Outboard Engine Repair Leads to $11,000 Forgivable PPP Loan!

My motor mounts needed replacement and my lower was starting to make metal. So I had the power head checked hoping it was in bad shape, (can you say new motor :-) but the compression numbers were solid. Talked to a legendary retired outboard motor mechanic who had been working for himself for years and it turned out he had a newer freshwater Mercury 115 that had excellent motor mounts and a solid lower but a blown head. 

A match made in heaven?

For just under $2,000 he swapped heads and mounted the new engine.

But wait... We got to talking and he didn't know anything about the PPP loan program or that it had been changed to help guys like him and just extended to May 31st. 

So it was truly a win, win... The SBA (Small Business Association) Schedule C forgivable PPP loan program is officially over at the end of the month but I'm convinced it's going to run out of money before then. So if you know anyone who is self employed and hasn't taken PPP money in the past tell them to check out the SBA Website ASAP!

Update #1: The SBA IRS Form, Schedule "C", self-employed forgivable PPP loan program that was ending May 31st, actually ended May 4th. I was helping 21 small businesses understand the program and process the paperwork. Some had started as far back as the 1st week of March but still didn't seemingly finish in time. My guess is only 5 of the 21 applicants will get funded. 

Update #2: Tuesday, May 18th, shortly after taking off for a long flight South, that proved too long long of a flight for the plane I was flying, I got a text from a local guy I was helping apply for the PPP program since early March. After a long time of him thinking it was over out of the blue the bank called him a few days ago to hurry in and sign papers. He got the money! Oh my gosh I was so happy for him. I then found out two other people, one a long time client and the Rep who over 20 years ago suggested I work for the company I work for now... They both got the PPP money and the timing for them was just absolutely spot on!