3 Question SBA Q&A with Al Haut

SBA has approved Disaster Declaration; North Dakota Disaster as a statewide declaration for small businesses affected by Coronavirus. The SBA website is being updated and adding counties for submissions. Please check back regularly to begin to process to access funds. Companies with employees under 500 employees are eligible. These funds cannot be used for growth but assist in operations that would have been covered if not for the Coronavirus (e.g. payroll, fixed debt, accounts payable, etc). 

Al Haut, District Director for the U.S. Small Business Administration, recently presented at our COVID-19 ND Business Briefing on Emergency Business Financing. This call was recorded and is available here. The information he provided was specific to what is currently available including available websites and processes as well as some insight into what is coming as legislation is voted into policy.

We (virtually) sat down with Al following the call to drill down on three questions to assist businesses and individuals.

GNDC: 1. What are three things business should do today?
Al Haut, SBA: 

• Revise your projections for the next 30 days, 90 days and end of the year.
• Visit with your local lender to open a line of communication about possible CARES Act incentives.
• Visit ndresponse.gov for summary information on programs for small business in ND 

2. What type of process can businesses expect in the coming weeks after they apply?
SBA’s EIDL loans are directly from the SBA.  If the CARES Act is approved, loans will be available from local lenders and guaranteed by SBA.  

3. What’s the biggest piece of advice you could give to businesses and individuals given the ongoing impact of COVID-19 from the perspective of the Small Business Administration?
More programs and funding is coming to support your small business needs. Contact your local lender and stay tuned!

Applications for loans are currently being accepted. Additional resources specific to the SBA three-step process and resource partners are available on our COVID-19 Informational Hub. 

Also, check out the statewide resource in North Dakota Small Business Development Center - see our Q&A with Tiffany Ford, Interim State Director, here.