If you’re uncertain of how to manage your business in this very uncertain time, the US Chamber of Commerce and Inc. will be hosting a National Small Business Town Hall on Friday, April 24 at noon ET, to help guide business owners through the resources available to them.
The town hall will break down the new bill passed by Congress that infuses more aid into the economy, including an additional $310 billion into the Paycheck Protection Program. The town hall experts will offer the strategies and ideas to help you map your next move.
The town hall will also address small business issues such as:
—Where can small business owners turn for help?
—How should companies operate in this low-cash environment?
—And how and when should businesses plan for a return to work?
You can register here.
Here are some potential documents that may be required for the application depending upon the bank:
—Basic info about your business and contact info, including color copies of IDs
—A copy of 2019 payroll documentation for most recent financial quarters (IRS Form 940, IRS Form 941 or GA DOL-4N)
—Corporate by-laws, operating agreements and/or other ownership documentation
—Proof your business paid wages for the period that included 2/15/2020 (pay stub, payroll statement or other verification for at least one employee)
—A breakdown of the intended use of funds (payroll, rent/mortgage interest, utilities, other)
While banks may also use their own website for the application, the Small Business Administration’s website has provided the form online so you can see the questions you will need to answer. In addition, the financial advisors at SmartAsset have compiled a pretty comprehensive review of lenders and their application requirements with links to specific pages. Be sure to search for your bank and see what other requirements they’re requesting.
And, while the economic impacts of COVID-19 continue to unfold, the Downtown Alliance is committed to helping Lower Manhattan’s small businesses. To that end, we have compiled a list of grant, loan and assistance programs that have been created to help our neighbors. This list is a living one: As programs evolve or launch, we will continue to update this resource.