Navigating the SBA Paycheck Protection Program

Apr 3, 2020

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Connect with Michael and Sabrina

Michael Ly, Founder/CEO of Reconciled
- Website: https://getreconciled.co/
- LinkedIn: https://www.linkedin.com/in/michaelly/
- Twitter: https://twitter.com/michael_ly_
- Facebook: https://www.facebook.com/burlingtoncfo
Sabrina Parsons, CEO of Palo Alto Software and Board Member of Oregon Pacific Bank
- Website: https://www.opbc.com/
- LinkedIn: https://www.linkedin.com/in/sabrinaparsons
- Twitter: @mommyceo

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Transcript

Michael Ly: [00:00:03] One of the things I'm telling clients is this is not a growth loan; this is not a VC, or private equity fund investment; this is not angel funding. The intention of this loan- the intention of these loans is to keep people on payroll.
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Blake Oliver: [00:01:29] Welcome to The Cloud Accounting Podcast. I'm Blake Oliver.

David Leary: [00:01:32] And I'm David Leary.

Michael Ly: [00:01:34] And I'm Michael Ly.

Sabrina Parsons: [00:01:35] And I'm Sabrina Parsons.

David Leary: [00:01:37] Blake, I've got special guests for us tonight.

Blake Oliver: [00:01:40] I am so excited, David! Thank you so much for setting this up.

David Leary: [00:01:43] There's lots of questions on what the programs rolling out from the SBA are. Even me, as a small business owner, I don't know what the answers are. I'm trying to navigate them myself. So, I brought on an accountant/bookkeeper, Michael Ly, who is advising hundreds of his clients, probably, on how to navigate this process; and then Sabrina Parsons, who's been on the podcast before. She actually is on the board of directors at a bank, and Sabrina has inside tracks with the SBA, and the SBDC, so she can kind of give us, like what's happening behind the scenes during this process, as well. With that said, Michael, and Sabrina, if you guys wanted to jump in and maybe say hi?

Michael Ly: [00:02:19] Yes, hi. Thanks, David and Blake, for having us; for having me and for having both of us. David, yeah, your situation is very similar to many millions of other small business owners across the country.

Sabrina Parsons: [00:02:31] Yeah, thank you. I'm really happy to be back with you guys, Blake and David. The last time we were together, we were actually at a conference, which seems so far away and so foreign now, since we're not allowed to ever do that in person for I don't know how long. So, I'm glad to be talking to you guys in some way or another, and I'm really glad to be doing this content today because the number of small businesses in the United States, right now, that are struggling is staggering. But there are some programs that can help them, and these programs are very difficult to wade through and figure out what...