's a funeral home. And the funeral generates revenue, but then they have cost of good soul, or what does it cost to generate that revenue. So those things that it costs to generate that revenue is identified as cost of good soul. So that cost of good soul inventory, other things that are related to providing that service for providing that product is included in cost of good soul. And so that number that cost of good soul they'll ask you for your revenue but they also ask you for your cost of good soul. Two different things. And that's the cost of doing business for to generate that revenue. And there's some things that you know there's a list of what's needed and what's identified and what's classified as cost of good soul. But you want to make certain that you you're you're on the same page with what's required, but that is never so you start with your gross, your revenue, and then you net out your cost of good soul. And that's how you get to your gross, gross income. And Mr. Grant one question. I want to ask, as far as EIDL for anyone that starts a business this year, if they're thinking about starting the business in 2021, they wouldn't be eligible to receive that correct or would they be eligible. I don't think they would. They may be a period from which they may be independent on how long, you know this COVID goes long. But in my opinion, the whole reason we're doing it was to help small businesses, because of this disaster. And if they're doing it on the back end of the disaster. If there's a period for whence they start their business to a point where it ended, they may be eligible. That's the question that Miss Angela, or the other representative but just my little two cents worth. I mean, I would imagine that you'd have to have been operating during that period of time, and you would have to have demonstrate some economic impact as a result there are. Yeah, I think Angela put in the chat, the business had to be in operation as of February 2020. Jeff just added he said no business have started before pandemic was declared on January 31 2020. Okay. Okay, nothing coming up in the chat right now. I should we're able to get Angela on. I've said, I see what she someone sent it to Angela and you wait to see. I says, please let me know if you need to send it, you send it and then we'll, we'll bring it through. Well, I already sent that information to her so she's trying to get on right now. Very good. The, the thing I want you to go to is there is a 15 page document, as I mentioned at the start of my presence, I'm sorry 11 pages at the start of my presentation. That is very very thorough. I would invite you to go to SBA.gov site and pull it down it's got answers for all of your questions. Okay, and we just had a comment and put in the chat from Valerie tornton with SBA she said in terms of identifying identifying whether a track is considered EID or targeted. We follow 26 USC in general the time low income community means any population census track if a the poverty rate for such track is at least 20% or be in the case of a track not located within a metropolitan area. The median family income for such track does not exceed 80% of statewide median family income, or in the case of a track located within a metropolitan area. The median family income for such track does not exceed 80% of the greater of statewide median family income or the metropolitan area median family income. And we do have Angela is on now I think she might be able to talk about how are you. Good afternoon, and I'm going well how about you all I normally don't speak don't need these event but a lot of people had questions about the, I used to stop laughing you know I hate speaking. We love you. It was not for everyone when they sent it out. If you are remember correctly last year we ran out of funding I think it was in July of last year. The target EIDL was for those who didn't receive the full $10,000 that was allocated so you know it said up to $10,000. Someone said they received $5,000 they were supposed to receive $5,000 because they received $5,000 last July. That's what the target EIDL was for was to offset the amount they didn't send you last year so if you only received $2,000 or $5,000. They sent your email after they checked to verify that you're you were still in a. No income no the rate and like I said is determined by the census so I guess they did the census this this go around they had already calculated and they came up with a map that hey with you if you put your address your zip code in there, and it would tell you whether you lived in that in that area, but if the gentleman think of gentlemen send an email say he received an email back in February but have not heard anything from them since then, please send an email. I'll just do my channels the back channel and get you an answer on what's going on. If you receive the email saying that you were still eligible for the target EIDL. But the only way you can apply for the target EIDL now is if they email you just can't go through the EIDL portal, like Mr Grant stated original stated how you apply for the EIDL to apply for the target EIDL. You have to be invited to apply for the target EIDL. I hope they clear up some of the misconception of people who were asking about the target EIDL. It was just it was just created for those who applied last year when the funding ran out so the funding ran out before you received any money, and they sent your email asking you know, check in making sure you were still in the economic depressed area. They said they will send you email you just respond to that email. And that you know it will automatically you don't have to do anything else you will automatically drop money in your account I received emails from people telling me they got money in the account. They don't know what it's for. That's what it's for. They sent your email, and you respond to saying yes, it's me. I'm still correct. They would just drop funds in your account. You don't have to do anything else. And we got a comment that just got added in the chat. Thank you, Angela. I'm from Miss Thompson. She said I was told I was approved and signed the agreement for 5000 they approved me for Angela you want to comment on that. Okay, so it was a female Miss Tom, Miss Thomas, Miss Thompson, please email me your loan application number. My email address is Angela that's a I think Collina put it in the chat, but it's Angela a and gela. Remember, be as a boy, R E W ER and sba.gov email me your loan application number with a brief synopsis of what's going on, and I will forward it through the back case to the back channels, and you will answer. Make sure you have a good email address and that's another thing that we've been getting a lot of calls people applied last year. They changed account this year, and they're not getting any money. So that's, that's something that's coming up too so if you apply for the idea last year the tarp and you're getting the target advance now. Please make sure you reach out to them let them know you change your account money because money probably just sitting out there and la la land, and you can't get it. That's a good point. And I did put Angela's come contact information is in the chat portion of the webinar and again her email address is Angela dot grower be R E W ER at sba.gov. If you have any questions or if you have any questions regarding your loans, like Angela said, please email her with your own application number and the issue regarding your loan so she can feed it through her proper channels and find out what what the issue is. Okay. All right miss triggers. Miss Collina. Last, last chance to send us any other additional questions you may have. I will be sending out a link to this recording and also in a survey so that you can tell us if you have any feedback for this event. We'll get that this afternoon. Hamilton or have any. The information is provided in our in this package and it'll be available online on imagine or in the recording. Yes, sir. And so if you have any additional questions. We're happy to do what we can to help. I want to thank Miss Powell and the other folks from the FDA for their, their assistance and hope we did a decent job of articulating the program. The characteristics and the content of the program. But yeah, we're very grateful to you. Miss triggers and others. Miss Linda. Miss Collina. Mr Justin. And Hamilton, any questions coming. No, I'm good thank y'all and if you have any additional questions our contact information is on the screen. We've received a lot of great feedback. Mr Grant and Mr Grant. Everyone's very appreciative of this information you provided it sometimes this information is kind of complicated so we appreciate you break it. I'm sorry, we just got a question in the chat. Um, any chance on forgiveness for the idea loans. No, if you look at the second page of our presentation go back to the second page there. Remember, these are loans that have to be paid. And so, if it was an ideal event then yeah that because those are grants those are not long. But if you look at the loan. Again, let's make sure everybody understands if it is a loan you are required to pay it back. And it's a 30 year process. You will sign a note, and you will be aware what your monthly payment will be. So, for 30 years, 360 months, you will make a payment of X, Y, Z per month. And that's your requirement. If you desire to pay it off early. You simply notify them find out what the balance is and make arrangements to get that pay off to them. This is a loan. It says loan program. Rather than grant. So you are required to, to pay it back. And you don't want any, any misnomer miscommunication on this fact it's alone. It's secured over over $25,000. That's the other point and if it's over 200,000, you have to provide your personal guarantee. And we don't have any more questions in the chat. And thank you Jeff for your comments as well thank you for your feedback on some of the questions that were asked in the chat. I just said that we will have this record. This was currently on our city's YouTube page. Are there any portions of you miss and also go back to our city of Columbia YouTube page and the recording will be there on the page at some point today. Thank you. Thank you so very much. We're extremely grateful. All right. Thank you. Okay. Okay.