Industry sign banking minnesota document myself
hey Brian can you hear me now yes hello thank you apparently the system didn't recognize that I was the presenter and it muted me so apologize for that so are you all seeing my slides now we should be on slide number two all right so let's go ahead and get started here so this is the economic injury disaster loan and this loan is meant to assist businesses as they recover from economic injury and suppose as opposed to what we usually see which is a recovery from a physical disaster for that reason some of the way that the loan itself gets done is a little bit different do keep in mind that these are the only loans that will be done directly by SBA so there will be no outside lender involvement as the funds the processing and the services will be done by SBA and from what I'm what I'm hearing on a couple of calls that I was on and sounds like they're anticipating like a disaster some people have asked what the disaster length of time is my understanding is they're looking at something like a six-month timeframe so on to slide number three because you're applying directly to the SBA there are no fees to apply anyone that thinks that they may be eligible should apply and you don't have to take the loan if something changes between when you apply and when I receive approval but just keep that in mind the disaster center is really encouraging people not to try to make eligibility decisions on their own but to just go ahead if you have any questions about whether you're eligible or whether you actually might belong go ahead and do the application process so slide or we're going to talk about eligibility to be eligible for the idol loan you do need to be a full profit small business or a private nonprofit there has been some questions about startup businesses with startup businesses it's going to be more difficult to show you're in business without incoming revenue streams or to show your ability to retain without a your financial statements the that disaster area the disaster area was using a form called to form 1368 which I'll talk about a little bit later it actually had a couple of people contact me back and say they're no longer using that form the death of form where those smaller businesses would be able to or those startup businesses would be able to provide a little bit of narrative about their business there have also been some questions about whether folks in the gig economy are going to be eligible in part your eligibility is going to be based on how you file your taxes so if you're not filing some kind of a business tax it's going to be again more difficult to show that you are a business and and can receive assistance so on to slide five which is going to go into a little bit discussion on small-business eligibility at this point almost all businesses are going to qualify and my understanding is that for the most part I think every state now has received their eligibility declaration so pretty much any small business around the United States is going to be eligible with a few specific ineligible type of businesses to determine if you're small you are going to want to visit the small business side standards link at the bottom of this page size standard is going to be based on the type of business you are and then from there it's been and the determination is going to be based on either revenue or employment depending on the business industry so slide 6 has to deal with private nonprofit eligibility and this is another another area where the disaster assistance people are tough enough when you are a non-profit 501 C 3 D or E you should go ahead and apply if you're not sure if the application process is free and they would really prefer that people not try to make a determination on the eligibility on their own one thing that I would say is that on a future slide I'm going to be talking about a necessity of providing tax returns there was a very recent change so that small businesses will not have to provide income tax returns if they are if the loan that they're receiving is under a half a million dollars keep it in mind for nonprofits no matter what size loan you receive you will need to provide income tax returns all right so next slide talks about our ineligible entities the first item there is listed as agricultural enterprises and the way that it was explained by the disaster center is that if the enterprise grows it faces or waters it the business is not going to be eligible but do keep in mind that agricultural aquaponic businesses are eligible the the second bullet there with the religious or charitable organizations and government on concerns that's where there's some confusion around what constitutes a private nonprofit and that is why the disaster center is suggesting that nonprofits if you're if you're a non-profit and you're not a religious if you're a non-religious nonprofit go ahead and fill out the application fee if you qualify for gambling concerns are not eligible and speculative real estate businesses so that would be something like a developer who is job is to subdivide lot solace those businesses if you subdivide like rebuild houses and things on them those businesses would not be eligible and I understand I'm getting this little feedback going on so if you are not muted please do mute your phone I tried to make sure everybody was muted as they came in but if you didn't hear that you were really hoping and please hit star six is this sound okay Alicia a little bit okay thank you I'm actually working off as my iPhone and headset so just want to make sure that you guys are getting everything all right so I'm going to go onto slide eight slide eight is the disaster loan terms you're going to the businesses are going to qualify for up to two million dollars of loan the interest rate is going to be 3.75 for a small business or 2.75 for a non-profit and the term could be up to 30 years the loan itself can be used to pay bills that occur in the ordinary course of doing business so that would be you know what are the sorts of bills if you're a business owner what would you be paying what would you be sitting writing a check for right now in the ordinary course of doing business so fixed debts that would be like your rent payment your mortgage payments your payroll payments one thing that I want to stress is that you as the applicant will not choose the amount of loan that you think you need what's going to happen is that the wrong officer as a disaster loan center is going to review all of the documentation that you submit and they will make a determination on Rowen 5 and on term so with the loan Center is going to be looking at is your loss of an income recently or loss of revenue based on the viral another thing to keep in mind about this loan is that there are no prepayment penalties and also there is going to be a 12-month deferment during which time you'll be required you'll not be required to make payments but you will have interest accruing and I believe the date of the deferment starts with the days that you signed the note okay so slide 9 as you can see the criteria is credit history repayment and collateral requirements so FDA will be pulling a credit report but one of the things that's been stressed by the disaster loan people is not to get too stressed out about what the minimum credit score is the loan officer at the disaster center is also going to be looking at credit history and repayment ability they haven't given us the minimum they want us to just encourage people to go ahead and apply so for loans over $25,000 collateral will be required if it's available generally speaking lack of collateral will not be the sole reason for declining a borrower but if your financial statements show that you have available collateral to be collateral the SBA may require you to pledge it and as the general rule the FDA is looking to real estate first and then business assets so as you are preparing to go online and apply we do encourage you to take a look at the documentation that's listed on the website and print it out and pre fill it out before you log in to do your application the idea is that that will help you be more prepared to be complete and accurate as you're going through the online process so the documentation that I've got listed here is available from the disaster website and I've got a slide later in the presentation that does show what that link is for the first forum listed there in the tax authorization form of the IRS form 46 ot and this allows the IRS to release your tax information to the SBA I caution you to make sure that the information that you fill out on this form matches the information that was on your tax returns for example if you put bill on this form but on your tax your filing documents you listed yourself as Williams the IRS will not provide the SBA with information and basically your application at point is not going to go any farther so please make sure that we just put on the orti bible 50 matches your income your federal income statement the schedule of liabilities which is sba form 2202 is a list of your obligation and you're going to be asked to list the original amount and date the current amount can be whether the obligation is currents are delinquent but the maturity date is what your payment amount is and how it is security the personal financial statement which is the SBA for 413 which is again personal financial statement is going to be used to analyze your repayment ability and your creditworthiness this is going to include your personal assets and liabilities any sources of income notes payable stocks bonds real estate that you own and then a variety of random other assets and liabilities again keep in mind this is personal and not a business financial statement so on to slide 11 so the first bullet point there what I want to note is that if you are a partnership or if you have owners with twenty percent or more in the company or affiliates you're also going to need to provide the tax information and the form 413 for those individuals as well so the item at the bottom of that slide which is that form fourteen thirteen sixty eight that I mentioned the additional filing requirements I'm at this point I'm not a hundred percent sure if the disaster office is requiring that one I believe they may have within the last few days come out with a new form that they'll ask for you to fill out and provide some of that extra information and just as a note to I'd had a few questions from people wanting to know if somebody hasn't filed their income tax returns for 2019 since of course or in the middle of filing season just know if those haven't been filed you will be able to instead provide your year-end profit mucks and your balance sheet for the patch here alright it goes slappy twelve this is basically at the point where we're going to be applying for four five is the actual application it's here that you're going to put in the specific demographics of your business like the name address phone number etc and this is a document that I believe the second question on the form for you to signify which type of disaster you are applying for just keep in mind that this is an economic injury disaster loan it's not a physical loan so you want to select the option for economic injury and then in parentheses I think it just says viel call it idle or eid l if you do not select the right option your application will get declined and again this fourth and all of the previous ones will be able to get printed out and it might be helpful again the princess went out as well and pre-fill it so we have all of the information in front of you as you are filling out the document another thing to keep in mind as you're going through the application process this isn't too much different than any any other online process that's some of the some of the bosses have a red asterisk they're the required ones and if you don't feel something into that box you will not be able to proceed to the next field so form thirteen there lift the top shion's for applying the first bullet point has the link to the disaster loan center and that's where you can go and download the documents on the previous slide there is an option for filing a paper application just understand that if you do that process it will take longer for you to get an approval so when you go to the link at bullet point number one and you're looking for not only the documents but there's an FAQ section and there's some extra information on a finding for the disaster loans at the top of the screen there's a link that says loan information and if you select that that's where you'll find the links to get all of the forms so one thing I want you to think about as you go in when you go in here and start applying you're going to have to set up a login and a password this is this part of the process is very important you'll be you will be able to save so as you're going through and filling out the application there's a Save button on every page so you can you can hit save and go out and come back to your application but and this is a really big but when you set up the Athletes we're set up the login and the password you must remember what your password is SVA does not have a mechanism to reset a forgotten password if you go in and you start the application and you go out and you forget your password you're going to have to start over and so is with regards to that form t 3019 that I mentioned a little bit earlier this is a document that once you submit your application you may get told you're going to have to provide other apps other information so just just keep in mind that as you're going through you fill out all the information you get them so you get a notification back that everything was uploaded once the loan officer looks at your incoming information they may get back to you and tell you that you do need other information before they can continue processing oh and before I go to the next slide let me go back to back to 13 the phone number and email address on bullet point three are really important that is your direct connection to the customer service people who are helping to provide answers so if you have a question and we're not able to answer it here in the district office you'll be able to call either the 800 number or you'll be able to send in an email to the their inbox to ask any questions so at 5:14 they this was the original side where they talked about some of the issues with getting your application process and process quickly and the biggest thing they wanted us the disaster folks wanted us to let people know is that you do want your application to be complete and accurate that's why we suggest printing and pre filling the document so that when you get in the midst of the application you're able to just continue on through everything that your fingertips and you can make sure are providing complete and accurate information also once you get the determination that you can ask to have your loan increased or decreased increase that you'll have to probably provide some extra supporting documents to make this request if you need less funds then you just send in a request to have that reduction done and unfortunately some people make it may be denied you have six months to ask for reconsideration and we've been told that you have a couple of options so you can submit your application if it's denied you'll have an opportunity to get to request a reconsideration if that if that consideration gets denied then you have a chance to do a second reconsideration so for slide 15 these are some other things that we've been hearing and I just wanted to make sure that everybody gets to know that the loan officer so many of the questions that would get we just really can't give you an answer a lot of times the answer is that we keep telling you to just if you think you're eligible over pi the reason being is that the loan officer at the disaster center really can't make a determination until they see your entire loan package so they really need to be able to take everything into consideration that's going on the second bullet point there we've been hearing from folks that they cannot see the Minnesota declaration when they go out to the disaster web site generally that'
because they went and visited the web site before our declaration went in all you need to do is either close your browser or clear in your browser history and the Minnesota deluxe declaration should show up so for credit elsewhere in the terms of the idle loan the loan officer at the disaster center is going to review all of the information that you've provided to determine how much you as a business owner need to pay your ongoing bills and they're also going to be taking a look at what kind of liquid assets you already have if it appears the business can pay its ongoing bills out of those liquid assets your application may be declined and again that's if that happens you can send in a request for reconsideration with some extra documentation showing why that is potentially not accurate personal guarantees will be required regardless of the size of the loan and they may need to be secured the determination on whether than whether or not they'll need to be a security is going to be made on a case-by-case basis if you get an error message you'll need to contact the customer service for that they'll be able to look at your application and help clear out whatever the error messages as of right now that's not something that we can do at the district office and then again finally as you see that after submission you'll be contacted by a loan officer and if you need more documentation they'll let you know what that looks like so slide 16 we have SBA resource partners we've always had SBA resource partners and frankly I think that they're some of the best around and they can provide some assistance I know I've talked to a few of our SBDC consultants who are actually helping people maneuver their way through the application process we also have four chapters we have women's business centers three of those in the state of Minnesota and we have a regional veteran's business Outreach Center all of them are I'm gonna stay ready willing and available to help provide assistance if you need to contact them if you visit the link there that for the local assistance take you to the closest one physically to you and finally there's the bottom of the screen minneapolis MN at sba.gov is our incoming maine district office mailbox it's the best way to send questions to us I've been monitoring that it's that particular mailbox and I can then send questions out to the correct person in the office that can answer questions for you so that's a good way to get in touch with us if you're not already signed up to get our newsletter I would suggest that's a good way for you to stay on top of any changes to the SBA program that is at WWF va.gov updates and then finally I know our public affairs specialist has been sending out some tweets on on Twitter and that's our Twitter handle there and not only has she been printing out some of the update but we're hearing some positive stories as well and we're trying to share those so that we can all stay connected so before I take any questions I just want to I just want to provide just a little bit of hopefully some wraparound information so a couple of final comments when you complete the online process my understanding is that you're going to receive some immediate notification that will indicate that your application has been uploaded or it's been accepted or some kind of language like that the disaster loan center will then process the incoming loans on a first-come first-served basis I know we've had some questions about whether people should be concerned about running out of money and what we're being told that this stage is that that is that right now that's not a concern so take your time make sure that you're submitting good complete and accurate information they are trying to complete the approvals in three weeks but I will say that we've never done a process like this before so we don't know for sure if that three weeks is going to if it's the three weeks is going to hold but that's usually their average time to get the approval process done and one other thing we've heard from some of you people that are having trouble uploading their documents if that becomes an issue you can either one you can keep track of the upload and the suggestion is maybe to try uploading at what I would call like hours like maybe not during the day time after 6:00 after 7:00 your second option is that you can email those documents to that disaster customer service at sba.gov mailbox if you do that you just want to make sure that you include your application number so don't try it at this point I will turn a few sounds we have some questions on the chat feature and I just pulled back to this slide here that has that email address that you are referencing the disaster customer service at sba.gov that would be a place if you're having issues with your uploads we've been told that you could try the first step like Twyla said is to try to keep uploading your documents but you can email that as well and then again that's the 1-800 number the 800 659 2955 of course we have our contact information that we've provided as well and we're where the local SBA district ops here so we'll do everything we can to help you as well Twyla some of the questions that are coming in one one question was what what are the ramifications if you receive a loan and then subsequently go out of business so well this point it would be the same ramifications for the most part of for any loan that you have we should do you have a few more details on what that looks like I'm sorry while I was typing an answer we keep that there this was the question about one of the ramifications of business if they go out of business if they know if they get the loan and then they go out of business yeah if it is my understanding that at that at this point in time the idols that economic injure disaster loan is not forgivable so even even if your business doesn't survive I would accept that the loan was still be employed right and obviously like Twyla mentioned there's gonna be 11 or 12 months of deferred monthly payments as well and that would be something to the you know our best advice right now like Twyla saying is to get get the application in as soon as you can and you know because it's going to be about three weeks before you get these funds so you know we know that things are changing on a daily basis so just get your application in immediately and you can always opt out of this loan at any point and there's no fee to applying as well alright well another question it kind of goes on the similar tangent do we get to work with the loan officer while they make size and decisions term decisions on a loan or do they simply contact us with their decisions Alicia if I if I do this wrong please feel free to interrupt my understanding is that you don't interact with the loan officer unless they need extra documentation to make the decision I believe that they will not when they decide on the amount and the term of the loan that's when they will get in touch with you that's my understanding as well if you do have to call in to the disaster assistance center with questions just ask for your case managers I don't know how much back and forth they're providing right now but if you do have to call in with the question but otherwise yes while I agree it looks like we're getting questions kind of about the partnerships so what if you are a partnership do all owners need to apply and provide their personal financials no you would prove you would apply just the stone you would just apply for the business though if it's a partnership and I'm just going to make it easy on myself so they're a partnership and you've got two partners each with a well with a 20% and an 80% ownership in the partnership both of you would provide your personal information but it would be just under the business under the one business name kind of back to the size of the loan topic if we apply and we are approved can we request you know what we need in terms of money versus just it just come in or can we apply when we need for the money to come to us we just want to be able to have backup if needed what's the question so I can take a quick stab so so my understanding is it's kind of a combination of what we've been discussing is to make sure to work with your loan officer because you can always reduce the size of the loan also that my understanding is that you'll receive multiple disbursements so within very short order there would be a $25,000 disbursement made within days and then there's a process where you receive subsequent disbursements so if that helps answer that question I think there are some questions about a FEMA registration number so folks were asking about that and perhaps maybe that was because again we want to emphasize to apply and when you go online make sure you select the economic injury disaster loan or the Eid L the idle we're calling it because there's multiple different types of SBA disasters you have to make sure you you click on the right program there another question was where is the slide deck available to access after the webinar um everybody that's on the call should have gotten a copy of the slide deck I did have I will say when I sent the slide deck out I had a couple of email addresses that kicked back that for some reason it wouldn't allow my email to go through your firewall so if you did not get the slide deck it sends me directly and then from an email and I'll get that out to you and my email address is Twila TW ila Kennedy ke NN e dy at SBA that gob thanks well but we have a question about what are some examples of why a company would be denied and we have a slide on that red um I'm not sure if we have a slide specifically talking about in the hallways okay oops yeah so um so here's here's what I'm going to tell you kind of what I'm what I'm seeing and what I'm sort of hearing is that it's going to be difficult for business owners that haven't been in business for more than a year because they're not going to they're not going to be able to provide a full year of revenue and and expense information so there's the potential for that I would say that if you if you're not able to provide holistic I know that there's I know that there's a question I thought kind of pop up so I'm going to bring up the Hobby the Hobby businesses you need to be filing business taxes so if you're not filing income taxes for for your business as a business if you're doing it on the side and it's included as part of your personal taxes I think those businesses may have the potential and and they may be much more difficult for them to be approved okay um now I'm gonna put this question to either you Twila Alicia I have two restaurants this is the question I have two restaurants that each have its own LLC they are both the same concept do I file separately for each or add one as an affiliated business go ahead Alicia sure yeah so the general guideline that I'm getting on applying separately or all together is that if you have common ownership and the individual entities are similar in the same industry so the restaurant is the perfect example if you have common ownership and the entities are similar you can file together if you have common ownership of entities that are in completely unrelated industries the example a restaurant and a cleaning company in that instance it would be better to apply separately thanks Alicia so a question was how long do you anticipate these loans will be available is there an aggregate dollar amount limit oh let's see as far as how long they will be available which I again I thought I wrote down and I didn't I think I wrote it down I didn't actually say it they'll be accepting applications through just about the end of 2020 I believe the data is 12 21 or something of that nature as far as the aggregate two million dollars is the aggregate of mileage so if you have multiple loans if you get multiple loans because you have multiple business entities i understanding is two million dollars is the highest amount that they'll give you for all of your loan Thanks well so this is kind of related the next question if you already have an SBA 7a loan will this impact eligibility and the answer is no you can have multiple SBA loans you could have you could have another you could have multiple SBA disaster loans you could have a 7a loan you could have a loan in our 504 program you are eligible for multiple SBA loans so these are term loans not revolving lines of credit right that is correct another question was I have subs Corp with three locations the losses are corporate-wide do I list each property under damaged property buttons or just use our corporate address are the so yet so you're talking about you've got you've got one kind of umbrella and then you've got three companies underneath and the Simeon Shi can evolve with three different locations if they are all if those businesses are all basically doing the same thing so like you're all restaurant so they're all kind of connected in that way you would probably do them as one don't say though that you have a travel company and a clothing store then those aren't necessarily connected and you were to separate and that would be a point of clarification you could probably follow up with our name here if you if you if that doesn't seem straightforward I think I think Twyla's answers is just on point so you probably would do it at the application here would be at the parent level and that's why we've been stressing and providing the link previously to the size standard definition so you would you would check check into that let's see this question grades I am a single-member LLC I looked at the online application and want to make sure I am entering the business information and my personal information in the correct areas any guidance I haven't had a good look at the actual forms Alicia I don't know have you seen any of the forms on the the code that you've been on unfortunately I haven't no okay so that that's a good question you know I want to make sure that you get good information so that is the question that I believe I would contact the servicing center for so that the user the disaster customer service at sba.gov Rd 800-number great thank you I'd also like to know on the application it says the applicants legal name is that my name or my business name [Music] I tell you what sends me a coming death question offline let me see if I can find a copy of the porn to look at and I can provide you with a better answer if you want how do I if you want to send that one to its best or disaster customer service email you can buy it if you want to shoot it me I'll see what I can find out okay next alright and we're gonna keep taking some questions here so feel free to submit your questions we're going to keep going for for another few minutes if we aren't able to get your question or you feel that you just want greater clarity again you have our contact information to follow up with our team here and then we also have this eight hundred six five nine to nine five five they're open seven days a week and we've heard at least yesterday that the call volume or the call wait time was actually only a few minutes I don't have an update on right now what the what the wait time is but we were hearing Friday it was a significant way time and that's why we wanted to make sure our team here was available for you but we did hear that the 800 number way time was was pretty quick on to another question the question says if I own eleven gyms and they're all subsidiaries and affected by livid should I file the application for the parent company um I would say yeah file for the parent company okay on that one I have a holding company next question I have a holding company that owns 100% of a business here in Minnesota and one in Iowa do I apply in each state as you know at this point I don't think it makes any difference I mean I think that you kind of give the two businesses are connected and they're basically the same doing the same thing because both Iowa and Minnesota has been declared disaster areas I would believe that you could could file one application but you know Alicia no but I'm saying that maybe do you know anything different I do not know anything different I would thi
k that if you are and I'm and I was typing an answer so I thought kind of in the middle but if if you're if you own two businesses even if they're in two states I mean your your incorporation is in your incorporation address is in one or your registrants address within one state so that's kind of the the piece where those the funds will be going if that makes them so the entire country will be soon declared I agree I don't think it's I don't think it's an issue I think I think I just echo on Alicia's point too that now all all states are approved for this all counties just get your application and as soon as possible with with your address the next question is about immigrant owned small businesses if are there any programs provided in languages for example other than English if you're talking about trainings we're trying to get some Spanish language training up and going other than that I'm not aware of any as far as training like there and I don't know about the documents themselves and assuming they have documents in Spanish but I'm not sure about about other other languages as far as document what about do we have any other advice for immigrant owned small businesses as far as getting assistance or I mean I guess I mean I guess you know my my advice is pretty much with you know pretty much the same for anybody I mean if you you know it's the one thing that I will say is that one of the questions that came up on a call I was on somebody asked about visas so if you're a business owner and you're you're here on a visa that's going to expire and like let's say two years the SBA probably not going to give you a loan for that business since we don't have like in two years when your visa expires with you'll still be in a country so that would be that would be a consideration but as far as getting assistance we are working with lots of resource partners the SPD sees our score chapters our women's business centers all have experience working with immigrant business owners so please feel free to reach out to them okay so the next two questions are kind of related in some ways first is this program related to the package being passed or is this program in place I'm sorry Brian could you give it again so someone was asking is this program related to the package being passed or is this program in place now this this program that we're talking about today is the economic injury disaster loan at SBA this program is in place and slide 13 here you can go on there and we encourage everyone to go on and apply right away so another Romanian brain go ahead there might be a little bit of confusion I know there's another vehicle I believe it's working its way through Hungary we don't know what's going to happen with that we can't make any determination we could only speak fairly confidently to the divide along so and that's related to this second question was are you aware of something better coming down the pike that we may want to watch for I would just quickly say yes we are aware but we can only speak to what Congress has passed and the president has signed and currently right now that's the economic injury disaster alone and so we're encouraging everyone to apply for this because you can always say no that you don't want it but you want to get your place in line here because this is first-come first-serve and there's no fee to apply so why would you want to add on that I'm real saying is that that we know that when something gets passed through Congress there's a time period where the terms and how the program is going to work it takes some time to get put in place so you know that's why Brian saying that we know we know firmly what's with this package what this loan program does if Congress comes with another one we don't know what the terms of that would look like so you know it could be better it could be worse we have no idea like that tonight I see that we're coming up on the top of the hour super spoon and can I just jump in on the question that everybody has about the applicant legal name sure okay so everybody that's asking about what name to put in the field I'm looking at the application right now and I see that there is a field for picking your organization type and then picking or typing in your applicant legal name and right underneath that is a trade name so in the example that we have here it's an LLC so the applicant legal name if the business name is your individual name go ahead if you have a trade name or DBA you would put that in the next field however if your business legal name how you registered your business is not your personal name it if it's ABC company then put ABC company in that applicant legal name field so the applicant piece appears to be the business information and at the bottom of that application screen is your personal information and contact information so keep in mind so for some others and definitely for sole proprietorships it's more than likely going to be your individual needs in that applicant legal name field Thank You Alicia alright so we're gonna just take questions for another couple minutes I have listed here the customer service center at the bottom number three here that is available for the remainder of today and so if you do have questions feel free to call this one 800 six five nine two nine five five number we're also going to be continuing these trainings twice a day for the remainder of the week let's just take a couple more questions here one additional question for us is as an owner of a commercial property is SBA looking to the property as collateral if so would SBA be secondary to the mortgage company or primary in either case I believe I would need the mortgage companies permission have you dealt with this before so if the if the SBA takes some real estate as collateral for this loan they wouldn't they would go in whatever position is coming up next so if you're if you have a mortgage and there's not a second mortgage that an SBA would be in a second position if you have a second mortgage then SBA would take a third mortgage and I guess you know you'd have to check with your work with your mortgage company on on the permission question I mean we don't in this particular case we're not going to bump the mortgage company from first to second but if they're going to require prior approval before SBA goes in and take the mortgage position behind them you may have to contact a mortgage company on that the questions will come out in the wash I mean they'll come out with your application and in the document that you get from SBA if there's anything that you need to do like that that will come from the office of disaster assistance that you don't have to do anything proactively on your own I don't think I mean correct me if I'm wrong toilet but I don't think you could go out and worry about that just yet you know I would I would wage on all and a lot of these things you know whether or not you're going to think you're going to need some extra documentation or any other forms I would say weak to hear from the disaster loan center the loan officer they're on like what they need you to do great well with with that I think we're going to conclude today's call we've provided some of the 1-800 again one 865 nine - 955 we also have the contact here on slide 16 for the Minnesota district office we have our team here responding to emails just sent into the Minneapolis MN at sba.gov mailbox I'd like to turn it back over to Twyla for any closing remarks so first of all I really want to thank all of you for taking time to get on and for those of you that are small business owners ourselves that we're out here doing everything we can to help you and we will continue to do that for for as long as for as long as it takes basically and for those of you asking about a recording we have not been recording these calls unfortunately we don't have a mechanism to put that out on the Internet we already working with some of our partners we are going to see if we can open a few of them to do some recordings that they were then put on their website so if you you know if you have any questions they come on just just to get a hold of us and as we have more information come out it's going to go out on that updates the WWWF update so please sign up for our newsletter if you don't already get it and with that I'm going to end the meeting thank you all thanks for a chat thank you thanks Alicia
