CDFI Connect Community Discussions
RE: Paycheck Protection Program
From : Communities>>Open Forum
Lea, If guidance is issued that follows the existing SOP for the 7a program, there is this: b. The limited circumstances under which certain businesses engaged in lending may be eligible are as follows: ... ii. A business that provides financing in the regular course of its business (such as a business that finances credit sales) is eligible, provided less than 50% of its revenue is from financing its sales. If you can meet that test, then to me, you wouldn't need to cut it back, so long as you [More]
Lea, If guidance is issued that follows the existing SOP for the 7a program, there is this: b. The limited circumstances under which certain businesses engaged in lending may be eligible are as follows: ... ii. A business that provides financing in the regular course of its business (such as a business that finances credit sales) is eligible, provided less than 50% of its revenue is from financing its sales. If you can meet that test, then to me, you wouldn't need to cut it back, so long as you [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
edit to include language cutoff from IFR below. Linda, That seems in line with the PPP FAQ sent out May 7. Safe harbor was extended to 5/14. I would send the 7apaycheckloanprogramquestions@sba.gov email to ask about your specific situation. Our district office is advising all eligibility questions be directed there. They also provided an address for questions related to the interim final rule: PPP-IFR@sba.gov . We sent our question to both and got a response from the 7a questions address. 43. [More]
edit to include language cutoff from IFR below. Linda, That seems in line with the PPP FAQ sent out May 7. Safe harbor was extended to 5/14. I would send the 7apaycheckloanprogramquestions@sba.gov email to ask about your specific situation. Our district office is advising all eligibility questions be directed there. They also provided an address for questions related to the interim final rule: PPP-IFR@sba.gov . We sent our question to both and got a response from the 7a questions address. 43. [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
This is very confusing. as to eligibility and I for one am not sure that there is an actual answer. The normal SBA programs would not be eligible for CDFIs or non profits. However in PPP nonprofits are eligible and there is nothing that states that a specific type of nonprofit is ineligible. This program rolled out so quickly I don't think that SBA has thought through all this which is why the answers seem all over the place. Carrie Zaslow Executive Director Providence Revolving Fund 401-99 [More]
This is very confusing. as to eligibility and I for one am not sure that there is an actual answer. The normal SBA programs would not be eligible for CDFIs or non profits. However in PPP nonprofits are eligible and there is nothing that states that a specific type of nonprofit is ineligible. This program rolled out so quickly I don't think that SBA has thought through all this which is why the answers seem all over the place. Carrie Zaslow Executive Director Providence Revolving Fund 401-99 [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
I messaged you offline but also wanted to point out the following that our CEO submitted to argue that CDFIs are eligible... The PPP Interim Rule reads as follows: Interim Rule, Page 5 -6: The program requirements of the PPP identified in this rule temporarily supersede any conflicting Loan Program Requirement (as defined in 13 CFR 120.10) .... a. Am I eligible? You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are [More]
I messaged you offline but also wanted to point out the following that our CEO submitted to argue that CDFIs are eligible... The PPP Interim Rule reads as follows: Interim Rule, Page 5 -6: The program requirements of the PPP identified in this rule temporarily supersede any conflicting Loan Program Requirement (as defined in 13 CFR 120.10) .... a. Am I eligible? You are eligible for a PPP loan if you have 500 or fewer employees whose principal place of residence is in the United States, or are [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
Replying to an earlier post... That's rather disconcerting news and I am also curious about who told you that. There are CDFIs that got loans during the first round that had written information from SBA representatives that they were eligible - and they accordingly acted in good faith. In our case, I just checked with our President & CEO, and our organization has yet to receive any response from SBA Corporate Counsel regarding eligibility determination, which was requested by Dianna Seaborn, OFA [More]
Replying to an earlier post... That's rather disconcerting news and I am also curious about who told you that. There are CDFIs that got loans during the first round that had written information from SBA representatives that they were eligible - and they accordingly acted in good faith. In our case, I just checked with our President & CEO, and our organization has yet to receive any response from SBA Corporate Counsel regarding eligibility determination, which was requested by Dianna Seaborn, OFA [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
We were informed today the CDFI's that lend are not eligible for PPP. We applied, were approved, signed loan documents to be later told that we weren't eligible. I reached out to our local SBA rep who provide the following response - so its safe to say, if any of these apply to your organization and you received funds, someone will be contacting you to return them. This is beyond unfair and I'm not happy at all. I don't understand how and why anyone would think that were not being effected by the [More]
We were informed today the CDFI's that lend are not eligible for PPP. We applied, were approved, signed loan documents to be later told that we weren't eligible. I reached out to our local SBA rep who provide the following response - so its safe to say, if any of these apply to your organization and you received funds, someone will be contacting you to return them. This is beyond unfair and I'm not happy at all. I don't understand how and why anyone would think that were not being effected by the [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
From who did you hear that? ------------------------------ Carrie Zaslow Executive Director Providence Revolving Fund Providence RI 4019962944 ------------------------------
From who did you hear that? ------------------------------ Carrie Zaslow Executive Director Providence Revolving Fund Providence RI 4019962944 ------------------------------
RE: Paycheck Protection Program
From : Communities>>Open Forum
I have heard that I, as a non-profit CDFI loan fund, have until May 14th to return the PPP funds I was awarded in round 1. No questions asked. After 05/14/20 I will be subject to audit and possible fraud. Trying to get clarification. ------------------------------ Linda MacFarlane Executive Director Community Loan Fund of the Capital Region, Inc. Albany NY (518) 436-8586 ------------------------------
I have heard that I, as a non-profit CDFI loan fund, have until May 14th to return the PPP funds I was awarded in round 1. No questions asked. After 05/14/20 I will be subject to audit and possible fraud. Trying to get clarification. ------------------------------ Linda MacFarlane Executive Director Community Loan Fund of the Capital Region, Inc. Albany NY (518) 436-8586 ------------------------------
RE: Paycheck Protection Program
From : Communities>>Open Forum
Hi Everyone, Hopefully the SBA will agree that CDFIs deserve this relief as we are all providing loan deferments and engaged in asset management these days. As another nuance, I am wondering if the NPO has other activities besides lending. If we have TA/development services as a separate departments -- perhaps we could prorate the PPP loans and forgiveness amounts to cover non-lending staff members instead of the whole agency. Thanks for all those working on this, Lea ------------------------------ [More]
Hi Everyone, Hopefully the SBA will agree that CDFIs deserve this relief as we are all providing loan deferments and engaged in asset management these days. As another nuance, I am wondering if the NPO has other activities besides lending. If we have TA/development services as a separate departments -- perhaps we could prorate the PPP loans and forgiveness amounts to cover non-lending staff members instead of the whole agency. Thanks for all those working on this, Lea ------------------------------ [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
For reasons I'm willing but prefer to share offline, I know that the SBA Corporate Counsel is reviewing this issue at the request of Dianna Seaborn, OFA Director, SBA, and has yet to issue an official opinion or formal regulation. Barbara Anne Gardenhire-Mills, M.S.E.L. Director of Compliance & Engagement/Technical Assistance Officer (She/Her/Hers) Cooperative Business Assistance Corporation (CBAC) 328 Market Street Camden, NJ 08102 Office: 856-966-8181 x105 Cell: 609-980-5319 Direct: 856-479-9583 [More]
For reasons I'm willing but prefer to share offline, I know that the SBA Corporate Counsel is reviewing this issue at the request of Dianna Seaborn, OFA Director, SBA, and has yet to issue an official opinion or formal regulation. Barbara Anne Gardenhire-Mills, M.S.E.L. Director of Compliance & Engagement/Technical Assistance Officer (She/Her/Hers) Cooperative Business Assistance Corporation (CBAC) 328 Market Street Camden, NJ 08102 Office: 856-966-8181 x105 Cell: 609-980-5319 Direct: 856-479-9583 [More]
RE: Paycheck Protection Program
From : Communities>>Open Forum
Philip, Thanks for sharing that. Has anyone heard from OFN about a resolution to the letter they sent to Treasury in April on this topic? Les Roll, MACED Hazard, KY ------------------------------ Les Roll Mountain Association for Community Economic Development, Inc. Hazard KY (859) 986-2373 ------------------------------
Philip, Thanks for sharing that. Has anyone heard from OFN about a resolution to the letter they sent to Treasury in April on this topic? Les Roll, MACED Hazard, KY ------------------------------ Les Roll Mountain Association for Community Economic Development, Inc. Hazard KY (859) 986-2373 ------------------------------
Creating an Emergency Loan Fund? Watch this first!
From : Communities>>Open Forum
Dear Colleagues - over 160 CDFIs joined my colleague Jonathan Harrison and me for "Structuring an Emergency Loan Fund for Success!" - a deep drive into the process of setting up an emergency fund that achieves your mission and protects you from potential risk. The link to the webinar is here and the slide deck is attached. A core value of our firm is to share best practices on key issues in the industry, for clients and non-clients alike. Hope its helpful! ------------------------------ Jason Friedman [More]
Files Attached Document
Creating an Emergency Loan Fund? Watch this first!
Dear Colleagues - over 160 CDFIs joined my colleague Jonathan Harrison and me for "Structuring an Emergency Loan Fund for Success!" - a deep drive into the process of setting up an emergency fund that achieves your mission and protects you from potential risk. The link to the webinar is here and the slide deck is attached. A core value of our firm is to share best practices on key issues in the industry, for clients and non-clients alike. Hope its helpful! ------------------------------ Jason Friedman [More]
Files Attached Document
Creating an Emergency Loan Fund? Watch this first!
RE: Paycheck Protection Program
From : Communities>>Open Forum
We did just get a response from the SBA's 7apaycheckloanprogramquestions@sba.gov account: "Nonprofits engaged in lending activities are no eligible for PPP loans." Just a heads-up for those who did receive a PPP loan or still in process of applying. ------------------------------ Philip Adams Northwest Arkansas Regional Director Forge Community Loan Fund Huntsville AR (479) 301-9865 ------------------------------
We did just get a response from the SBA's 7apaycheckloanprogramquestions@sba.gov account: "Nonprofits engaged in lending activities are no eligible for PPP loans." Just a heads-up for those who did receive a PPP loan or still in process of applying. ------------------------------ Philip Adams Northwest Arkansas Regional Director Forge Community Loan Fund Huntsville AR (479) 301-9865 ------------------------------
Recommendations for Governance Software
From : Communities>>Open Forum
I am just starting the process of researching some governance software to better manage the basic functions of governance (attendance, board packets, keeping resolutions/minutes/documents, scheduling, etc) and looking for insights from the CDFI community. Does anyone have any recommendations? Tell me what you're using - what you like, don't like, costs, and what you've found helpful. Thank you in advance! ------------------------------ Shawn Wellnitz CEO Northeast Entrepreneur Fund, Inc. Duluth [More]
I am just starting the process of researching some governance software to better manage the basic functions of governance (attendance, board packets, keeping resolutions/minutes/documents, scheduling, etc) and looking for insights from the CDFI community. Does anyone have any recommendations? Tell me what you're using - what you like, don't like, costs, and what you've found helpful. Thank you in advance! ------------------------------ Shawn Wellnitz CEO Northeast Entrepreneur Fund, Inc. Duluth [More]
Sabre Finance - Job Posting
From : Communities>>Open Forum
Hello, OFN Community! Sabre Finance in Birmingham, Alabama is looking to grow its team with a Small Business Counselor dedicated to serving the technical assistance needs of small businesses across the state. Sabre Finance is looking to add a team member with experience running a small business or working directly with assisting small businesses. This position will meet with and assist clients, acting as a consultant/advisor on fundamental business issues, providing financial information to management [More]
Hello, OFN Community! Sabre Finance in Birmingham, Alabama is looking to grow its team with a Small Business Counselor dedicated to serving the technical assistance needs of small businesses across the state. Sabre Finance is looking to add a team member with experience running a small business or working directly with assisting small businesses. This position will meet with and assist clients, acting as a consultant/advisor on fundamental business issues, providing financial information to management [More]
RE: Tip Tuesday
From : Communities>>Open Forum
In this week's Tip Tuesday, we provide you the steps on how to change your personal information on your profile. We are also very excited to announce the winner of our Amazon gift card giveaway is @Jenny Rottmann ! Keep a lookout for more exciting giveaways in the future! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------
Files Attached Document
RE: Tip Tuesday
In this week's Tip Tuesday, we provide you the steps on how to change your personal information on your profile. We are also very excited to announce the winner of our Amazon gift card giveaway is @Jenny Rottmann ! Keep a lookout for more exciting giveaways in the future! ------------------------------ Elizabeth Specht Member Engagement Associate Opportunity Finance Network Washington (202) 618-6100 ------------------------------
Files Attached Document
RE: Tip Tuesday
RE: Loan Origination & Automatic Document Generation Workflow / Platforms?
From : Communities>>Open Forum
Leila, Would definitely love to start a convo and share information! Thank you! ------------------------------ Spike Hosch Executive Director BetterFi Coalmont TN 931-313-9942 ------------------------------
Leila, Would definitely love to start a convo and share information! Thank you! ------------------------------ Spike Hosch Executive Director BetterFi Coalmont TN 931-313-9942 ------------------------------
Announcing the Just Economy Sessions!
From : Communities>>Open Forum
NCRC webinars on CRA and Paid Leave announced. See below. Missing the Just Economy Conference? View this email in your browser We were heartbroken to be unable to host the Just Economy Conference this year. Aside from getting to see and connect with all of you, the biggest thing we miss is getting to share all the amazing content that was developed for the conference. The good news is we are announcing the Just Economy Sessions ! These will be 90 minute virtual sessions held throughout the spring [More]
NCRC webinars on CRA and Paid Leave announced. See below. Missing the Just Economy Conference? View this email in your browser We were heartbroken to be unable to host the Just Economy Conference this year. Aside from getting to see and connect with all of you, the biggest thing we miss is getting to share all the amazing content that was developed for the conference. The good news is we are announcing the Just Economy Sessions ! These will be 90 minute virtual sessions held throughout the spring [More]
Member Monday
From : Communities>>Open Forum
CDFI Connect is excited to introduce Member Monday , aimed to highlight the incredible accomplishments of OFN members each week! In this weeks Member Monday, we would like to highlight the Small Business Relief Fund created by AltCap . The loan fund is a $5 million community-backed small business relief fund intended to provide immediate relief to local, small business experiencing extreme economic disruption. "While federal and state assistance may be available eventually, businesses need [More]
CDFI Connect is excited to introduce Member Monday , aimed to highlight the incredible accomplishments of OFN members each week! In this weeks Member Monday, we would like to highlight the Small Business Relief Fund created by AltCap . The loan fund is a $5 million community-backed small business relief fund intended to provide immediate relief to local, small business experiencing extreme economic disruption. "While federal and state assistance may be available eventually, businesses need [More]