WINTER 2021

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THE DISTRIBUTOR’S LINK
ROMAN BASI RECENT DEVELOPMENTS AND GUIDELINES FOR PPP LOANS FROM THE SBA from page 76
On October 13, 2020, the SBA released guidance
confirming that PPP loan forgiveness applications are not
due on October 31, 2020. The program’s loan forgiveness
forms denoted an expiration date of “10/31/20” in the
upper-right corner. Over the course of the month, the SBA
noticed a higher volume of calls with regards to frantic
business owners concerned about the possibility of an
October 31, 2020 closing date. As a result, the SBA
released an updated answer to their frequently asked
questions.
In its explanation, the SBA points out that borrowers
may submit a loan forgiveness application any time
before the maturity date of the loan, which is either two
or five years from the loan’s origination, depending on
the borrower’s agreement. But the SBA also reminds
borrowers that loan payments are deferred only until
10 months after the last day of each borrower’s loan
forgiveness covered period. For example, the SBA wrote,
a borrower with a covered period that ends Oct. 30,
2020, has until Aug. 30, 2021, to apply for forgiveness
before loan repayment begins. The SBA placed the
expiration date in the upper-right corner of the PPP
loan forgiveness application forms to comply with the
Paperwork Reduction Act. The date represents the
temporary expiration date for approved use of the forms,
the SBA said, adding that once a new expiration date is
approved, it will be posted on the forms.
Guidance with regards to PPP loans seems to be
rapidly changing. However, most if not all of these
changes have been beneficial to small businesses that
have been impacted by COVID-19. Conversations have
recently sparked for another stimulus package for both
individuals and businesses. Will it be another round
of PPP loans for small businesses? Will it be a more
general loan that allows more flexibility with regards to
how the funds are spent?
ROMAN BASI
BIG RED FASTENERS FROM HUMBLE BEGINNINGS TO PREMIER SUPPLIER from page 82
By 2018 our footprint was firmly established as
a premier supplier of industrial fasteners/bolting in
Oklahoma. Shawna Clark, Owner/President, continues
to have a vision of moving BRF as a self sustaining
company. The wheels were put in motion to expand with
a standalone manufacturing facility for the production of
stud bolts. BRF acquired a 12,000 square foot building,
purchased additional capital equipment, including 6 hem
saws, a nut over tapping machine and related equipment.
By the end of 2018, we were in full production with the
capability of manufacturing stud bolts up to 3 inches in
diameter. The over tapping machine for 2H nuts provided
another step in self reliance.
BRF will continue improve our company, capabilities
and brand. The foundation has been laid for the future.
We look forward to our continued growth and success to
better serve our customers. Now is the time to lead.
BIG RED FASTENERS