Drilling Into Money Not Boring by Mark E. Battersby Funding Virus Survival and More Every drilling professional and drilling-related business owner should be aware of the many resources available to help them recover from the pandemic. The Payroll Protection Program (PPP) was the keystone of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, but it was not the only source of recovery funding. The long-standing Economic Injury Disaster Loans (EIDL) offer lowinterest loans directly by the Small Business Administration (SBA) - rather than by a bank - of up to $2 million to small businesses practices which have suffered major issues related to a disaster. These loans can be repaid over a period of up to 30 years and carry an interest rate of 3.75%, with no payment due the first year. Congress has expanded the EIDL program to offer an immediate advance of up to $10,000. Effectively a grant, this amount does not have to be repaid and is available within days of a successful application. In addition to their low cost, SBA loans have long provided a way out of damaging financial situations. The SBA’s lower interest rates and longer payback periods mean more money is available to the borrower for other business needs. While the actual terms depend on how the funds are to be used, several different SBA loan programs, each with their own advantages, restrictions, and limits are available. Don’t overlook those Small Business Development Centers (SBDCs), almost 1000 strong, that “help existing businesses remain competitive in a complex, ever-changing global marketplace.” SBDCs are hosted by universities and state economic development agencies and funded, in part, through a partnership with the SBA. Less than half of an SBDC’s funding comes from the SBA, with the remaining portion coming from Congress, state funding, donations, grants, and corporate sponsorships. The Federal Reserve’s Main Street Lending Program, is providing up to $600 billion in loans to small- and medium-sized businesses. Designed to help businesses and professional practices in need of funding to help until they have recovered from, or adapted to the impact of the pandemic, the program offers five-year loan amounts ranging from $250,000 to $300 million. Congress is reportedly considering yet another bailout bill, the SBA is constantly upgrading and refining its loans and loan guarantee programs, while banks and other financial institutions, online and brick-and-mortar, continue to offer assistance to their customers while attracting new business. Obviously, every drilling professional and drillingrelated business owner will want to keep a close eye on upcoming legislation and be prepared to take advantage of any new program. Mark Mark E. Battersby may be contacted via e-mail to michele@ worldwidedrillingresource.com 17 WorldWide Drilling Resource ® SEPTEMBER 2020 Dealmakers This Acker Drill Company of Pennsylvania’s, factory-remanufactured 2005 SOIL-XLS rig is headed to Navarro & Wright Consulting Engineers ~ ready for more decades of service to the Northeastern U.S.! Acker Drill Company Send your deals to: michele@ worldwidedrillingresource.com November Issue Deadlines! Space Reservation: September 25th Display & Classified Ad Copy: October 1st
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