Fed cuts interest rates to almost 0; any tips for small business owners? (1 Viewer)

someone

Subscribing Member
Gold VIP Contributor
Joined
Mar 4, 2007
Messages
8,442
Reaction score
7,390
Location
Somewheres
Offline

What kinds of things are you guys doing to take advantage of the rates?

My wife and I own a dental office with 5 employees and I'm trying to ensure I can continue to pay them if/when we close.

Anywhere I can save will be helpful.
 

What kinds of things are you guys doing to take advantage of the rates?

My wife and I own a dental office with 5 employees and I'm trying to ensure I can continue to pay them if/when we close.

Anywhere I can save will be helpful.


do you have business interruption coverage on your property policy? Who is your insurer?
 
Lay offs and filing for a SBA loan.
Layoffs are not an option at this point. I'm trying to do the opposite by continuing to pay my staff even if we're forced to close. I'm looking at SBA loans to help once the well runs dry, but I'm not sure how the bolded point may affect us:
These loans may be used to pay fixed debts, payroll, accounts payable and other bills that can’t be paid because of the disaster’s impact. The interest rate is 3.75% for small businesses without credit available elsewhere; businesses with credit available elsewhere are not eligible. The interest rate for non-profits is 2.75%.
With that said, should we have to stop work for an extended period of time, how does filing for unemployment work for them? Is there an accelerated process in place for situations like this?
do you have business interruption coverage on your property policy? Who is your insurer?
I just switched everything from Farmers to CNA Insurance. A good friend of ours is an insurance broker that has been pushing for our business for a couple of years. I finally caved a couple of months ago. I don't recall having anything like that, but I'll reach out to her and ask.
 
Layoffs are not an option at this point. I'm trying to do the opposite by continuing to pay my staff even if we're forced to close. I'm looking at SBA loans to help once the well runs dry, but I'm not sure how the bolded point may affect us:

With that said, should we have to stop work for an extended period of time, how does filing for unemployment work for them? Is there an accelerated process in place for situations like this?

I just switched everything from Farmers to CNA Insurance. A good friend of ours is an insurance broker that has been pushing for our business for a couple of years. I finally caved a couple of months ago. I don't recall having anything like that, but I'll reach out to her and ask.


if you have property insurance thru CNA, ( most likely you have a BOP- Business owner policy ) you should have BI coverage.

but a call to your friend will be piece of mind.

Good luck!
 

Create an account or login to comment

You must be a member in order to leave a comment

Create account

Create an account on our community. It's easy!

Log in

Already have an account? Log in here.

Users who are viewing this thread

    Back
    Top Bottom