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SFU Small Business Development Center Guiding Business Owners Through COVID-19

Loretto, PA (04/20/2020) — The Small Business Development Center (SBDC) at Saint Francis University has helped businesses in the Southern Alleghenies region start, grow, and prosper for more than forty years. Now, with nonessential business forced to temporarily close due to the CONVID-19 pandemic, local owners are left trying to understand their options during this uncertain time.

Fortunately the SBDC is continuing to help small businesses get the answers to their questions, so they can get back to "business as usual" when the pandemic ends.

Below, SBDC Director, Jeff Boldizar, answers a few questions on how the Center is helping local business owners.

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Many local small businesses had to temporarily close. How has the Center been helpling business in our area?

The Center is providing guidance on the financing options that are available and how those small business owners can apply for these loans. In addition, small business owners

(who historically are not eligible for unemployment), are going to be able to sign-up for unemployment.

The SBDC maintains a close relationship with local banks. How has the SBDC been playing a role to get money to small businesses so they can pay employees or other expenses?

The SBDC has been working with local small businesses by assisting them in preparing the necessary application and documentation to apply for the Paycheck Protection Program (PPP) loan. This loan is made and processed through a certified SBA lender (many of our local banks are certified SBA lenders). The funds are being provided so that small businesses can keep their employees on the payroll. If the business has already laid off their employees, they will need to call them back to work. If 75% or more of the PPP funds are used for payroll/benefit, the small business owner can seek loan forgiveness for these funds. The small business owner can apply for 2.5 times the amount of their average monthly payroll.

The SBA also has an Economic Injury Disaster Loan (EIDL) that businesses can apply for. This loan is applied for by directly going through the SBA website. The money can be used to cover a variety of business operating expenses. This is a loan program and there is no guarantee that all that apply will be approved for funding.

If I'm the owner of a small business looking for assistance, how do I reach out?

If small business owners have questions or need assistance, just call the SBDC (814) 472-3200 and leave a message. The telephone is being regularly monitored. They can also email the Center at sbdc@francis.edu and a consultant will respond as soon as possible.

It seems like the SBDC is needed now, more than ever.

If it wasn't for the SBDC many small businesses would be working through a maze of programs, unaware of programs, and have no one to talk to. Something I have heard more than once is how appreciative these small business owners are to just have someone to talk to. We are trying to offer as much personal contact time as possible. The small business owners that have contacted our office have been incredibly patient and personable. We're here to help in anyway we can.

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