Covid-19 Update May 05, 2020
|
|
We've hit a Holiday trifecta today, so everyone should be able to find something to celebrate! May 5th, 2020 plays host to Teacher Appreciation Day, Giving Tuesday, & Cinco De Mayo, which just so happens to fall on taco Tuesday to boot! With everyone sheltering-in-place, it can raise a challenge to any sort of celebration. So hug (virtually hug, no touching) a teacher, donate to your local charity, and enjoy tacos and margaritas tonight, you deserve it!
|
|
Strategies for Approaching Your PPP and Stimulus Funding
|
|
Most Affiliates we are speaking with at this point have received funds, or are awaiting funds, from either of the Small Business Administration (SBA) loans.
There are still questions around some of the logistics and we are following closely with the SBA to stay updated on any new information as it is released.
One topic specifically we'd like to address at this time is what do to with the money once you've received it. After many conversations with the SBA, banks, and Affiliates around the country, our team has put together some key points to remember as you plan a strategy for approaching your SBA funding.
|
|
|
- In order to facilitate the proper recording of the PPP funds credited to your operating account to be forgiven, it is recommended that they are kept in a separate account and transferred to your operating account following the debit charge with proper identification.
- The EIDL stimulus funds are identified as a forgivable grant and one would expect that co-mingling with general operating funds should pose no problem.
- Design a strategy of allocating the PPP funds ( 75% to wage expenses and 25% to rent, utilities and mortgage interest ) in their entirety in the available eight weeks following the funds being deposited into your account.
- The requirement of reaching the same number of full-time employees by June 30th or before remains in question as do the financial consequences of reaching the 75% wage allocation goal without returning to a full employment number
- Remember that you have to request the PPP loan to be forgiven
- Keep abreast of changing guidance from the SBA as further clarification is expected in the coming weeks ahead.
We hope this answers some of your questions and gives you a better understanding of where these funds should be going and what your next steps should be.
As always, please feel free to contact us with any questions you have at 816-926-0895
|
|
Over the last month, we have facilitated dozens of requests for marketing artwork to convey various messages. As many of these messages are similar, we decided to create templates that could be used for all GreenEarth Affiliates, of course with any customizations that may be required per Affiliate.
We try to do our best to get new templates out to Affiliates as they are created, but in case you missed any of these over the last month, we wanted to share them here.
Feel free to download them as is to use in any medium or contact our marketing team to request any of the following be customized for your store and market at
affiliatesupport@greenearthcleaning.com
|
|
Tracking SBA Loan Affiliate Approval
|
|
The second round of funding is in full swing at this point and lending institutions are now accepting applications for these funds. We suggest you contact your bank if you have not already received funds.
It is our understanding that lending institutions have been capped at 10% of available funds. So it may be necessary to apply at more than one bank.
Since the distribution of the first round of funds began, we received responses to our poll from 191 Affiliates with 36% answering
YES to having received approval and/or funds from their bank on either the EIDL or PPP SBA loans.
If you answered
NO previously and your status has changed, or if you have not answered the question, please let us know.
|
|
|
Have you received loan approval and/or direct funds for either EIDL or PPP from your bank?
|
|
|
|
Don't hesitate to reach out. We're here for you!
|
|
Have you missed anything?
Please see these past messages regarding Coronavirus
and what GreenEarth is doing to help.
Covid-19 Updates
|
|
|
|
|
|
|
