FOR IMMEDIATE RELEASE CONTACT: Brian Hartwell
April 13, 2020 hartwellb@oakgov.com 248-217-8732

ICYMI: Meisner hosts teleconference with Small Business Administration to connect small business owners with county and federal resources

Meisner and SBA representative break news with new debt relief program and Paypal access to Paycheck Protection Program
Huntington Woods, MI: Oakland County Treasurer Andy Meisner hosted a conference call on Zoom on Monday, April 13, 2020 to connect Oakland County small businesses to government resources. Sixty people participated from all corners of the county including Chambers of Commerce from Ortonville, the Lakes Area, Novi, Ferndale, Troy, Waterford, Clarkston, the Birmingham/Bloomfield area, and in between. Meisner assembled a panel that included Reda Nafso, a financial counselor from the County Treasurer’s Financial Empowerment Center and Romy Ancog, a representative from the U.S. Small Business Administration who helped business owners understand business-saving SBA programs.

“While the primary focus of everyone is on health and wellness, a secondary and very important element is some of the financial effects this crisis has created for a group that has been near and dear to my heart, and that’s the small business community,” said County Treasurer Andy Meisner. “In normal circumstances, we know how difficult it is for small businesses to overcome the challenges of entrepreneurship. Well, throw in a pandemic and it’s a recipe for disaster There are many small businesses that are out there going through extraordinary struggles, having to close down, radically changing their business models, and trying to weather this storm.”

During the call, Nafso, an experienced counselor, appealed to the human tragedy of this crisis,
“Life is very unpredictable. But when we are more prepared, we can lead, and are less anxious,” said Nafso. “It’s never too late to start an emergency financial plan. We need to create self-dependency that will eliminate a lot of our anxiety.”

Meisner and the SBA promoted three programs for small businesses. First, the Economic Injury Disaster Loan has been out for weeks and is applied for at sba.gov. The EIDL is a general purpose loan up to $10,000. Second, a new opportunity that has not received much discussion elsewhere, under the Debt Relief Program the SBA will pay the next six months of principal and interest on current SBA loans. Third, garnering a lot of interest from businesses, the Paycheck Protection Program (PPP) is a deferred payment loan if 75% of the funds are used to keep employees employed. PPP is applied for at banks and other financial institutions. Breaking news, the SBA official said that Paypal will be a partner in helping businesses apply for PPP if businesses are unable to apply for it at their banks.
“It’s an evolving situation. There’s a lot of misinformation. Go directly to the source: sba.gov,” said Ancog. “Reach out to us. Reach out to your banker and advisors.”

OAKLAND COUNTY TREASURER
1200 N. TELEGRAPH RD., DEPT. 479
PONTIAC, MI 48341-0479
ANDY MEISNER
COUNTY TREASURER
JODY WEISSLER DEFOE
CHIEF DEPUTY TREASURER
A video of the conference can be viewed at the link below or online at www.oakgov.com/treasurer.
https://us02web.zoom.us/rec/share/3c5HNpDz3DNJQ6ud93jyfbc-IKW8T6a8hyBI_fdYmhvqfjNRLmF8cDtI0qOHwpmH

Andy Meisner is the Treasurer of Oakland County. He can be reached at 248-858-0611 or meisnera@oakgov.com with questions regarding his foreclosure prevention programs or the developing strategies related to public health.
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