Monday, April 20, 2020

Resources for small businesses

Ken Poulsen
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.”

Poulsen is the senior loan officer for The Development Company located in Rexburg. TDC is a private non-profit created in 1974 to help small businesses with everything from business loans to workforce development. Poulsen's specialty is 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 pandemic.

Key takeaways:
  • Prepare your financial statements, 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, so keep an eye out and stay in touch with your financial institution or TDC.


Disaster loan: https://www.sba.gov/page/disaster-loan-applications
PPP: https://www.sba.gov/funding-programs/loans/paycheck-protection-program-ppp
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