Ask Terry Questions Options for total year long shutdown of business

Options for total year long shutdown of business

By Terry Savage on June 30, 2020 | Wild Card

I own a small rodeo business that has seen every contract cancelled for 2020. I will have nearly zero business income for 2020. What programs are available to me? I am a sole prop, seasonal and no employees other than me but costs for livestock, equipment, etc…continue. So many programs that don’t seem to fit and I’m very confused. Where do I turn?

Terry Says

Well, first you have my sympathies. I’m hoping that since this is an outside business (mostly?) you will get back in business.
In the meantime, file for unemployment benefits in your state — as a self-employed business person. First, you must apply for traditional unemployment, and be turned down, which is what will happen. THEN, you can move on to the PUA (self-employed pandemic assistance) section of the state website. You’ll have to show your income tax info for last year.

The PPP program deadline is today, so also contact a bank in your state. It’s meant to be used for wages, and you might get even more money from this program than from unemployment. But it’s one or the other.

And finally check with the local office of the Small Business Administration. There are still several programs there that might help you survive. And as a last resort, since you have ‘livestock” — probably horses, but maybe also cattle, check with the US. Department of Agriculture. I’m betting they have some kind of assistance program for livestock owners — though I don’t have any specifics.

And let me know if your rodeo re=opens in Illinois. I’d love to watch it.



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