Director Edward Haddock & NW Arkansas Senior Area Manager Jeff Salzer of Arkansas Small Business Administration
Listen to Learn:
How to navigate the different government loans and grants available to small businesses during the COVID-19 crisis
The different resources available to small businesses to aid in necessary documentation
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This week, join us for a special interview with the Director of the Arkansas Small Business Administration, Edward Haddock. Mr. Haddock is returning to Up In Your Business to talk about what the SBA is doing to help small businesses, and giving answers to your questions about navigating the application process for grants and loans during this public health and economic crisis.
We were also joined by Jeff Salzer, NW Arkansas Senior Area Manager for the SBA, who continued to answer questions after Mr. Haddock had to take an important call.
Economic Injury Disaster Loan
This is an easy 5-page application with no documentation uploads.
You are given $1,000 per employee, up to but not to exceed $10,000
The money is deposited directly into your bank account, so have your bank account and routing number ready
You need some information from your 2019 end of year financials, so have that accessible, too.
Paycheck Protection Program Grant
This must be done through a bank. If you don’t have a bank, go to gov and get a list of participating banks in your area.
You will be given 2.5 times your average monthly payroll.
75% of this grant must be used for payroll the other 25% may be used for rent, mortgages, and utilities.
Documents you will need to fill out for the application and upload (though, in the below list, there are some requests for 2020 information, I did not submit any 2020 information, I just did 2019 year)
2019 Payroll Cost and YTD Payroll Cost through February 15, 2020
Number of employees as of December 31, 2019
Number of employees as of February 15, 2020
Industry or business classification (NAICS Code which can be found on tax return)
IRS Form 940 Employers Annual Federal Unemployment Tax Return (FUTA) (mine was at the end of your last quarter report)
IRS Form 941 Employer’s Quarterly Federal Tax Return
Payroll Summary Report 2019 with corresponding bank statements
List of employees earning more than $100,000 in compensation (salary, wages, commission and tips)
Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
in order to upload your documents, they must be saved in a .pdf file format.
If you'd like to know more about Mr. Haddock, you can listen to his first interview with Kerry here.