Topic Question Answer
PPP What is the term of PPP? There’s a six month deferral period, but it’s not known if that’s at the beginning or upon request. The term is 24 months.
PPP, EIDL Will businesses be required to provide additional information after these initial applications? Yes! There is fine print in both applications that indicates more potential information will be requested.
PPP To restore our headcount by June 30, do we need to rehire the same number of people or just the same number of FTEs? And if it’s the same number of people, does it have to be the same individuals? They will use the FTE count.  It does not have to be the same individual (SBA)
PPP Are there ways to encourage lenders that we already have accounts with to become SBA-approved. Locally, we bank with River Valley Credit Union which is not currently an approved lender Applicants can encourage their lenders to apply.  There is a process for lenders who meet specifications required can apply.  Information is available on the Treasury website.  It is important to note that the lenders were not provided information on how the PPP would work until the evening before it opened up for applications.  Many needed to consider the details before jumping in.  And there are some lenders who are willing to consider non-customers. (SBA)
EIDL Can one apply for an Emergency Economic Injury Grant without taking out a loan? I know that to be eligible for the grant you have to be approved for the EIDL but do you have to accept it? If you are offered the loan, you do not have to accept it. (SBA)
PPP, EIDL I applied previously before and have app# what to do? You may call 1-800-659-2955 for a status update.   (SBA)
DOL, PPP I thought independent contractors could apply for unemployment insurance but not PPP thinking of real estate professionals can you clarify Independent contractors can apply for the PPP.  The ability to apply for unemployment insurance has expanded as well.  Reaching out to the DOL would be best to clarify.  Determining which is the best option is the business’s decision. (SBA)
EIDL Is it possible that one would receive the advance, but then denied for the loan? No (SBA)
PPP Is PPP loan is a bridge to get businesses from here to June 30?? PPP is better described as a way of helping a business maintain its workforce.  Other non payroll eligible expenses can be included but to a limited degree.  The intent of the legislation was to encourage lenders to retain or rehire employees quickly.  The “forgiveness” is a function of the business’s success in doing that. (SBA)
PPP Is the PPP first-come-first serve? If so, do we have any sense of how fast the money will go? Yes.  There is the general expectation that more money may be needed.   (SBA)
EIDL, PPP My business was required to close and my employees were paid on commission. what is the best option for me to apply for? I have 3 employees Every business must review their situation based on a numerous factors.  For guidance on making a prudent decision, you can reach out to a trusted business advisor.  SBA’s Technical Assistance Resource Partners are available to consult.  Vermont Small Business Development Center Advisors is one.  Their website is (SBA)
PPP PPP – are board members supposed to be listed under owners or can that be left blank? All owners representing 20% or more must be listed as owners.  If it is a non profit, at least one person authorized to sign for the organization must be listed.   (SBA)
PPP PPP – Our hospitality business is closed by VT Govt order. Opening date unknown. If it’s not until early June, will the 8 weeks start then? No.  Once a PPP is approved, the loan will need to be closed with the initial disbursement within 10 days.  The 8 weeks starts from the loan closing. (SBA)
PPP So if you have closed your business to the public but have kept staff on to do work, are you eligible for the PPP? Yes.  The intent of the PPP is to keep your staff on payroll during this time. (SBA)
PPP, EIDL We are applying for the PPP, but are concerned about the money running out before BS&L can process our application. As a backup, should we apply for EIDL now as well? Or will that disrupt our PPP application? Thank you. You can apply for both.  Some businesses would be better served using one or the other based on their business needs so care should be taken prior to accepting one or the other.  And the programs are a first come first served based on the amount of appropriations in the approved bill.  Additional allocations could be made if approved by Congress. (SBA)
PPP What are the financial/personal guarantee requirements for the PPP. There are no personal guarantees required on the PPP. (SBA)
DOL Will small business owners (e.g. consultants) who also have p-t w-2 wages from another employer (who has not layed off) be eligible for unemployment under the new program? That answer would be best answered by the Vermont DOL. (SBA) (SBA)
PPP What happens if a business that receives PPP funding ends up having to close after the eight-week period has gone by This is a loan program and if the forgiveness component is not applied, all distributed funds will be owed.
PPP It would helpful to get clarification on whether PPP covers businesses with PART-time employees. Yes.  Number of employees is determined by the total FTE calculation. (SBA)
EIDL where to check status of EIDL grant can you post? thank you!


You can call 1-800-659-2955 and have your application number ready. (SBA)


PPP,  EIDL if you are a small business with less than 5 employees does it make sense to apply for an SBA loan?


Every business needs to consider their own circumstances.  Keep in mind there is no cost to apply and both the EIDL and the PPP have streamlined application processes which makes the process less cumbersome than applying for a regular commercial loan. (SBA)


PPP, EIDL, Other Can COGS contain labor costs?


Cost of goods sold (COGS) refers to the direct costs of producing the goods sold by a company. This amount includes the cost of the materials and labor directly used to create the good. It excludes indirect expenses, such as distribution costs and sales force costs. Keep in mind that not all businesses have a “COGS”. Generally you can determine that number for your business by looking at your tax returns or by speaking with your accountant. (SBA)


PPP Is TD Bank an approved lender?


Yes (SBA)
PPP Can anyone speak more specifically to lenders in Brattleboro? My understanding is that BS&L is currently the only lender approved who can accept PPP applications.


Most banks are accepting applications although some will only take them from current customers.  Examples of accepting institutions in the area are Brattleboro S&L, Peoples United, TD, Citizens, Keybank, Community Bank NA, VSECU (SBA)


UI, PPP But independent contractors would go through unemployment right not SBA? Independent Contactors can apply.  Each business needs to consider their own circumstances, the benefits of each of the options, and then make a decision. (SBA)


EIDL, PPP What would the interest rate be on these loans?


EIDL loan is 3.75% for business which are For-profit, 2.75% for Non-profit, and term is 30 years with the first payment due at the 12th month

PPP loan is 1%, term of 2 years, and the first payment is due at the 6th month for any amount remaining after the potential forgiveness is applied.  (SBA)


PPP What if you have not laid off your employee but are allowing the employee to operate the store while you operate digital interface from the house?  And do deliveries… Your business is eligible to apply. (SBA)
PPP If a business doesn’t meet the 6/30/20 deadline, does this mean no loan forgiveness?


The PPP application window closes on 6/30/2020.  6/30/2020 is also the date at which a small business needs to show that they have retained or rehired employees to the levels documented for 2/15/2020, or pre-disaster.  When the calculation for forgiveness is considered, your ability to meet that test will be judged.  Any amount less than that does not mean you will not be considered, but the $ of the forgiveness will be “ratcheted down” or discounted accordingly.  More details on how that will be calculated is not available at this time. (SBA)


PPP, EIDL Are digital signatures fine?

For nonprofits, is the signature of the board president enough?


e-signatures are able to be used.

A person who is authorized to sign for the organization needs to be designated. (SBA)


PPP, EIDL, Other Who should we reach out to for one on one assistance? Vermont SBDC Advisors



PPP I’m really interested in learning about the mechanics of submitting a PPP application. It is not clear to me which lenders are approved (they have seemingly removed the “locate lender” button from the SBA website in the last 2 hours. And how to submit PPP applications once you know which lenders are approved and accepting applications. See above for area lenders who are approved to process PPP loans.  Borrower applications and information can be obtained on and going to the COVID19 page.  Advisors mentioned above can help.  You would take your payroll records and the application to your lender.  The lender will review your information and possibly need additional clarification.  They will then submit the information along with the bank’s on SBA’s electronic platform for lenders.  Additional guidance can be obtained from the lender.

If you are applying for the EIDL, that you do by applying directly to the SBA.  It is a simple application asking for basic information, your revenues, cost of goods, and employee count.  It will also ask if you are interested in being considered for the Advance of up to $10,000.  If you are you will need to provide bank and routing information.  Once you complete, review your entries carefully for accuracy, and submit.  An application number will be provided that you will need for tracking purposes.

The SBA Vermont District Office is planning on providing on going webinars for businesses on how to apply.  When available, the BDCC along with other partners will be notified. (SBA)


EIDL Going back to the EIDL program – can you restate what was said about personal guarantees and collateral


The EIDL for the COVID19 disaster has the following provisions.

  • EIDL has a maximum loan amount of $2 million.
  • No personal guarantees or collateral on loans up to $200,000.
  • Above $200,000 personal guarantees and collateral in the form of a lien on business assets are required to be taken
  • Above $500,000, personal guarantees and additional collateral in the form of real estate will be required if available.

Note that SBA will not decline a loan for lack of collateral, but does require the borrower to pledge it if it is availability.  (SBA)

UI, PPP About half my staff does not want to return to work yet. How should I respond on their unemployment claim forms? PPP / UI inter-connections are unclear at this time. Anyone cut below 35 hrs (partial unemployment) is eligible to make up partial wages lost through UI.
UI Are employees who were PART-time before 2/15/20 and now are working reduced hours eligible for unemployment? No, Independents and Self-Employed folks have a different sign-up process. Here’s the appropriate landing page for those folks: VT DOL has indicated processing of these claims will begin next week, (as of 4/10).
UI Are we better off offering part time work to more staff or full time to fewer? Uncertain at this time (4/10). Answer pending, VT DOL.
UI Because unemployment claims are new for self-employed/sole proprietors, can I assume the forms I need to complete have been tailored to sole proprietors in some way? Here’s the appropriate landing page for those folks: VT DOL has indicated processing of these claims will begin next week, (as of 4/10).
UI Hearing that folks applying for Unemployment benefits online can’t enter the last piece of info which is their SS#. Sould be an easy fix…it’s just software! They should still probably file UI in case they don’t get SBA loans I think?
UI I am a partner in a restaurant in Dover. I am having trouble understanding the benefit of staying open if staff including my partners and myself are eligible to receive unemployment plus the $600 week. How do we compete with “free money” to retain staff? Yes? At the very least, folks who are filing will get the minimum amount (It’s like $150 maybe) + $600. I think you input your loss of wages, and it’s a % of that.
UI I represent a non profit fraternal organization. If we lay off our full and part time employees, how are we impacted as far as taxes and anything else that would adversely effect our business record? Uncertain at this time (4/10). Answer pending, VT DOL.
UI If an employee has a family member at home that is receiving chemo are they eligible for UI if there is work available for them. If yes do they need doctor notes or documentation If someone is offered a job, they no longer qualify for unemployment. Claims are processed by VDOL and confirmed with the employer who laid the person off.
UI If employees are cut to part time, can they collect partial unemployment, even with the company getting PPP loan? How does that affect employers/employees? Answer pending.
UI If I’ve already applied for an SBA loan but have not yet been approved, am I exempt from applying for the $600/wk unemployment? Having applies does not mean one is back to employment.
UI is the initial form the same for employees and independents.thx No return to work date is required, that has been waived.
UI what happens if a business that receives PPP funding ends up having to close after the eight-week period has gone by After a loan closes, the obligation still remains.
UI what happens if some employees have to be laid off before the requested PPP funds are approved and received? Those laid off are eligible for UI. Upon funding, employees need to return to employment to be considered for forgiveness.