For those that do it right, Jason Stretch, owner of Legendary Automotive in Fort Myers, Fla., thinks that shop owners that take advantage of the funding out there will be in a better place than ever in a few months.
The key is knowing what you’re doing and when to ask for help. Stretch, who has gone through the process himself, knows first hand you need to pay attention. The first time he applied for the Paycheck Protection Program, an error at the bank caused him to get $20,000 less than what he should have. But, because he knew what to look for and had the right people helping him, he’s since been able to get that money.
“You can’t be an expert in everything,” Stretch says.
Finance, for the most part, is something that many shop owners do not understand, Stretch says. Because of this, it’s essential that shop owners ask people who do know—or risk losing a lot of money. Consulting companies, associations, accountants, trade publications and even other shop owners can be great resources for those who have questions about the funding available and how to ensure it’s forgiven.
Stretch also shared this Small Business Administration (SBA) procedural notice that he says saved him $48,000.
Download it here: /ext/resources/SBA-Procedural-Notice-5000-20020-updated-4172020.pdf
