Episode #191 Jim Stelten
Host: Ryan Tansom
This episode (also in video) breaks down the $350 Billion in relief funds for small businesses owners in the PPP and EDIL, who qualifies and how to access the money.
Listen to The Podcast on iTunes, Stitcher and Spotify
Check out the video webinar if you like watching instead of listening!
The Takeaway:
There is a lot of money that is going to be deployed in the next two months and the sooner you can get your ducks in a row and submit your application (the right way with the right requests) the sooner you’ll be able to receive your funds.
We have the video available on our website along with a list of additional resources and links that we will do our best to update as things change and evolve.
Even though there is going to be unprecedented access to funds that does not mean you have the luxury to sit around and wait for them. Our suggestion for every business owner out there is to:
Gather your info and submit your application ASAP, then…
- Build your 13-week cash flow statement
- Revise your 2020 forecast the best you can
- Have conversations with all your stakeholders
- Lean on your closest advisors and
- Build a defensive plan for the next 90 to 120 days
- Start working on your strategic plan to get you out of this crisis and then capitalize on the opportunities that will inevitable arise when our new “norm” settles in
What you will learn:
- The difference between the Paycheck Protection Plan (PPP) and the Economic Injury Disaster Loan (EDIL)
- The insights of a Top Tier Mid-West CPA and Business Advisory Firm
- What’s going on in the market as of 2 days ago
- Who qualifies for each the PPP and the EDIL
- How to apply for both programs
- How Bankers fit into the mix
- The loan amounts available in each program and how it is calculated
- How to deploy and where to use the loan proceeds
- What loans are forgiven and how
- The interest rates, terms and deferments in each program
- Ways to access emergency grant money ASAP
- Which loans are personally guaranteed and what is not
- Options available for current SBA loans
The CARE Act - Links, Resources and Downloads
Schedule a call with Arkona to discuss a 13-Week Cash Flow template and questions you might have
Jim Stelten, LinkedIn
BerganKDV Website
BerganKDV Guide to the CARES Act, PPP and EDIL
US Chamber of Commerce Guide to the CARES Act, PPP and EDIL
SBA CARES, PPP and EDIL Loan Application Resources
Borrower Paycheck Protection Program Application
PPP Paycheck Protection Program - Borrower Information Fact Sheet- 3.31.20
PPP Paycheck Protection Program -Overview-03.31.20
Stay Tuned for the 13-Week Cash Flow Digital Training Module and Templates along with The next Intentional Growth™ Digital Course
Shoot Ryan Tansom and email here with the subject link CARES to get on the waiting list - rtansom@arkona.io
Because of the current situation Pat and I are working on a digital video course on a 13-Week Cash Flow Training and Template along with The 5 Intentional Growth™ Principles. It will be the best of our material that we have in our 2-day Boot Camps. Text the word Intentional to 66866 to get on the waiting list of the digital course.
We’ll teach you how to build a valuable company with the end in mind using our 5 Intentional Growth™.
- In principle #2 - You’ll learn how companies are valued, deal structures and how to calculate net proceeds (this helps if you want to know how much your company is worth, looking to buy a company or eventually want to sell)
- In principle #3 - You’ll learn how the 5 major exit options (Internal, ESOPs, PE and more) work & the implications of each
- Principle #4 - you’ll learn how to increase your multiple by derisking your company and building value for the long term build a financial model that ties to your strategic plan and what it takes to grow value for the long term.
About Jim Stelten:
As a Business Value Add Partner, Jim is responsible for building client relationships and solving client’s business challenges. At an early age, Jim worked in his dad’s retail business. His dad taught him to make a difference—even in a small way—for their customers and this has been Jim’s mantra ever since. He is tireless in his pursuit to make a difference for the clients he serves. Jim believes in always driving value beyond the assignment and providing an experience deserving of referral. This mindset has allowed Jim to grow an incredible network in the Twin Cities region and beyond.
Always forward thinking, Jim leads the firm’s innovation team, paying close attention to mega trends occurring outside of the firm’s four walls and predicting how these trends will affect our clients and how we as a professional services firm can assist.
Jim received his bachelor’s degree in accounting from the St. John University and is active in several CEO/President and CFO peer-to-peer groups. He is involved with the Randy Shaver Cancer Research and Community Fund, American Institute of Certified Public Accountants (AICPA), Minnesota Society of CPAs and the AICPA G400 Executive Group. He is also a Certified Exit Planning Advisor to help business owners develop an exit strategy that focuses on building, harvesting and preserving family wealth for generations to come and integrating best-in-class business practices into daily operations.