The morning of April 7, 2020 the MGRP team spoke with representatives from Senator John Tester’s office to pose specific questions about unemployment insurance, the Payroll Protection Loan (PPP), and the Economic Injury Disaster Loan (EIDL). While there are still many questions that we are seeking answers for, we hope the information we garnered will be helpful. We do encourage you to continue asking questions and we will work to get them answered.
-In operation.... obviously, no one is guiding February 15th around MT.
-Had employees... there again, we are seasonal and do not keep our shop open during the winter months, we live in a very small town, fly fishing is the economy.
-Paid payroll taxes on or around February 15th. Once again, we shut down our payroll system through the winter months and as owners, we basically take draws from November to April as we pay into the system during the season when we have cash flow.
This whole ordeal is fairy disheartening.”
Notes from MGRP:
During our time of talking with experts, we have come to conclude that the PPP loan is likely not a great fit for career guides or those who serve as an independent contractor as the forgiveness aspect is based on payroll for employees. It seems to us that unemployment, the SBA and EIDL loans/grants will be the best aspect.
If you are thinking about applying for the PPP loan, we encourage you to talk with your financial advisor or institution first. They can help you prepare the necessary documents and assist with the process.
They said that any application that is denied, the government is working to set up a Federal Reserve Fund to assist. No date or more information was provided.
Lastly, they ask to please be patient, they are working hard to get Montanans taken care of.
Please let us know if you have any questions, we are happy to help!