May 8, 2020 – Funding Received Today

Updates since Monday: Paycheck Protection Program (PPP) Funding Received, Economic Injury Disaster Loan (EIDL), Unemployment Insurance, Pandemic Unemployment Assistance, Reopening, Book, Video

Just a quick update regarding the PPP loan through the Small Business Association. Borsellino Carpentry did receive our funding today after many weeks on hold, for $5,100 which helps cover the business overhead. The amount is a percentage of our normal income and expenses based on 2.5 months. Compared to the big companies that got millions of dollars, this is small potatoes. However, this is huge for me, knowing that when this is all over I will be able to afford to “turn the lights back on” if this doesn’t last too long.

On Monday, I announced that I received a random $1,000 from the SBA which turns out is the EIDL payment. It is figured on $1,000 per employee. So that makes sense. I find it odd that with both of these payments I did not receive any real notification of the transfer. I just happened to see it in the business bank account.

I had received Unemployment for one week, but this week received another payment. I qualified under the new rules based on Pandemic Unemployment Assistance. If you are a small business owner or self employed in any way and have not applied for any of these programs I would suggest trying before it’s too late again.

I am in disbelief and don’t want to hold my breath over any of it. It is still unclear if this money has to be paid back. The unemployment doesn’t but the SBA money is technically loans, and have the potential to be forgivable, whatever that means…

The big question I’ve been asked is when am I reopening the business? I released a YouTube video this week addressing my feelings on that if you want to check that out here https://youtu.be/pId5Bo8Xmys . As of today, I have no plans yet to reopen.

I’ve been more and more considering writing a book, video series or releasing a package where I teach my knowledge about how to start a business, specifically a construction company, but it would work for almost all businesses. I don’t know if this would just be more freebies on my YouTube channel and website, or if this would be something I try to sell. Still in the planning stages. If you have any thoughts on this or anything else I’ve talked about today drop me a line I’d love to chat.

See ya soon!

Nick