{"id":806600,"date":"2020-04-20T18:31:43","date_gmt":"2020-04-21T00:31:43","guid":{"rendered":"https:\/\/www.summitdaily.com\/?p=381983"},"modified":"2020-04-20T18:31:43","modified_gmt":"2020-04-21T00:31:43","slug":"summit-county-businesses-scramble-to-apply-for-government-funding","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/ksmt\/local-news\/summit-county-businesses-scramble-to-apply-for-government-funding\/","title":{"rendered":"Summit County businesses scramble to apply for government funding"},"content":{"rendered":"<figure class=\"wp-block-image p402_hide\">\n<div class=\"caption-container\"> <img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans1-1024x682.jpg\" class=\"attachment-large size-large wp-post-image\" alt srcset=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans1-1024x682.jpg 1024w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans1-300x200.jpg 300w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans1-768x512.jpg 768w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans1-1536x1023.jpg 1536w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans1-2048x1364.jpg 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"><figcaption><strong>Nicole Dollar, a florist and wedding coordinator for Petal and Bean, works on a flower arrangement on Monday in Breckenridge. Owner, Kayle Burns, applied for both the Paycheck Protection Program and Economic Injury Disaster Loan. She was awarded the payroll loan but is still waiting for the results of the disaster loan application. Both loans would help keep her business afloat.<\/strong><br \/><em>Jason Connolly \/ jconnolly@summitdaily.com<\/em><\/figcaption><\/div>\n<\/figure>\n<p>DILLON \u2014 In Summit County, local governments reacted swiftly to help businesses stay afloat during the coronavirus shutdown, setting aside hundreds of thousands of dollars in rent assistance.<\/p>\n<p>These funds were meant to act as a bridge between the shutdown and the arrival of federal and state stimulus dollars. Now as federal business grants are available through the U.S. Small Business Administration, business owners are scrambling to apply.&nbsp;<\/p>\n<p>Joseph Amato, the Small Business Administration\u2019s Nevada District director, said that the first step to apply for the Paycheck Protection Program is to locate a lender.&nbsp;Lenders will ask for 2019 payroll information and corresponding 941 tax forms that tie into quarterly reporting. The bank then calculates the average monthly payroll of the business. If approved, businesses are loaned 2.5 times their average monthly payroll for 2019.<\/p>\n<p>Amato noted that the Paycheck Protection Program has run out of money, but he anticipates more funding will be approved for a second round of applications.<\/p>\n<div class=\"row\">\n<div class=\"col\">\n<div class=\"row sd-donation sd-donation-mobile p-0\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/03\/SDN-logo-white-1.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/03\/SDN-logo-white-1.png\" class=\"logo m-0 p-0 invisible\"><\/div>\n<\/div>\n<div data-bg=\"url(https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/03\/sdn-banner-paypal.jpg)\" class=\"col-xl-8 p-3 text-center rocket-lazyload\">\n<h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\"><a href=\"https:\/\/www.summitdaily.com\/donate\/?utm_source=article&amp;utm_medium=website&amp;utm_campaign=donation&amp;utm_term=&amp;utm_content=mid-article\">Donate<\/a><\/button><\/div>\n<\/div>\n<p><\/div>\n<\/div>\n<p>\u201cMy understanding is there is at least another $250 billion coming toward PPP and that hopefully will provide a sufficient amount of funding to cover the businesses that haven\u2019t been covered yet,\u201d Amato said.<\/p>\n<p>Alpine Bank Regional President Matt Hanson said the hardest part of the Paycheck Protection Program loan process was simply getting it up and running. The Rocky Mountain bank had issues submitting clients\u2019 applications using the online system and resorted to having employees submit the applications in the middle of the night when they had better luck.&nbsp;<\/p>\n<p>\u201cBy the end of it, we were pretty close to probably a 36-hour turnaround from when you applied to when you actually got funded,\u201d Hanson said.<\/p>\n<p>During the first week of the program, Hanson said it was \u201call hands on deck.\u201d He said employees were working 14 to 16 hours per day trying to help customers. Now that the funds have dried up, Hanson said the banks are just waiting for the next wave.&nbsp;<\/p>\n<p>\u201cWe called it on Thursday when the funds stopped that this was kind of the eye of the storm, so we\u2019ll be curious whether the next part of the storm is the second round of PPP or eight weeks from now when all of our customers are looking to see how they can get that loan or a great portion of it forgiven,\u201d Hanson said.<\/p>\n<p>Hanson said that for any bank that\u2019s using the Paycheck Protection Program, the money is funded by that bank from the very beginning.&nbsp;<\/p>\n<p>\u201cThe promise or the hope is that eight weeks from now, once the customer submits their \u2026 requirements to show that they have used a portion of it or a considerable portion of it for payroll, that\u2019s when we should be able to apply back to the (Small Business Administration) based on the approved loan and say, \u2018Hey, they used 75%. We ask for this to be forgiven.\u2019 And the SBA will fund that money back (to the bank),\u201d Hanson said.<\/p>\n<p>As for this forgiveness aspect, Hanson said businesses should closely follow the <a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program-ppp#section-header-8\">guidance put out by the Small Business Administration<\/a>.<\/p>\n<p>Bill Waters \u2014 CEO of Swift Communications, which owns the Summit Daily News \u2014 said that once the Paycheck Protection Program money was approved, there was a \u201cquick and steep learning curve\u201d as to how it worked.&nbsp;&nbsp;<\/p>\n<p>Waters recounted that on the afternoon of Saturday, April 4, he received an email from First Bank notifying customers that their portal was up to submit Paycheck Protection Program applications. Swift\u2019s application was submitted late that night.&nbsp;<\/p>\n<p>On Monday, April 6, Waters was notified by the bank that the loan had been authorized. Funding was received Tuesday, April 14. Waters said the forgiveness element is the \u201creal beauty\u201d of the loan. He said if it was a true loan, Swift and many other companies would not be able to pay it back.<\/p>\n<p><a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program-ppp#section-header-8\">According to the Small Business Administration website<\/a>, loans will be forgiven \u201cif all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities\u201d and that \u201cat least 75% of the forgiven amount must have been used for payroll.\u201d<\/p>\n<p>Waters said that the loan is \u201ccritical\u201d to Swift.<\/p>\n<p>\u201cBecause revenues fell so fast, so dramatically in such a short period of time, we couldn\u2019t really adjust expenses fast enough to offset that,\u201d Waters said. \u201cWhat this loan really does is buy us some time.\u201d<\/p>\n<div class=\"p402_hide\">\n<figure class=\"wp-block-image size-large\">\n<div class=\"caption-container\"><img decoding=\"async\" src=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans4-1024x682.jpg\" alt class=\"wp-image-381993\" srcset=\"https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans4-1024x682.jpg 1024w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans4-300x200.jpg 300w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans4-768x512.jpg 768w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans4-1536x1023.jpg 1536w, https:\/\/cdn.summitdaily.com\/wp-content\/uploads\/sites\/2\/2020\/04\/BuisnessLoans4-2048x1365.jpg 2048w\" sizes=\"(max-width: 1024px) 100vw, 1024px\"><figcaption><strong>Nicole Dollar, a florist and wedding coordinator for Petal and Bean, poses for a portrait Monday in Breckenridge. Owner Kayle Burns applied for the Paycheck Protection Program and Economic Injury Disaster Loan. She was awarded payroll funding but is still waiting for the results of the disaster loan application. Both loans would help keep her business afloat.<\/strong><br \/><em>Jason Connolly \/ <a href=\"mailto:jconnolly@summitdaily.com\">jconnolly@summitdaily.com<\/a><\/em><\/figcaption><\/div>\n<\/figure>\n<\/div>\n<p>Kayle Burns, owner of Petal and Bean floral and event business, also received a Paycheck Protection Program loan through First Bank.<\/p>\n<p>Burns said that after submitting her application and being notified that it was received, she didn\u2019t hear anything for about two weeks. Then, she was sent her closing documents and the money was quickly deposited into her bank account.<\/p>\n<p>\u201cIt was such a weird process,\u201d Burns said. \u201cI wasn\u2019t expecting money to just be deposited. I think that\u2019s the trickiest part is trying to make sure that you do this correctly.\u201d<\/p>\n<p>Burns employs four to five seasonal employees with only one employee on a year-round salary. She plans to bring a few back who can work on projects and other tasks during the eight weeks of funding. She said that even if she doesn\u2019t receive loan forgiveness, she still thinks the two-year loan is a \u201cgood deal\u201d at a 1% interest rate.<\/p>\n<p>Burns said she also applied for the Economic Injury Disaster Loan last week but has not heard back. The terms for the loan listed on the Small Business Administration website say the interest rate will not exceed 4% per year and repayment is based on ability to repay the loan.<\/p>\n<p>Barre Forte Summit County studio owner Katelyn Huston said she applied for the Economic Injury Disaster Loan online in less than 10 minutes.<\/p>\n<p>Huston has not heard back, and she said she does not expect much money because she does not technically employee anyone \u2014 barre instructors are independent contractors.&nbsp;<\/p>\n<p>Huston said both loan programs don\u2019t work well for companies that operate mainly with independent contractors.&nbsp;<\/p>\n<p>\u201cAs a business owner, sometimes you don\u2019t pay yourself or sometimes you take an owner\u2019s draw,\u201d Huston said. \u201cIt\u2019s just so disheartening and discouraging right now.\u201d<\/p>\n<p><em>Editor\u2019s note: Taylor Sienkiewicz is an employee of Swift Communications<\/em> and <em>is working to become an independent contractor for Barre Forte Summit County<\/em>.<\/p>\n<p><a href=\"https:\/\/www.summitdaily.com\/news\/summit-county-businesses-scramble-to-apply-for-government-funding\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: Summit Daily<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nicole Dollar, a florist and wedding coordinator for Petal and Bean, works on a flower arrangement on Monday in Breckenridge. Owner, Kayle Burns, applied for both the Paycheck Protection Program and Economic Injury Disaster Loan. She was awarded the payroll loan but is still waiting for the results of the disaster loan application. Both loans [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[99],"tags":[],"class_list":{"0":"post-806600","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-local-news"},"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-07-13 12:53:23","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSMT The Mountain","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/ksmt","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/806600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/comments?post=806600"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/posts\/806600\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/media?parent=806600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/categories?post=806600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/ksmt\/wp-json\/wp\/v2\/tags?post=806600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}