Updated May 15, 2020
Thank you to all those who joined us for the May 14 Webcast on Loan Relief Programs for Ag Businesses . We will be posting answers to questions here and any relevant updates.
Watch the replay here: https://www.bigmarker.com/medbinc/Ag-and-COVID-19-Loan-Relief-Programs
View or download the Slide Deck (includes links to forms and resources)
Gerry Smith, Maui Economic Development Board (MEDB) and Wayne Wong, Small Business Development Center (SBDC) was joined by Patrick Lewis , County Executive Director, USDA; James Robello, Maui County Executive Director, Maui FSA and Richard “Buddy” Nichols, Manager, Farm Loan Programs, Maui FSA to discuss relief programs for your Ag business.
- Who is eligible
- Types of assistance available
- How to apply including what forms to complete
- What you can prepare now for further USDA funding opportunities
This webcast is the fourth of an ongoing series – the COVID-19 Business Assistance Series, sponsored by the County of Maui, aimed at helping our small businesses navigate the resources available to them, with clear step-by-step instructions.
Q & A
Q: We applied to the EIDL 3/20 just received an email saying the they moved our application to processing that was 5/8/2020. Should I keep applying for more options thank you
A: Once your EIDL application is in process,you’ll want to wait until they contact you to choose how much your loan amount will be… They’ll give you a range. But that’ll be the time to work with their loan person. Any other method to contact is pretty tough.
Q: Can you add employees to your company where you end up with more full time employees than you had before COVID-19? Also can you give an employee a due raise?
A: For PPP, yes you can add to headcount and even do raises ($100K annualized limit) Ultimately if you spend all the PPP loan on payroll, the program has done its job.
Q: Does this loan have any deferred payment options?
A: Varies by program… some require “US citizenship” which would not work for you… but if the requirement is “Resides in US”, then green card holders are eligible, work visas would not.
Q: We’re does Lana’i call?
A: Lanai calls the Maui Service Center. Download slide deck for contact numbers.
Q: While I am waiting should I apply for FSA / Usda too just in case we don’t get approved?
A: You should apply. As long as you meet all the qualifying eligibility and depending on what you get, watch that you are not claiming to pay any of the same obligation/bills from two sources of relief funds. And, you’ll always have an opportunity to decline with no cost.
Q: Can a partnership where one party is primarily a grower and the other a value added processor, apply for these loans?
I think the answer lies in whether the partnership is a registered entity and not just a working, contractual partnership
More Q & A coming soon