Talk To B Corp lenders: Unpacking the CARES Act

April 2020

© B Lab 2019 bcorporation.net

● Introductions: Agenda & Panelists (7 min)

● Basics of the CARES Act: PPP & EIDL. Tricia Dunlap, Dunlap Law PLLC (10-15)

● Moderated panel followed by live chat Q&A (30 min)

○ David Reiling, CEO, Sunrise Bank, Demetris Giannoulia, CEO, Spring Bank, and Randell Leach, CEO, Beneficial State Bank.

● Update on Financial Resilience Task Force: Rose Penelope Yee, CEO, Green Retirement (5 min)

● Next Steps: Resources for the Future (5 min)

Agenda

Speakers

Holly Ensign-BarstowB Lab

David Reiling Sunrise Banks

Tricia DunlapDunlap Law PLC

Rose Penelope YeeGreen Retirement

Demetris Giannoulias Spring Bank

Randell LeachBeneficial State Bank

Disaster Loans (“EIDL”)

• Apply at SBA.gov

• Interest 3.75% or 2.75%

• Term – up to 30 years

• Use for:• AP• Payroll• Working capital

Paycheck Protection Program • Apply with SBA-approved lender• Interest 1%• Term – 2 years• Use for:

• Payroll• Mortgage interest• Rent• Utilities

• Loan forgiveness• No collateral & no fees• No personal guarantee

You can get both EIDL and PPP loans!

DunlapLawPLC.com

© B Lab 2019 bcorporation.net

Expert Panel of B Corp Lenders & Lawyers

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David Sunrise Banks

Demetris Giannoulias Spring Bank

Randell LeachBeneficial State Bank

Tricia DunlapDunlap Law PLC

© B Lab 2019 bcorporation.net

The Need for a Comprehensive Rescue Package to Save Jobs and Revive Main Street

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Congress needs to:● Increase the size and scope of PPP loans● Expand the period of loan forgiveness● Extend the amortization timeline of the loans● Prioritize the underserved● Increase funding to Community Development Financial Institutions (CDFIs) by $1 billion ● Formulate a plan to avert a tsunami of consumer and real estate defaults

We need to:● Sign and forward the Petition● Print out Petition, Sign, and Mail to your Congressperson and Senator● Call your Congressperson and Senator

B Corp Certified Lender Information

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Lender Operating States Existing Clients New Clients

Amalgamated Bank National Yes No(potentially in the future)

Beneficial State Bank California, Washington, Oregon Yes Yes

Brattleboro Savings & Loan Vermont, Southwestern New Hampshire, Massachusetts Yes Yes

City First Bank Washington D.C., Maryland, Virginia Yes No (potentially in the future)

Mascoma Bank New Hampshire, Vermont, Maine (Portland) Yes No

Piscataqua Savings Bank New Hampshire Yes No

Spring Bank New York Yes Yes

Sunrise Banks National Yes Yes

Virginia Community Capital Virginia Yes Yes

Please visit our B Corp Lender Tracker here.

© B Lab 2019 bcorporation.net

Additional Resources

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● Small Business AdministrationSmall business guidance and loan resources. Applications for the Paycheck Protection Program are now open. Lender locating tool also available on SBA website.

● U.S. TreasuryPaycheck Protection Program information sheet for borrowers.

● U.S. Chamber of CommerceSmall business COVID-19 resources updated daily. Including this small business guide and checklist.

For our complete list of resources, please visit the B Lab COVID-19 Resource Center. For more resources to build organizational resiliency, navigate federal programs, access sources of capital, and manage cash flow please visit

the B Hive Financial Resilience Group.

B Lab Headquarters

15 Waterloo Avenue, Berwyn, PA 19312

Phone: 610.293.0299

Fax: 610.296.8289

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For questions on benefit corporation legislation, please call 212.608.4150.