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Congressman Lee Zeldin held a Small Business Telephone Town Hall Meeting Thursday, March 26th. Below are the key points from this call:
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Stimulus / SBA Loan:
– The vote has passed the Senate and is going for vote in the House on 3/27. If it passes the House it will be going to the White House to Sign.
– Further updates will be provided as this progresses the channels.
– There will be a special page that they come out with on Lee Zeldin’s website
– There is no section in the application for a specific dollar value request. The value will be based on the documents submitted.
– Money, if approved, will be disbursed in increments and based on the documents submitted with the filing.
Website for Submittal / Review – Disaster Loan Assistance
Should you apply?
APPLY, APPLY, APPLY – Get your User ID and get in the system now.
– Applications can take ~21 days to be accepted
– No matter what, you should apply for the SBA (If you are interested)
— Before it goes through final processing, you can ‘opt-out’ and deny the loan if something else comes out better
– Even if you are a new business / not profitable business, as long as you are making sales and headway, this loan is still an option and is not an automatic disqualification
Forgiveness / Payback
– The /entire/ loan can’t be forgiven, but there will be a portion that may be: payroll, utilities, rent, can be forgiven, up to a maximum of 8 weeks.
– All payments are deferred for 6 months
– Applies to all business that retain employees up until June 30th, 2020
– This is based on headcount (If someone leaves, you could replace with another person and it still counts)
Contacts:
Robert J. Piechota
Branch Manager- Long Island, NY Office
U.S. Small Business Administration
(631) 454-0762
(516) 672-6387 Cell
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