6 Ways to Help Weather the Coronavirus Impact on Contractors
By Renée Lauzon-Martin - General Manager, HDD Broker LLC - March 26, 2020
Whether it's project or permit delays, quarantine orders, or the wildly volatile oil prices, nearly all of our businesses have been affected by the Coronavirus.
However, most levels of government have recognized the vital and critical role of our industry and contractors have been able to continue to build and maintain the nation's infrastructure.
As we proudly navigate the essential work that keep the world turning, I want to take a moment to say thank you to our utility workers, operators and laborers that are putting in the hard work every day.
You are not alone.
During this crisis, support is available. We've assembled a list of resources for businesses and individuals to help keep you going strong.
We aren't affiliated or advocating any of the links below, please use at your own risk. Bookmark this page as we will update frequently.
- Federal Government Coronavirus relief package: “CARES Act”:
This huge $2 Trillion package still needs to pass the House, but it will provide "immediate" forms of relief. We'll know more about the deployment of this Act soon; talk to your tax provider to see what can benefit you.
- Individual stimulus payments (if you qualify),
- Paycheck protection loans for small businesses, and Employee Retention Credits
- Expanded unemployment insurance program, extended to self-employed and independent contractors
- Emergency government disaster loans that waive the personal guarantee requirements, AND may include a government subsidy
- Claim rapid depreciation on building improvements, retroactive to Jan 1, 2018
- Take money out of your retirement plan free from penalty (but you'll still pay income tax on it)
- ...and much more. Read the whole Act here.
- Small Business Administration
is offering low-interest loans with low eligibility and excellent repayment plans, up to 30 years. This is a powerful loan, and we've seen people use it successfully to buy fixed assets, like equipment. Visit the SBA site here: https://www.sba.gov/disaster-assistance/coronavirus-covid-19
- Talk to your Bank
Many banks have made flexible capital available to support businesses. Wells Fargo, for example, is collaborating with Opportunity Fund to provide immediate cash boosts. On the personal side, mortgage and credit card payments may be deferred. Talk to your local banking representative to see what programs they may have.
- Talk to your Cell Phone Provider
With so many folks relying on their phones to stay connected, the cell phone companies have stepped up to provide a lot of support. Fee waivers, free calls, and free data are just a few things Verizon is offering as an example. Check your cell plan to see what you may qualify for.
- Local Support
NYC's Mayor announced several city specific programs to provide relief for small businesses including employee retention plans and continuity loans. Many municipalities across the nation have also launched robust and easy to access support programs. Visit your community website for more information. Local charities can also be a great resource as well.
- Community Support: Join People of HDD on Facebook
Over 24,000 HDD and drilling professionals share job site stories, help each other, and enjoy talking about this gritty, tough and incredible industry that we belong to. Join the community today.
HDD Broker is here to support you through the Coronavirus crisis and beyond! Please contact us with any questions.
This commentary is presented for informational purposes only. It is not intended to be a comprehensive or detailed statement on any subject and no representations or warranties, express or implied, are made as to its accuracy, timeliness or completeness. Nothing in this commentary is intended to provide financial, legal, accounting or tax advice nor should it be relied upon. Neither HDD Broker LLC nor the author is liable whatsoever for any loss or damage caused by, or resulting from, any use of or any inaccuracies, errors or omissions in the information provided.