Running a Small Business or Nonprofit & Feeling Overwhelmed by Emergency Funding Information? Editorial by Lisa Dawsey Smith

Running a Small Business or Nonprofit and Feeling Overwhelmed by Emergency Funding Information?  Editorial by Lisa Dawsey Smith

You are NOT alone. And it can be difficult to not have comprehensive, easy to navigate information at your fingertips. 

For any of the conversations that I’ve had in the past weeks with local business I’ve started with the caveat: None of us are experts right now whether it be a economic development organization like a Chamber of Commerce or a local media outlet. We’re sifting through just as much information as you are and pulling together reliable resources for you to have quality information in your hands. The best source I’ve found? Your bank. You have a working relationship with your bank and they know you and your business needs better than anyone else. Does that mean you’ll likely get a live person on the phone in the instant that you need them? Maybe not but they’re doing their best to catch up and many have assured me that they will get back to you just as soon as they can!

Now you’ve heard about the CARES act and all of the programs that it created. There’s a lot of information in that to unpack. There’s the SBA Economic Injury Disaster Loan Program, and an available advance to that loan. There are provisions for possible loan forgiveness. There’s another program called the Paycheck Protection Program available through existing SBA lenders. There’s an online portal, and one that involves forms that an approved SBA lender has to submit. Confused yet? You’re not alone. So go ahead and call your bank or credit union, leave a voicemail message and while you’re waiting to hear back check out the information compiled by the US Chamber of Commerce located here; it’s an easier to digest format for the information.

And remember, you are not alone.

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