2020 TACCA President James Barry addresses the COVID-19 situation for contractors.
Paycheck Protection Program Loan
If you plan to apply for a PPPL loan, do it ASAP. These loans are intended to keep your employees on your payroll and are forgivable if 75% of the funds are used for payroll expenses. The funds are limited and first come, first serve. Apply through your banker today!
Notes from the NFIB Webinar: How to Apply for a Coronavirus Small Business Loan
National Federation of Independent Business (NFIB) hosted a webinar on Friday that focused on small business loan programs that are now available. They shared a really good side-by side comparison of the Paycheck Protection Program and Economic Injury Disaster loans that can be found here.
During the webinar they also touched on alternate sources of funding. Although none of us wants to dip into retirement unnecessarily, the recently passed coronavirus bill allows distributions of up to $100,000 from retirement accounts this year without the usual 10% penalty that applies to savers under age 59½. Your company's 401(k) plan sponsor will determine whether coronavirus-related distributions will be permitted and whether you meet the criteria for this type of distribution. Generally speaking, anyone who has contracted the virus, has had a spouse or a dependent contract the virus, or has experienced financial hardship because of it, would be eligible. Please consult with a financial adviser to determine if this may be a good solution for you.
TDLR Strategic Planning Sessions
Texas Department of Licensing & Regulation (TDLR) administers 39 license types encompassing 840,000 licensees. TACCA staff and leaders participated in TDLR’s Strategic Planning sessions today. The conversation centered on four questions and we captured some of the answers given that are most relevant for HVAC/R:
What are we doing well? Communications, licensing application and renewal processing, administering tests, getting out in the field to help educate contractors on compliance, answering questions from contractors
If you were king or queen for a day, what changes would you make to TDLR's laws, rules, or processes? Better investigation of unlicensed practice, improving customer service, programs for workforce development
During the next five years, what major changes do you expect in any TDLR profession or industry, and in the state of Texas? Continued challenges with workforce development, the aging workforce in HVAC and electrical industries may result in fewer companies and longer wait times/higher fees for consumers, increased technological advances, more tele-help/virtual service, more virtual courses/learning
What changes should we make to prepare for the next catastrophic event? Help ensure that HVAC is always, or permanently, deemed an “essential business” in Texas, develop state small business loan/grant programs for essential businesses whose workforce and industries are disrupted by the disaster, quicker statewide protocols for less confusion
Our mission is to promote quality and professionalism, help our members become more profitable, and enhance the HVAC/R industry's image with the consumer. TACCA is focused on providing information, benefits, education and legislative representation
to our members.