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Globally, Coronavirus cases now top over
according to Johns Hopkins university. We’ve seen over
worldwide and have also celebrated over
In the US the
is reporting over
(273,880 US) and
(7,077) as of about 3:30pm pacific time today (3:28pm). We’ve also seen over
(9,521) recovered patients.
Governor Andrew Cuomo says he will use the National Guard to seize and redistribute emergency medical supplies with the goal to help hospitals already being overrun by covid-19 patients.
National Guard troops will take unused supplies from hospitals in Upstate New York that aren't yet crowded with patients, and get them into the city. Cuomo is also asking the federal government and other states for help with ventilators, masks and other equipment.
The death toll in New York now tops 2900.
President Donald Trump said today that the CDC is recommending that Americans should wear non-surgical masks when they're out of their homes to help stop the spread of coronavirus.
The decision was an expected one and was made after the cities of New York and LA (Los Angeles) advised their residents to wear cloth masks. Officials want to save surgical-grade and N95 masks for health workers.
US Department of Labor data published its monthly “jobs report” for March. Nationally, the number of jobs decreased by more than 700,000—a stark contrast to the 273,000 jobs gained in the February report—and the unemployment rate jumped from a 50-year low of 3.5% to 4.4%, the highest since 2017. The data included in this report only covers February 12 through March 12, so it does not account for recent business closures and layoffs resulting from social distancing measures.
Some estimates forecast that the national unemployment rate could exceed 10% in the near future.
You can no longer count Independent contractors as employees for EIDL but independent contractors can apply for their own PPP instead
Keep in mind that the wording isup to
The interest rate has changed. First it was 4% then it went to a 0.5% then it went to 1% but it went to 1% because the banks lobbied about it.
They will require personal guarantees if the amount is over $200,000
is 50% of up to $10,000 in wages paid by an eligible employer whose business has been financially impacted by COVID-19
Government is getting smart about it’s programs so that you need to pick the one that you really want
Banks are being cautious - they don’t want to mess this up and then not be paid by SBA and many need to develop the right formula and documents to support their own underwriting requirements.
Remember, the SBA is not giving the money. It's the banks that are, so that relationship is critical, but they still have to follow the underwriting. So we are hearing situations where people have told us that some banks are only working with their actual bank holders and bank account holders.
Bigger banks are moving slower, more due diligence and processes to work through so we are seeing quicker action by smaller banks/credit unions but don’t panic if you bank with a large bank, have patience they are putting this all together as quickly as they can
Remember this is still a relationship with your lender so treat them with respect and don’t be rude
The best way to find out about these opportunities is to search for them online, Go onto Google and search for Covid-19 relief in your local city/county/state or if you are a female-owned business or veteran-owned business for example.
These funds are going extremely quickly, so if you find one, apply immediately
What determines how much of the up to $10,000 you will receive?
To be determined, however the $10,000 is an advance so if you are not eligible for a loan of even $10,000 the advance isn’t happening
Is there a way to check the status of an application for EIDL or PPP?
EIDL: called SBA directly, and said that an update will come via email, as long as you have a confirmation number, have patience
Remember that the 3 day timeframe around receiving the $10,000 is from the time your application processed which can take 18-21 days
PPP: you would contact your lender and each bank will be different in how they handle updates
While I’m waiting for this funding, what should I be doing?
Work on your
Do your due diligence on whether or not to keep or lay off employees between now and getting PPP money
Call your credit card and ask them to bring the interest rate down and tell them you are waiting
Would you rather lay off two people or set four people to 50% of the time?
It depends- are they sick, are they bad performers etc….
Everyone is in an individual situation and you have to do the budget and a 90-day financial plan to determine what the right decision is for you
Do not make this an emotional decision, be realistic, err on the side of conservatism, and let the data drive the best decisions you can make, and be honest with yourself
Will they look at my credit score when I’m applying to these loans and grants?
EIDL is based upon the applicant's credit score and they are looking at at least 690
Remember these are new liabilities you are taking on and it's going to hit your credit report one way or another. So one of the things we want to be mindful of is if you have fantastic credit, just a check in with your lender to see how is this going to really affect it.
Credit Karma is also a great tool because you can look at the simulator and simulate how your credit score would change
Any lenders to avoid? I am receiving emails from private online lenders.
First and foremost it should be the lender that you have a relationship with
Avoid going to a different lender or ones that have Google Ads. The more reputable sources will be those organizations where you can have an actual relationship with a bank
Due your due diligence with any lender before working with them
If I'm a pro, I'm overwhelmed with all the information, all these different grants and things out there, what should I do first? What would you advise me to do?
Have a positive attitude- this is a tunnel and we are going to get through it.
Apply for anything and everything that you can,the PPP, the EIDL, let the options be presented to you and then decide what you will take or not
Search on Google for any grants you might possibly get
Don’t forget to join your regional meetup and learn more about how to navigate this crazy time, with marketing, sales and operations tips.
Network with other professionals in your area and receive a $15 Grub Hub gift card, just for participating. Register today!
We’re making it easy to write to your government representatives and send them a letter urging them to classify your industry as an essential service during this time of uncertainty.
Housecall Pro is offering the Coronavirus Evening Update for Home Service Businesses for informational purposes only and to foster thoughtful communication and discussion regarding the COVID-19 pandemic; Housecall Pro is not offering advisory services or otherwise advising or representing any members of the group invited to participate. Housecall Pro is not offering legal, medical or other professional advice in the Coronavirus Evening Update and makes no representations or warranties regarding the content of the Coronavirus Evening Update. Participants should obtain independent advice relating to their businesses and their particular circumstances.