IMPORTANT: Government financial assistance available for HVAC dealers
At Munch’s Supply, we continue to look for things we can do or offer that can help you, our customer, during these unprecedented times. Understanding that all businesses have been financially affected by COVID-19, we wanted to help make sure that you are aware of some of the resources available to small business like yours.
The Coronavirus Aid, Relief and Economic Security (CARES) Act has allocated $350 billion to help small businesses -- like HVAC dealers -- to keep workers employed amid the pandemic and expected subsequent economic downturn. Known as the Paycheck Protection Program (PPP), the initiative provides 100% federally guaranteed loans to small businesses. Provided that you meet the minimum qualifications and use 75% of the proceeds for funding your payroll, up to 100% of the loan may be forgiven by the federal government. In many cases these loans can be viewed as a grant to you by the government to help you keep your business running. No personal guarantees or pledging of assets is required.
Funding is scheduled to start around April 3. Please note that the sooner your application is complete and submitted, the sooner you can get funded. Your quickest route to being funded on one of these loans will be to submit the application to the bank where you currently do business/have your business checking account. By working with your current bank, you should be able to skip the lengthy “Know Your Customer” regulations that are required if you open a new account. So your bank will most likely be your best resource to process the application quickly. In addition, most banks are indicating that they will only work with current clients.
Based on information we have received, if you work with an accountant they will be able to help you complete the simple calculations required to submit your application. We recommend that you reach out to them with questions or to help complete the application.
Understanding that there are numerous sources of information available, we have synthesized a quick reference document created by the U.S. Chamber of Commerce.
We truly are all in this together and hope you find this helpful. As we come across other resources and information that we think might be valuable, we will continue to share with you.