Bankers with expertise in handling SBA loans talked about applying for the next round of Paycheck Protection Program (PPP) funding at the Jan. 26 virtual meeting of the Georgia Association of Business Brokers.
GABB Affiliate Representative Kim Eells , Senior Vice President of SBA Business Development at Georgia Primary Bank, spoke along with Thomas Rockwood, Senior Vice President of SBA Lending at Atlantic Capital Bank and Cadence Bank Vice President and SBA Banker Ryan Stoll.
The Paycheck Protection Program (PPP) reopened the week of January 11 for new borrowers and certain existing PPP borrowers, according to the U.S. Small Business Association. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan, the SBA says.
The SBA says a borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
- The GABB is the state’s premier organization devoted to buying and selling businesses and franchises, and operates the state’s only real estate school dedicated to business brokering.
For more information about GABB, please email firstname.lastname@example.org or call or text 770-744-3639, or contact GABB president Judy Mims at email@example.com or 404-842-1997.Read More
Linda A. Collett, a GABB affiliate member, passed away unexpectedly at home on October 19, 2020. She was 60 years old.
Linda was born on April 14, 1960 in Los Angeles, California to Cyril Reed and Audrey Collett and grew up in Thousand Oaks, California. She attended Thousand Oaks High School, the University of California, San Diego and graduated from the University of California, Berkeley with a degree in Business Administration.
Linda entered the business world after college and worked at several firms in Sacramento until she was transferred to Chicago in 1996 and then to Atlanta in 1998, where she fell in love with the city and made it her permanent home. In 2003, after 17 years in the corporate world, Linda left her position as Assistant Vice President of Risk Management Technologies at Marsh, LLC, a global insurance brokerage firm, to attend law school full time. She graduated cum laude from the Georgia State University College of Law in 2005 and opened The Collett Law Firm, a boutique law firm in Marietta specializing in starting, growing and selling businesses in the Atlanta area.
Linda was passionate about helping others and invested over 300 hours in training and study to become a certified professional coach. She was also a very active volunteer in the Professional Women’s Information Network (ProWIN) and served on the Board of Directors and Advisory Board for many years, in addition to serving two terms as the organization’s president. Linda enjoyed public speaking and spoke regularly at business groups in the Atlanta area and taught “Legal Issues for Small Businesses” at the Kennesaw State University Small Business Center for several years.
In her limited free time, Linda enjoyed yoga, taking courses on spiritual and personal growth, and recently began kayaking on Georgia’s beautiful lakes and rivers.
Linda is survived by her parents, Audrey and Reed (Cy), her brother, Dave, and by several cousins, nieces and nephews. She would not want her family, friends and colleagues risking their health at a public service during these difficult times, but condolences may be sent to CondolencesForLinda@yahoo.com and donations may be made to ProWIN or to the Georgia State University College of Law.