ASA Central Network

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  • 1.  PPP Loan and Factoring

    Posted 05-02-2020 17:43
    Hi

    I have combed the boards and have not found anything pertaining to Staffing Agencies who got a PPP Loan and do invoice factoring/payroll funding. My only suspicion is that it cannot be done. Nonetheless our loan was approved and we are working with our accountant for the best ways to get it forgiven. We applied for the loan because we anticipate some tough times in the next 18 months, but as it turns out we need to use it in 8 weeks! 

    We assume the following

    We fund our pay weekly in house staff so we intend to use that in the equation. 
    We have also lost about $20k in quarantine pay for Nurses who have been put out of work due to symptoms. 
    We stopped taking salary because census dropped for a few weeks and we couldn't afford it. 
    We can write off local and state taxes for in house staff. 

    Is there anyone who is in a similar situation and has some insight as to how else this loan can be used or should we do the above and use the rest as a loan with 1% interest, hold on tight and pay it back in 2 years?

    ------------------------------
    Danielle Doyle
    CEO
    Access Healthcare LLC
    Princeton, NJ
    609-456-3193
    info@accesshealthcarestaffing.com
    Accesshealthcarestaffing.com
    ------------------------------
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  • 2.  RE: PPP Loan and Factoring

    Posted 05-03-2020 11:07
    Hi Danielle,

    I am very empathetic to your predicament.  Hopefully things will improve for many staffing cos soon.
    I would recommend that you contact People 2.0 for some insights and advice on your situation.

    People 2.0 has a very good health care comp insurance program AND funding program.

    We work with Kellen Economy at People 2.0. Here is his E mail.


    All the best,

    David--
      
      
    David Schek
    President
    Leaststaff.com 
    American Staffing Association Member
    ASA  Central 2019 Most Valuable Contributor
    ASA PAC Contributor

    America's Leading Staffing Workers  Compensation Broker With 50 Years Experience. 
                            ------------------------------            

       

    Workers Compensation Options for Staffing Companies by LeastStaff.com


      
      Contact Information:
      Ofc.-          202-302-1212
      Web-  www.leaststaff.com 

                                           

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  • 3.  RE: PPP Loan and Factoring

    Posted 05-03-2020 16:25
    I am in a similar boat and would be happy to visit with about the information i have received and my plans for the ppp call me on my mobile anytime 3167795134

    ------------------------------
    Christopher Rickerson
    President
    Elite Staffing Solutions
    Wichita KS
    (316) 202-2082
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  • 4.  RE: PPP Loan and Factoring

    Posted 05-03-2020 16:53
    Thanks Chris, Ill give you a call tomorrow!

    ------------------------------
    Danielle Doyle
    CEO
    Access Healthcare LLC
    Princeton, NJ
    609-456-3193
    info@accesshealthcarestaffing.com
    Accesshealthcarestaffing.com
    ------------------------------

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  • 5.  RE: PPP Loan and Factoring

    Posted 05-04-2020 08:07
    Christopher Good Morning,
    Is the information that you have to share with Danielle, something that you can post for the rest of us as well?

    Thank you,
    Sherri Schmidt
    H R Director
    I R Staffing

    ------------------------------
    Sherri Schmidt
    IR Staffing
    Zephyrhills FL
    (813) 788-4011
    ------------------------------

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