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Talk To B Corp lenders: Unpacking the CARES Act
April 2020
© B Lab 2019 bcorporation.net
● Introductions: Agenda & Panelists (7 min)
● Basics of the CARES Act: PPP & EIDL. Tricia Dunlap, Dunlap Law PLLC (10-15)
● Moderated panel followed by live chat Q&A (30 min)
○ David Reiling, CEO, Sunrise Bank, Demetris Giannoulia, CEO, Spring Bank, and Randell Leach, CEO, Beneficial State Bank.
● Update on Financial Resilience Task Force: Rose Penelope Yee, CEO, Green Retirement (5 min)
● Next Steps: Resources for the Future (5 min)
Agenda
Speakers
Holly Ensign-BarstowB Lab
David Reiling Sunrise Banks
Tricia DunlapDunlap Law PLC
Rose Penelope YeeGreen Retirement
Demetris Giannoulias Spring Bank
Randell LeachBeneficial State Bank
Disaster Loans (“EIDL”)
• Apply at SBA.gov
• Interest 3.75% or 2.75%
• Term – up to 30 years
• Use for:• AP• Payroll• Working capital
Paycheck Protection Program • Apply with SBA-approved lender• Interest 1%• Term – 2 years• Use for:
• Payroll• Mortgage interest• Rent• Utilities
• Loan forgiveness• No collateral & no fees• No personal guarantee
You can get both EIDL and PPP loans!
DunlapLawPLC.com
© B Lab 2019 bcorporation.net
Expert Panel of B Corp Lenders & Lawyers
5
David Sunrise Banks
Demetris Giannoulias Spring Bank
Randell LeachBeneficial State Bank
Tricia DunlapDunlap Law PLC
© B Lab 2019 bcorporation.net
The Need for a Comprehensive Rescue Package to Save Jobs and Revive Main Street
6
Congress needs to:● Increase the size and scope of PPP loans● Expand the period of loan forgiveness● Extend the amortization timeline of the loans● Prioritize the underserved● Increase funding to Community Development Financial Institutions (CDFIs) by $1 billion ● Formulate a plan to avert a tsunami of consumer and real estate defaults
We need to:● Sign and forward the Petition● Print out Petition, Sign, and Mail to your Congressperson and Senator● Call your Congressperson and Senator
B Corp Certified Lender Information
7
Lender Operating States Existing Clients New Clients
Amalgamated Bank National Yes No(potentially in the future)
Beneficial State Bank California, Washington, Oregon Yes Yes
Brattleboro Savings & Loan Vermont, Southwestern New Hampshire, Massachusetts Yes Yes
City First Bank Washington D.C., Maryland, Virginia Yes No (potentially in the future)
Mascoma Bank New Hampshire, Vermont, Maine (Portland) Yes No
Piscataqua Savings Bank New Hampshire Yes No
Spring Bank New York Yes Yes
Sunrise Banks National Yes Yes
Virginia Community Capital Virginia Yes Yes
Please visit our B Corp Lender Tracker here.
© B Lab 2019 bcorporation.net
Additional Resources
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● Small Business AdministrationSmall business guidance and loan resources. Applications for the Paycheck Protection Program are now open. Lender locating tool also available on SBA website.
● U.S. TreasuryPaycheck Protection Program information sheet for borrowers.
● U.S. Chamber of CommerceSmall business COVID-19 resources updated daily. Including this small business guide and checklist.
For our complete list of resources, please visit the B Lab COVID-19 Resource Center. For more resources to build organizational resiliency, navigate federal programs, access sources of capital, and manage cash flow please visit
the B Hive Financial Resilience Group.
B Lab Headquarters
15 Waterloo Avenue, Berwyn, PA 19312
Phone: 610.293.0299
Fax: 610.296.8289
For questions regarding this document and brand usage, please contact [email protected].
For all media inquiries, please contact [email protected].
For questions on benefit corporation legislation, please call 212.608.4150.