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Episode 57 – Ken Poulsen, The Development Company

The Development Company
Posted: March 31, 2020 at 3:36 pm   /   by   /   comments (0)

SPECIAL BONUS EPISODE

Many of us in small businesses are wondering what the new CARES Act is and what other financial assistance the Small Business Association may have available for us. According to Ken Poulsen, “SBA has a lot of resources for businesses right now.”

Ken is the Senior Loan Officer for The Development Company located in Rexburg, Idaho. The Development Company is a private non-profit that was created in 1974 to help small businesses with everything from business loans to workforce development. Ken's specialty is around business loans.

This episode is dedicated to learning about the CARES Act, EIDL loans, and other resources that are available for small businesses as they navigate the coronavirus and COVID-19 illness.

Key takeaways: – Prepare your financial statements now, be ready with a profit and loss statement to provide to your financial institution. – Prepare to show your payroll for 2019. – Start completing SBA form 413. – There is additional information every day, keep an eye out and stay in touch with your financial institution or The Development Company.

Resources

Disaster loan https://www.sba.gov/page/disaster-loan-applications

PPP https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp. (Goes live April 1st, 2020!)

Department of Labor https://labor.idaho.gov/dnn

The Development Company https://www.thedevco.net/

SBA for 413, financial statement https://www.sba.gov/sites/default/files/forms/SBA_Form_413_7a-504-SBG.pdf