PPP New Rules with Michael Dedonato from the SBDC

In Partnership the LAX Coastal Chamber, Venice Chamber and Culver City Chamber are proud to present PPP update with Michael Dedonato, Business Advisor for the Small Business Development Center (SBDC). Over the past 3 months, PPP loans rules and regulations have changed almost weekly.  Receive the latest update from Michael as we enjoy a shorter presentation prior to opening up the floor for questions regarding the Paycheck Protection Plan (PPP) loan forgiveness modifications.
 
Join us as we talk about the following changes to the PPP Program and how they impact your business:
 

• Lower the requirements for payroll from 75 % to 60%

• New timeframe guidelines to ensure loan forgiveness 

• Guidelines on full-time employees for borrowers unable to return to the same level of business activity the business was operating at before February 15, 2020

• Understand the increased maturity of PPP loans (based on the date SBA assigns a loan number) on or after June 5, 2020

• SBA extended the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender

• Are businesses still able to apply for PPP?

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Michael has been a business consultant, finance and accounting professional for 35 years.  currently serves as a Principal in Forum Financial, LLC which provides strategic and managerial finance and accounting support to privately held clients. He also the managing member of DeDonato and Johnson Advisory Group, LLC providing small to midsized businesses merger and acquisition sell and buy side expertise.  Since 2016 he has served as a business advisor for Small Business Development Centers in the South bay region of Los Angeles county where he mentors startup and small businesses.  In this role he provides one on one counseling.  He has also developed and business workshops such as Legal Structure, Investor Pitches and How to Survive AB5.
 
He has demonstrated strategic and tactical financial expertise with strong qualifications in business development, operations and management.  He is skilled at partnering finance with core operations and developing productive cross-enterprise alliances.