WorldWide Drilling Resource®

Drilling Into Money Not Boring by Mark E. Battersby A Business Guide to Paying for Virus Survival The Coronavirus Aid, Relief, and Economic Security (CARES) Act dwarfs prior efforts by lawmakers to take on economic crises and natural disasters. While key elements of this bill are untested - and con- troversial - it has created numerous programs to help drilling-related businesses weather the continuing crunch. The most popular and well-known provision will provide one-time direct payments of $1200 per adult with income below a $75,000 ceiling, $2400 per married couples, and $500 per child. Above the ceiling, payments will be grad- ually reduced, disappearing after an individual’s income reaches $100,000. The CARES Act contained a number of programs and funding to help every drilling business ride out the financial impact of the Coronavirus Pandemic, including: j Paycheck Protection Loans: The CARES Act earmarked $349 billion for loans to be spent on payroll, rent, and util- ities treated as a grant that does not have to be repaid. The SBA (Small Business Administration) will guarantee loans of up to $10 million, with terms of up to ten years and interest rates of up to 4% to businesses with fewer than 500 employees. Eligible businesses can get a deferment for six months or a year, with the loan for- given for borrowers maintaining payroll for eight weeks, and providing documentation. j Expanded Economic Injury Disaster Loans: The SBA is providing expanded access to working capital loans of up to $2 million to small businesses impacted by the Coronavirus. These loans carry an interest rate of 3.75% with varying terms, up to a maximum of 30 years. The expanded program for sole proprietors and busi- nesses with fewer than 500 employees doesn’t require personal guarantees on loans under $200,000, while payments can also be deferred for up to four years. j Emergency Grants: SBA Economic Injury Disaster Loan applicants can qualify for grants of up to $10,000, to be used to provide employee sick leave, maintain payroll, or meet other needs such as paying rent - even if denied a loan. j And don’t forget those extended deadlines for both filing tax returns and paying taxes. Everyone now has until July 15th to file. Best of all, if money is owed the Internal Revenue Service, delayed payments will be interest- and penalty-free for 90 days. As this ever-evolving fight against the Coronavirus continues, additional pro- gram funding and even another stimulus bill are reportedly in the works. As always, the ever-changing rules when attempting to deal with its economic impact, make professional assistance advisable. Publisher’s Note: This is an ever-evolving situation, and changes to this infor- mation should be reviewed by readers prior to moving forward with relief plans. Mark Mark E. Battersby may be contacted via e-mail to 302-684-3197 FAX: 302-384-0643 142 Broadkill Rd. • Milton, DE 19968 email: Manufacturers of Slotted & Perforated Pipe ranging from ½” to 24” diameter Atlantic Screen & Mfg., Inc. • Well Rehab. Products • Manholes • Bentonite • Filter Sock • Inline Chemical Mixers • Sampling Bailers • Clear PVC Pipe • Locking Caps 22 JUNE 2020 WorldWide Drilling Resource ® The Dominator 750 air hammer from Halco was designed to exacting ISO 9001:2008 standards in their state-of-the-art lean manufacturing plant, using the highest quality heat-treated nickel chrome alloy steels for outstanding performance, pro- ductivity, and longevity. Its one-piece top adaptor / air distributor construction and fitted reversible cylinder prolongs hammer life and reduces costs. The Dominator 750 requires just a few common tools to service and maintain, and is ideal for optimum performance in mining, quarrying, and water well applications. Halco is a Valued WWDR Advertiser.