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About Hermiston herald. (Hermiston, Or.) 1994-current | View Entire Issue (Aug. 19, 2020)
BUSINESS WEDNESDAY, AUGUST 19, 2020 HERMISTONHERALD.COM • A7 COLUMN Advice for seeking loan forgiveness from the PPP usinesses that received Paycheck Protection Pro- gram funds are no doubt aware that all or a portion of the loan is forgivable if funds are used according to pro- gram requirements. The following information comes from a webinar hosted by a Small Business Adminis- GREG SMITH tration lending spe- UEC BUSINESS cialist. Borrowers RESOURCE should always check CENTER with their lender or CPA for specifi c answers pertain- ing to their individual situation. Borrowers will submit an application for forgiveness to their lender. The Paycheck Pro- tection Flexibility Act extended the amount of time for submis- B sion from eight weeks after the date you received the proceeds to 24 weeks. There are two dif- ferent applications— form 3508 and form 3508 EZ. The EZ form is shorter, but not all businesses qualify to use this. You are eligible for the EZ form if you: • are a self-employed borrower with no employees and did not include any salaries in the calcula- tion of your monthly payroll when determining your eligible loan amount. • didn’t reduce wages by more than 25% and didn’t reduce the number of employees or average paid hours of employees. • weren’t able to rehire/hire similarly qualifi ed employees. • didn’t reduce wages by more than 25% and were unable to operate at the same level of activ- ity due to government restrictions. The lender will review the application and confi rm: • appropriate documentation has been submitted to validate the information. • the borrower’s certifi cations are true and correct. • your math is accurate. The lender has 60 days for the process to be completed, and then will issue a decision to SBA along with the required documents. The lender’s decision will fall into one of these categories: 1. Approval 2. Denial 3. Denial with prejudice due to pending SBA review Examples of supporting docu- ments to be included with the for- giveness application include bank Doughnut delivery service dreams of expansion By JADE MCDOWELL NEWS EDITOR For now, The Spot is more a state of mind than a physi- cal location, but its owners hope that won’t be the case forever. Ray and McKenzie Diaz started a doughnut deliv- ery business in Hermis- ton called The Spot about 10 months ago, but once their business is big enough they plan to transition into a gathering place where peo- ple can come in and enjoy doughnuts, coffee and socializing. “Our main purpose behind it is to make an awe- some doughnut, but also to have a cool place for peo- ple to hang out and feel wel- come,” Ray said. He said he and McK- enzie love doughnuts, and one day when they were driving home from Walla Walla, Washington, with a box of doughnuts they decided they wanted to bring a good doughnut option to Hermiston. They started “messing around” with recipes and created some staples they thought would sell, Ray said, and began selling their doughnuts at the Union Club before more recently striking out on their own as a deliv- ery service on Wednesday through Saturday. They always offer their maple bacon doughnut, and Photo contributed by Ray Diaz Ray Diaz, pictured above, and his wife McKenzie Diaz are hoping to expand their doughnut deliver service, The Spot, to a permanent location. Their treats come in a variety of fl avors. then offer three other fl avors that are rotated on a weekly basis. Flavors range from Nutella sea salt to the Skip- per, a brioche doughnut with a Walchli watermelon glaze named after the late Skip Walchli. The doughnuts are all made with coconut oil and almond milk. Ray mostly handles the cooking side and McKenzie mostly handles the business end. “She’s is more business savvy than me,” he said. “She’s super smart, so she’s been holding us down, fi g- uring out the details about taxes, rules we have to follow.” He said they recently lost their delivery driver and are temporarily pick-up only, but hope to be back to delivering soon. They’re also starting to look at possible locations for a doughnut shop, although he said it’s a “weird” time to try and expand a business during COVID-19. For more information about The Spot, visit spotdo- nuts.com or The Spot Donuts + Friends Facebook page. statements, tax forms, receipts, and canceled checks. For allowable non-payroll costs you must prove the service or obligation was in place prior to Feb. 15, 2020, and provide proof of payment. For example, if you started new internet service on Feb. 15 or after, it would not be an allowable utility expense. For such things as mortgage interest payments, rent, or leases you will likely need to produce an amorti- zation schedule, lease agreements, copies of canceled checks, etc. If using the 3508 form, you will need to include the loan for- giveness calculation form, the PPP schedule A and documenta- tion showing the average number of full-time employees on your payroll during the referenced time periods. Should you be required to pay back any portion of PPP funds, no payment will be due for 10 months. Ask your lender about additional terms and conditions or refer to your loan documents. SBA emphasizes simply approaching the forgiveness pro- cess with honesty and integrity. With careful record keeping and aligning the use of funds with allowable expenses, you should be able to produce necessary doc- umentation for forgiveness. Rely on the expertise of your CPA and always reach out to your lender fi rst as they are the ones who will be recommending to SBA whether the loan is forgivable. Greg Smith is the executive advisor of the Umatilla Electric Cooperative Business Resource Center. New executive director chosen to lead Oregon Cattlemen’s Association Harney County rancher Tom Sharp said Dennee is “exceptionally qualifi ed” A new executive direc- for the position, adding that tor is coming to the Oregon the group’s hiring com- Cattlemen’s Association. mittee was impressed with Tammy Dennee her years of expe- was hired Aug. 13 rience working on to lead the indus- behalf of agricul- try lobbying group, ture at the Oregon representing 1,800 Capitol. rancher members “I have com- across the state. She plete confi dence Dennee replaces Jerome Tammy will do Rosa, who left in great work on July to take over as head of behalf of our mission and the Arizona Cattle Growers membership,” Sharp said Association. in a statement. While Dennee is offi - Dennee, 58, is a lifelong cially joining the OCA, she Oregonian, born in Hood won’t have to go far. For the River and raised in The last fi ve years, she has been Dalles. For a while in Hood the legislative director of River, Dennee said her the Oregon Dairy Farmers grandparents had a small Association, which shares farm with cows, horses, an offi ce in Salem with the chickens and a giant gar- cattlemen’s association. den that, in the eyes of a That means Dennee will child, seemed to stretch for be moving all of 5 feet — blocks. just to the other side of the Dennee’s paternal wall — when she begins grandfather was also a her new job Oct. 1. herdsman for a dairy farm OCA President and near Donald. One summer, By GEORGE PLAVEN CAPITAL PRESS she remembers working on a ranch near Grass Valley in rural Sherman County, where she was introduced to the physical strenuous job of “bucking,” or stack- ing, hay bales by hand. Those experiences, she said, helped her to develop a strong connection with agriculture. “I just have such an appreciation for the hard work these men and women dedicate them- selves to every single day,” Dennee said. Before going to work for the Dairy Farmers Associa- tion, Dennee was a top offi - cial for the Oregon wheat industry based in Pendle- ton. She spent 10 years as executive director of the Oregon Wheat Growers League, stepping down in 2010. Six years ago, Dennee moved to the Willamette Valley with her husband, Michael. They live in Dal- las, about 15 miles west of Salem. 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