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Straight Talk About Small Business Loan Options During Pandemic

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Erin Holohan Haskell
Erin Holohan Haskell Member, Moderator, Administrator Posts: 2,325
edited April 2020 in THE MAIN WALL
The Small Business Administration is offering loans to businesses during the COVID-19 pandemic. Businesses can apply for the Paycheck Protection Program beginning April 3 through local lenders and the Economic Injury Disaster Loans at any time on the SBA website.

In this episode of their podcast, the HVAC Jerks got together with Alex Ayers and Talbot Gee of Heating, Air-conditioning & Refrigeration Distributors International (HARDI) to discuss and clarify the SBA Loan process. Learn more about the Paycheck Protection Program and the Economic Injury Disaster Loans and how they can help your business survive during these difficult times.

President
HeatingHelp.com

HVACNUT

Comments

  • GW
    GW Member Posts: 4,700
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    I applied for the 10k on Thursday and the PPP on Friday, lets see if the feds can shoot me some dough.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    gary@wilsonph.com
  • Alan (California Radiant) Forbes
    Alan (California Radiant) Forbes Member Posts: 4,043
    edited April 2020
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    I'd be interested in finding out more about loans for small businesses without employees. Although not as important, CV does impact me.
    8.33 lbs./gal. x 60 min./hr. x 20°ΔT = 10,000 BTU's/hour

    Two btu per sq ft for degree difference for a slab
  • Erin Holohan Haskell
    Erin Holohan Haskell Member, Moderator, Administrator Posts: 2,325
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    I'd be interested in finding out more about loans for small businesses without employees. Although not as important, CV does impact me.

    @Alan (California Radiant) Forbes, it looks like small businesses with no employees (sole proprietorships, independent contractors, and self-employed individuals) are also eligible for the Economic Injury Disaster Loan: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/economic-injury-disaster-loan-emergency-advance

    President
    HeatingHelp.com

    Alan (California Radiant) Forbes
  • Zman
    Zman Member Posts: 7,574
    edited April 2020
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    The PPP program works for one-man shops and independent contractors as well. Basically you can get 2.5x your average monthly wages. It maxes out at $100K annual salary. There are provisions for payments for leases and utilities as well. The program morphed for the first few days and was very confusing. It is pretty clear and defined now.
    "If you can't explain it simply, you don't understand it well enough"
    Albert Einstein
    Erin Holohan Haskell
  • BDR529
    BDR529 Member Posts: 287
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    Nobody rides for free.. This will be interesting.
    GroundUp
  • GW
    GW Member Posts: 4,700
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    BDR In most cases, you're right. This time the feds are printing dough. Sure, the deficit will hit the roof. I will post a note when the dough lands in my acct. My banker says my app is good and says she will close on the loan next week. It’s not well suited for the guy that pockets all his/her cash- needs to be based on 2019 payroll (or I suppose taxable income if you’re not an “employee”)
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    gary@wilsonph.com
  • motoguy128
    motoguy128 Member Posts: 393
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    My boss secured one of these loans. Says we’re good for at least 10 weeks. Honestly, we were slow anyway and probably not really impacted much by Covid19. But I think requests for preventative maintenance will be low, which is most of what we do in May and into June before it gets hot.
  • GW
    GW Member Posts: 4,700
    edited April 2020
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    All good, Friday the banker emailed me the doc. I met her outside the bank Saturday, late AM with the 14 page signed document. Early afternoon the money was in my checking account.
    Gary Wilson
    Wilson Services, Inc
    Northampton, MA
    gary@wilsonph.com
    Robert O'Brien