O is for Overcommitted: SBA on the verge of discontinuing PPP loans; Small businesses left out in the cold; Crowdfund for cash NOW to save your biz.

Around 8 pm last night, I received the following email from the SBA. I have hidden the name, email, and cell phone number of the person who sent the email because even though we on "Main Street" are mad as hell at the Executive Administration, i.e. Not My POTUS, for getting us into this pandemic mess in the first place (PLEASE VOTE IN 2020), it doesn't mean that gives us the right to expose people's personal information or throw a government worker, who's just the messenger, under the bus. As Michelle Obama says, "When they go low, we go high."

Please share the following message with your membership.

Update on Paycheck Protection Program (PPP)

In the near future, SBA expects the amount of processed PPP loan volume to reach the maximum amount authorized and appropriated by Congress. Once the authorization limit is reached, SBA will not be able to accept any new loan applications for the Paycheck Protection Program.

This will mean that lenders will no longer be able to load PPP applications into the Capital Access Financial System (CAFS or E-Tran) [the Lender Gateway]. SBA is unable to maintain a queue for PPP applications. Further, PPP loan amounts may not be adjusted by lenders within the CAFS system.

Additionally, once the authorization limit is reached, SBA will no longer be able to accept new lender applications to become PPP lenders. 

SBA is reaching out to the lending community to make them aware of this eventuality so that they may prepare and inform their small business customers of the situation.

SBA will continue to inform its lending partners of new updates should Congress authorize additional funds.  

As of 9 p.m., the SBA reported that 1.5 million applications had been approved for more than $324 billion.

From Politico: In a joint statement Wednesday evening, Senate Majority Leader Mitch McConnell of Kentucky and House Minority Leader Kevin McCarthy of California said that funding for the so-called Paycheck Protection Program will be depleted "in a matter of hours." That would force the program to stop accepting applications for the government-backed loans, which can be forgiven if businesses agree to maintain their payrolls.

Ok, so what now?

1. If you are in the queue, there is still hope, so check your email (obviously, you are stalking your email like I was, but just in case you're not). I received my approval for IFundWomen through Chase yesterday around 4:30 PM EST. The email, the first I'd received in the entire process, came out of nowhere. I am still in shock and frankly am not celebrating until the money hits the bank account. I'm still skeptical, so I will keep you posted as to when/if we get our PPP loan deposited.
2. If you are not in the queue, apply anyway. It's possible that Congress may approve another $250B in loans that could be deployed, and if they do, you want to be in line. It may be too late already, but you just never know.

Take action to save your business.

Crowdfund for immediate cash relief on IFundWomen. Men, women, and people of all genders are most welcome on our platform. For real. I have never wanted to make the PPP situation an ad about IFundWomen (because tacky), but the fact is, we are one of the very few crowdfunding plaforms that gets you the cash in a matter of days into your bank account. Most of the others make you wait until your campaign is over, and time is of the essence. You need cash right now. Furthermore, your community of customers WANTS TO HELP YOU. We have seen radical acts of generosity through individuals funding on IFundwomen. Finally, IFundWomen is doing COVID-19 Relief grants to active crowdfunders, so you will have access to additional cash grants.

I have personally "crisis crowdfunded" twice, and it works. Here are some tips:

1. Be transparent about why you are raising funds. Honesty builds trust and trust gets you more cash.
2. Move quickly, and don't overthink it - you don't have time to make a fancy marketing video, and you do not want to ship expensive rewards, so just put up a simple campaign page with your plea for funding. If you have time to make a smartphone video, then great. Hold your phone horizontally! Campaigns with a video that show the founder's face telling the story of your amazing business perform better than those w/out a video.
3. Connect to both PayPal and Stripe. IFundWomen is the only rewards-based (cash) crowdfunding platform to offer PayPal One Touch at checkout, making checking out for your funders even faster and easier especially on mobile.
4. DM for Dollars: My secret trick to getting cash fast is to DM people on Instagram or text people on my phone. I copy and paste this message hundreds of times and personalize the beginning and the ask. Here is the messaging:

"Hey Kate, hope you are surviving quarantine life. 911: my company didn't get our Paycheck Protection Loan because the money ran out too fast. We are crowdfunding to save the jobs of our staff. Can you donate? $20 would be so appreciated, and share if the spirit moves you. Here is the link: https://ifundwomen.com/projects/ladies-get-paid Thank you, sister. xo Karen 

here is another ask:

John - Great catching up last night. Glad Joanne is feeling better. I've got my own 911 happening and I need your help. My company didn't get our Paycheck Protection Loan because the money ran out. We are crowdfunding to save the jobs of our staff. Can you donate? $100 would go such a long way. Here is the link: https://ifundwomen.com/projects/ladies-get-paid You rock for helping. Talk soon. 

If you are disciplined, and literally DM, IM, Text, Email, and personally hound everyone you have ever known, you will raise cash quickly.

Do it. It's your only option for cash right now my friends. I know b/c I've been here a few times before, saving my startup or someone else's.

Here is a link to the free IFundWomen Method Crowdfunding Playbook & eCourse. This may be overwhelming right now since you are in crisis, but you should have this resource anyway to use.

If you want a private coach to help you crowdfund, go here and sign up.

Ok, folks, that's what I got for today. Bad news and a solution. And I would like to reiterate that men are most welcome on IFundWomen. We are all in this together.

Karen