It has certainly been a painful time in the oil and gas world. Please know YOU ARE NOT ALONE.
Here are some ways to help during these challenging times:
1.) EIDL (Economic Injury Disaster Loan) by the SBA (Small Business Admin.)
$10,000 within 3 days of applying according to SBA and up to $2 Million in total loan value @ 3.75% with possible repayment term 15-30 years
Under 500 employees, independent contractors, sole proprietorships, ESOPs, etc.
Apply here: EIDL
2.) PPP (Paycheck Protection Plan) for businesses under 500 employees.
Up to $10 Million to cover payroll, utilities, rent, insurance, separation costs, states taxes, etc.
- 100% federally guaranteed loans to employers who maintain payroll during the emergency.
- PPP features forgiveness of up to 8 weeks of payroll based on employee retention and salary levels, no SBA fees, & at least six months of deferral with maximum deferrals of up to a year.
- Up to 10 year term @ 4%
- Documentation will be required. Ideally 2017 and 2018 tax returns and 2019 projections to date. Your accountant would be ideal for this!
- Will need an approved SBA 7(a) lender i.e. bank to submit.
Details here : PPP
Encourage everyone and businesses to look into these programs. DO NOT BE TOO PROUD - especially if you're a service company.