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About The Siuslaw news. (Florence, Lane County, Or.) 1960-current | View Entire Issue (April 8, 2020)
6A | WEDNESDAY, APRIL 8, 2020 | SIUSLAW NEWS BUSINESS from page 1A “As of (April 5), we had over 100 loans approved from the SBA for small businesses, total- ing $25 million. That represents about 25 percent of the applica- tions we received,” Green said. With banks in Florence, Eu- gene, Coos Bay, Roseburg and Medford, that money will pos- itively assist local small busi- nesses and their communities. “In our community of Flor- ence, Oregon Pacific Bank, Banner Bank, Umpqua Bank, US Bank — they’re all SBA lenders,” Green said. “The ad- vice I would give to any small business who is needing this is, you should be going to the bank you have a relationship with. They would have the best chance of helping you, assum- ing you go with this loan pro- gram.” RAIN’s webinars helped small businesses discover their eligibility, calculate how much they are qualified to borrow and gave updates on the 18-page guidance released by the SBA on April 2. More detailed information is avail- able at www.sba.gov/funding- programs/loans/coro- navirus-relief-options/ paycheck-protection- program-ppp. “The PPP is something that is offered by every bank or credit union in the country who chooses to participate,” Green said. “It’s not a requirement that they do, but they don’t have to be a pre-approved SBA lender to be involved in this.” To apply for PPP through a bank or credit union, small business owners must look over the previous 12 months to find the cost of their payroll, benefits, bonuses and expenses of personnel. The four-page ap- plication will include the aver- age monthly payroll, number of employees and a way to calcu- late the loan request. If approved, small businesses will be contacted in eight weeks to see how the money was used. “If you used at least 75 per- cent of it for qualified person- nel expenses — salary, payroll taxes, vacation benefits, health benefits, all those things people benefit from — then the entire loan is forgiven and paid off by the federal government,” Green said. He added that there is a pos- sibility that some portion of the debt may not be forgiven, “but it’s a two-year loan with an interest rate of 1 percent, and no payments for the first six months. For those businesses who can utilize the funds ex- clusively for the portion that’s forgivable, they would have no payment.” According to Green, “The SBA started the PPP because they want you to go through and reinvest this money back into your business and your people, and demonstrate that you’ve done that. If you use all the funds, great. We’re hoping that all these funds will be for- given and the investment the government is making is really going to be a great thing.” The PPP is different than the SBA Economic Injury Disaster Loan (EIDL), Emergency Eco- nomic Injury Grants, Express Bridge Loan Pilot Program, SBA Debt Relief Program un- der the CARES Act and Em- ployee Retention Social Secu- rity Credit. People should do research to see which disaster packages might best suit their business. “We are in an unprecedented time in the country right now,” Green said. “We’ve said a num- ber of times in our own orga- nization that unprecedented times require unprecedented action. Not at all to make any kind of political statement, but I’m pretty proud of the fact that our federal government, re- gardless of partisan affiliation, has come together to craft a stimulus package of $2 trillion to invest in the U.S. economy. … Now is the time to do this. Our country needs something to ensure we have long-term success and viability.” Through the CARES Act, the $349 billion that has been allo- cated for this program. Funds will be dispersed to small busi- nesses on a first-come, first- served basis. The applications so far have been staggering, come out with a second round of money once the first $349 billion is deployed.” More funds will provide an even greater stimulus to the American economy, and potentially impact even busi- nesses unable to access sup- port through PPP. That’s where local, regional and national people are coming together to provide support to struggling businesses. “We want to do everything we can to support RAIN to make sure they’re getting a strong message and a strong education out there to encour- age entrepreneurship and help these businesses get off the ground and hopefully have success here in Florence, Ore.,” Green said. “For 40 years, our bank has catered to that: being a local bank, with local atten- tion and local touch. And we still provide that. It’s just a dif- ficult time right now with this stay-in-place order and pro- tecting not only ourselves but our customers.” “There are tons of other ben- efits and provisions under the CARES Act, those that ben- efit consumers,” Green said. “Certainly the expanded un- employment benefits and the $1,200 direct payment that the Treasury Department will be sending out, checks or direct deposit. … However, it’s al- ready a thing for scammers to call people and say, ‘I’m with the Treasury Department or IRS. I need your account in- formation so I can deposit this check into your account.’ The federal government already has your information. These people are trying to steal money from you.” The stimulus checks from the Internal Revenue Service (IRS) will be deposited direct- ly into Americans’ accounts in mid-April. Checks will be sent to people who do not have their bank account linked to their tax payment — “and they already have that address,” Green said. “These scams are unfortu- nately already a thing, even in our community,” he added. “We have a higher percentage of retirees that are being target- ed. Don’t fall victim to it.” For people wanting fur- ther assistance, Florence Area Chamber of Commerce is hosting “Resource Round Up: EIDL, PPP and What?” via Zoom on Thursday, April 9, at 2 p.m. The panel will feature Community Lending Works Director Lynn Meyer Lane Small Business Development Center Director Robert Killen and Lane County Communi- ty & Economic Development Management Analyst Jenna Cusimano, along with moder- ator Russ Pierson, dean of the Lane Community College Flor- ence Center. Additional entrepreneur support will come through RAIN and its Virtual Workshop Series (Mondays at 2 p.m.) and Weekly Entrepreneur Support Meetings (Fridays at 9 a.m.), along with resources from ore- gon-rain.slack.com. “We want to be here to sup- port all of you,” said Corey Wright, RAIN venture catalyst for Linn and Benton counties. “We’re all in this together.” CUTEST PHOTO PET CONTEST W $ in 100 ! YOUR PERFECT BUNDLE BUNDLE NOW. SAVE ALL YEAR. Now save $ 30/mo. for a whole year on a bundle with DIRECTV and AT&T Internet. $ 79 98 mo. For 12 mos. plus taxes & Internet equipment fee. w/ 24-mo. TV agmt & combined bill. Autopay & Paperless bill req’d. TV price higher in 2nd year. $ 10/mo. internet equip. fee applies.* Incl Unlimited data allowance ( $ 30 value) at no add’l charge. † w/24-mo. TV & 12-mo. Internet agmts & combined bill. 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Go to website: www.florencecrossroadag.org SCHEDULE YOUR FREE IN-HOME ASSESSMENT TODAY! 877-557-1912 FREE with 400 coming into Oregon Pacific Bank on April 3 alone. “We started taking applica- tions as a financial institution on Friday. All of our staff in the bank worked tirelessly Saturday and Sunday, and we processed a huge amount of applications we received. But there are banks around the country that either weren’t ready, can’t get ready or don’t know what to do,” Green said. In Friday’s webinar, Oregon Pacific Bank Marketing Man- ager Ellen Huntingdon cau- tioned, “Many banks are not yet prepared to roll this out. The SBA released new guid- ance last night that may have changed some of the applica- tion process. Since banks are responsible for facilitating the applications for the PPP loan, it will take time for many banks to get the program up and run- ning so they can start accepting applications.” Green advised patience, as well as working with the finan- cial institution people already work with. “We can’t do this for everybody, just because our own resources are limited. Both in human capital and literal, true capital. We don’t have an unlimited pool of money.” He also suggested that peo- ple act quickly. “My concern is in five days, the $349 billion will be fully committed and will be out the door,” Green said. “I’m expect- ing — I’m hoping — that the U.S. Treasury Department will Facebook page: Cross Road Assembly of God Easter Sunday service, April 12th at 10:00am. 7-Year Extended Warranty* A $695 Value! KCST 106.9 Sunday at 11:00am Off er valid March 16, 2020 - June 30, 2020 Special Financing Available *Terms & Conditions Apply Subject to Credit Approval Blazing Fast Internet! 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To be included in this list for $ 49 a month, Call 541-997-3441. Abby’s Legendary Pizza, 1374 Highway 101 • 541-997-2229 ............................................................................................................................Open daily 11 am – 9 pm. Off ering delivery and curb-side takeout. ................................................................................................................ Online ordering is easy at https://abbys.com/order. Coastal Home Services, 2530 Kingwood Street Suite D • 541-590-3691 ................................................................................. Open Monday – Friday 8 am – 4:30 pm. Florence Janitorial Services , 8:00a.m.-5:00p.m. .......................................................................................................................................................................541-997-2385 Florence RV and Automotive Specialist, 4390 Highway 101 • 541-997-8287 ............................................................................. Open Monday – Friday 8 am – 5 pm Taking call outs! Hoberg’s Complete Auto Repair 345 Highway 101 • 541-997-2413 .................................................................................................................Monday-Friday 8am-5pm J and J Automotive, 1885 42nd Street • 541-997-3260 ......................................................................Open 8 am – 5 pm Monday – Th ursday, Friday by appointments Neil’s Carpet & Upholstery Cleaning, 8:00a.m.-5:00p.m. ........................................................................................................................................................541-997-3825 Novelli’s Crab & Seafood, Boat Slip A13, Bay Street and Nopal Street • 541-639-7689 ..........................................................................Open every day 11 am – 5 pm. Curbside Service or Delivery Shervin’s Tire and Automotive Repair, 4515 Hwy. 101 • 541-997-8052 ........................................................................................Open Monday – Friday, 8 am – 5 pm We will pick up and deliver your car back to you! TR Hunter Real Estate 1749 Hwy 101 • 541-997-1200 .........................................................................................Hours: 8:30am to 5:30pm Monday through Saturday. We’re taking extra precautions to insure the safety of our clients and walk-ins. And if you choose, we have online resources in place that will allow you to conduct your real estate transaction from the safety of your home. West Coast Real Estate Services, 1870 Highway 126 • 541-997-7653, www.jimhoberg.com ................................................................Open 8:30 am – 5:30 pm daily. During these uncertain times, we are accessible by phone, website, email and by appointment. We are conducting business as safely as possible for our clients as well as our staff . Word of Mouth Home Décor ..................................................................................................................................................................................................... 541-991-3457 Curbside pick up, shipping and free in-town delivery. Special care packages can be viewed on our Instagram; choose from the packages or contact us to help with products from our store inventory. We are available daily 11-3pm. Call, text or direct message us on facebook or instagram.