Navigating Economic Disruption: A Conversation with Mayor Jenn Daniels (April 29, 2020)

  • DES is opening its Pandemic Unemployment Assistance (PUA) program on May 12, 2020. This is a new program that provides benefits to individuals who are not otherwise eligible for Unemployment Insurance, like the self-employed. Click here for more information.
  • In addition to the PPP and EIDL loans you can find a list of loans, philanthropic and business grants by clicking here. The Better Business Bureau (BBB) opened a $500 - $1000 grant program for small businesses on Wednesday, April 29.
  • Top feedback from our bank experts:
    • Top reasons PPP applications are delayed or rejected:
      • 1099 employees being included in the PPP payroll calculation
      • source documents do not match the loan application
      • problems with the Schedule K submission.
    • Businesses are advised to work closely with your banker while completing your paperwork.
    • It is recommended that you reach out to your bank representative and ask if they have received the SBA file number for your application.
    • If your lender is not responsive, you may want to talk with a smaller bank or credit union in town to establish a relationship.
  • In the call, local banks discussed a few common mistakes made on applications.
    • When applicants see the question, “Is the applicant or are any owners a director, executive officer, or principal shareholder of a financial institution?” Many applicants mark ‘yes,’ when they actually are not.
    • The question, ‘Is the applicant’s PPP application being prepared by an agent? (If it is a bank employee, then it is likely not an agent.) Please review the list below as an agent is an authorized representative and can be:
      • An attorney
      • An accountant
      • A consultant
      • Someone who prepares an applicant’s application for financial assistance and is employed and compensated by the applicant
      • Someone who assists a lender with originating, disbursing, servicing, liquidating, or litigating SBA loans
      • A loan broker; or
      • Any other individual or entity representing an applicant by conducting business with the SBA.

We will bring you up to date as we evaluate the Governor’s plans on when we will re-open all businesses. Please continue to reach out and share your thoughts about future calls; these calls are designed for you and we want to ensure we are covering topics of most interest to the group.

Stay positive and know you aren’t in this alone!

Mayor Jenn Daniels

Patrick Banger, Town Manager

Dan Henderson, Director of Gilbert Economic Development

Kathy Tilque, CEO Gilbert Chamber of Commerce

Sarah Watts, VP Gilbert Chamber of Commerce