Laurie Pfeiffer, Director of Commercial Banking – Paycheck Protection Program Update



Laurie is our guest again, and we cover how Heartland Bank can help your business with the process of applying for the Paycheck Protection Program.

The CARES Act established a new $349 billion Paycheck Protection Program. The Program is providing much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

The new loan program will be available retroactive from Feb. 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

Laurie covers some of the details, the loan terms and conditions, that include…

  • Eligible businesses: All businesses, including non-profits, Veterans organizations, Tribal concerns, sole proprietorships, self-employed individuals, and independent contractors, with 500 or fewer employees, or no greater than the number of employees set by the SBA as the size standard for certain industries
  • Maximum loan amount up to $10 million
  • Loan forgiveness if proceeds used for payroll costs and other designated business operating expenses in the 8 weeks following the date of loan origination (due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs)
  • All loans under this program will have the following identical features:
  • Interest rate of 1.0%
  • Maturity of 2 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral
  • No personal guarantees
  • No borrower or lender fees payable to SBA

Currently, Heartland Bank is working with businesses and getting approvals in 48 hours.

Some tips before starting the process…

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area’s most interesting individuals who are ‘Driving the CBus’!

Email: info@heartland.bank 

Twitter – @heartlandbank

Facebook – @heartlandbankcentralohio


Laurie Pfeiffer, Director of Commercial Banking – Paycheck Protection Program for Self-Employed



Laurie is our guest again, and we cover how Heartland Bank can help you, as a sole-proprietor or self-employed, with the process of applying for the Paycheck Protection Program.

The CARES Act established a new $349 billion Paycheck Protection Program. The Program is providing much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.

Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.

What can you use these loans for? You should use the proceeds from these loans on your:

  • Payroll costs, including benefits
  • Interest on mortgage obligations, incurred before February 15, 2020
  • Rent, under lease agreements in force before February 15, 2020
  • Utilities, for which service began before February 15, 2020

Laurie covers some of the details, the loan terms and conditions, that include…

  • Eligible businesses
  • Maximum loan amount up to $10 million
  • All loans under this program will have the following identical features:
  • Interest rate of 1.0%
  • Maturity of 2 years
  • First payment deferred for six months
  • 100% guarantee by SBA
  • No collateral
  • No personal guarantees
  • No borrower or lender fees payable to SBA

Currently, Heartland Bank is working with businesses and getting approvals in 48 hours. We encourage any and all self-employed to take a look at this program and re-evaluate your situation if you thought this is not for you.

One of the most common questions we hear is “How much of my loan will be forgiven?”. You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs.

Some tips before starting the process…

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area’s most interesting individuals who are ‘Driving the CBus’!

Email: info@heartland.bank 

Twitter – @heartlandbank

Facebook – @heartlandbankcentralohio


Jessica McNamee, Heartland Bank Financial Planning – Financial Planning During COVID-19



In this episode we talk with Jessica McNamee, Director of Financial Planning.

How should investors react to the stock market during this COVID-19 pandemic?  Jessica encourages investors to address “risk” vs “uncertainty.”  This is why you should plan.

She stresses, stay calm, and don’t make rash financial decisions. Take an assessment of your reserves and cash money. And, if you can take the long term perspective, keep putting into your 401K.

Should you look at changing your 401K allocation? It’s a personal assessment of risk tolerance.

Do your best not to sell right now, if you are comfortable to ride out this current financial situation.  You can be better prepared by talking to a professional financial advisor.  Plus, target having different “buckets of money” to that will give you flexibility.

What makes the stock market rise and fall?  What are the factors?  Can we compare today’s market fluctuations to the Great Recession in the early 2000’s? Jessica explains the fluctuation reasons, and compares and contrasts today to The Great Recession.

Disclaimer:

The opinions voiced in this show (program) are for general information only and are not intended to provide specific advice or recommendations for any individual. To determine which investment(s) may be appropriate for you, consult with your attorney, accountant, and financial advisor or tax advisor prior to investing.

Securities are offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.  The investment products sold through LPL Financial are not insured Heartland Bank deposits and are not FDIC insured. These products are not obligations of Heartland Bank and are not endorsed, recommended or guaranteed by Heartland Bank or any government agency.  The value of the investment may fluctuate, the return on the investment is not guaranteed, and loss of principal is possible.

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area’s most interesting individuals who are ‘Driving the CBus’!

Email: info@heartland.bank 

Twitter – @heartlandbank

Facebook – @heartlandbankcentralohio


Laurie Pfeiffer, Director of Commercial Banking – How Your Bank Can Help Your Business During COVID-19?



Laurie is our guest, and we cover how your bank can help your business during this pandemic.

What should your business being doing today?

  1. Keep communicating.  To your bank, CPA, insurance agent, all your partners
  2. Re-evaluate your revenue streams
  3. Create a 13-week cash flow, and update every few days

What will a banker need to know when you contact them for options?  Laurie offers up these items that will be covered.

  1. What is the current state of your business?
  2. What are your current revenue streams?
  3. What are you doing with your vendors?
  4. If you are renting your building, have you talked to your landlord for relief?
  5. Have you contacted your insurance agent to understand your policy?

Laurie stresses access to cash is extremely important.  Utilize or increase your line of credit.

Tools that businesses can take advantage of?  Laurie mentions that your bank will look over long term, that is, what is needed over the next 90-days.  Options include:

  1. Interest only payments
  2. Deferred payments
  3. Loan forbearance

SBA solutions?  At this time, the SBA is offering a relief program called the SBA Disaster Assistance Program.  You can begin the application process online, or contact your bank for assistance.

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area’s most interesting individuals who are ‘Driving the CBus’!

Email: info@heartland.bank 

Twitter – @heartlandbank

Facebook – @heartlandbankcentralohio


BJ Douglass, VP of Mortgage Lending – How To Manage Your Mortgage During COVID-19



We talk with BJ about what measures and options are being put in place with this pandemic.

Hardship options that you can ask about are deferred payments or interest only payments.  To find out more, contact your bank.  That information should be readily available on your monthly mortgage statement.

BJ also covers how escrow is handled with any hardship option you may choose, plus what information you should have available when you call your bank.

In addition to helping you in the short term, these hardship option payment plans will not affect your credit score.  All reporting to the credit bureaus is being waived during this time.

Should you consider refinancing your mortgage now?  It might be a great time to do so.  Rates are the lowest they have ever been.  But it will depend on your financial and employment situation right now.  Right now is a great time to be prepared to refinance.  Contact your bank and start the conversation.

 

Featuring insights from individual contributors from all corners, nooks and crannies of the Columbus, Ohio region, Scott McComb, Chairman & CEO of Heartland Bank, has a goal to get to the why of our evolving and eclectic environment.  Check back often for updates to the list of the latest interviews with some of the area’s most interesting individuals who are ‘Driving the CBus’!

Email: info@heartland.bank 

Twitter – @heartlandbank

Facebook – @heartlandbankcentralohio