Starting on April 3, 2020, the Paycheck Protection Program (“PPP”) is beginning to take applications for forgivable loans to small businesses to pay their employees during the COVID-19 crisis. Here’s what you need to know.
What is the PPP program?
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
Who can participate?
This program is for any small business with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
When can I apply?
Starting April 3, 2020, small businesses and sole proprietorships can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
Starting April 10, 2020, independent contractors and self-employed individuals can apply for and receive loans to cover their payroll and other certain expenses through existing SBA lenders.
If you wish to begin preparing your application, you can download a copy of the PPP borrower application form to see the information that will be requested from you when you apply with a lender.
Where can I apply?
You can apply through any existing eligible lenders from the SBA or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating.
How can I get the loan forgiven?
The loan will be fully forgiven if the funds are used for payroll costs, interest on mortgages, rent, and utilities (due to likely high subscription, at least 75% of the forgiven amount must have been used for payroll). Loan payments will also be deferred for six months. No collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees.
Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
Where can I find more information?
You can find more information on the PPP program from the U.S. Treasury and visit the Small Business Administration for more information on all programs available to help small businesses .
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Greetings everyone! At Fitness Machine Technicians Houston, we have enjoyed the customer leads through Thumbtack. We enjoy helping our customers maintain and improve their health be keeping their fitness machines working. We appreciate Thumbtacks quick service and with questions. We look forward to future improvements without higher costs to us vendors 🙂
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What should Thumbtack look like after the COVID-19 pandemic is over and Americans are going back to work outside of their homes? I believe Thumbtack needs to steer the platform back to a model that puts the NUMBER ONE GOAL as "Help an individual get their project done by a Thumbtack Pro." These are the Top 4 issues that I see with the platform in it's current form and some suggestions for change: 1) Change the payment system to be hire focused. Say you have a job that is posted and each pro that is contacted pays $30. Let's say that this job has a gross value of $500 to the selected Pro. And lets say 4 pros are contacted. So Thumbtack makes $120 on a job with gross value of $500. What if the selected Pro pays $75 (15% of the gross) and the non selected pros pay $20 each? Now Thumbtack has made $15 more on this job post than they would have under the current system. If the job poster doesn't select a pro, have the payment be $20 each. This $55 difference would show that Thumbtack is truly interested in helping Pros get hired for gigs. 2) Revamp the Opportunities tab. Pros are not getting hired through this tab. 3) There is no way to differentiate between a serious buyer and tire-kicker. There needs to be some sort of filter where job posters are asked if they are trying to understand what this service costs. "I'm not sure" should not be an option for a budget range. This question should be moved up to separate the job posters who say "I'm ready to hire" vs. "I'm trying to understand what this typically costs". 4) There should be a way for Pros to give a masked quote for job posters that are just price shopping. Limit it to 4 quotes and don't charge the job poster or the pro. No questions, no messages, just a quick quote based on the info they give. Ask more questions of the job poster so the pros have all the info they could need. If the job poster is truly trying to educate themselves, they will answer more questions. If they bounce, then they were never going to be a serious buyer of services anyways. 5) Market towards companies and organizations more. A lot of business is being missed out on.
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@Deank Let's have you start by getting some more reviews as we've seen that pros with at least 10 reviews on their profile are more likely to get hired. Remember that you can get up to ten reviews from customers outside of Thumbtack. I would also recommend looking through our Pro Resources to listen to some Top Pros give their tips on how to be successful on Thumbtack.
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TheFitCubano, Hi, so you see that a competitor is able to offer remote assistance. Are you looking for if Thumbtack.com will provide you tools so that you can do remote assistance, or if you as an individual can offer your services remotely? Reason that I ask is I do computer repairs, and before all of this 95% of my work was where I went to an individual's home and repaired their computer. Now I look for and only take jobs where I can remotely do the work, meaning I can control their computer and fix software issues. Of course I cannot do those jobs where machines are physically broken and require someone to actually touch the computer, but I do the best I can. Couldn't you do the same thing. if you have clients that are established, or even new clients that want a trainer, isn't there a way for you to use technology to remotely talk or video chat with them so that you could provide your expertise. I'm not throwing out any technology solutions out there because I don't want to favor one solution over another.
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Great question @Gaddyair. You will see both listing views and profile views in your insights. A listing view is when customers scroll over and see your profile in search results. A profile view is when a customer clicks into your profile and views it.
Let me know if you have any other questions about this!
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