There are two lending institutions, CRFUSA and MoFi, that help treaty rights fishers apply for the Paycheck Protection Program to replace lost income due to COVID-19. The “loan” is completely forgiven if used for payroll purposes.
Previously, crew members could only be counted as individual contractors/sole proprietors. By these previous qualifications, crew wages were cut out of the equation when applying for the loans. These qualifications have changed! Now, boat owners are counted as owners, and crew members are counted as employees.
- Each boat owner and crew member can qualify for up to $20,800 (based on a cap of $100,000 annual income). This is completely forgiven and becomes a grant.
- The formula to calculate loan amount is:
- 2019 net income, divided by 12, multiplied by 2.5.
So if you made $48,000, then your monthly average would be $4000, and your loan amount would be $10,500.
CIE has created a new program, the Business Resiliency Track, lead by Micah Jonet. This program was designed to help local micro-enterprises navigate during the pandemic. If you are in need of help with loan applications, please create a client profile here. If you are an existing client, reach out to Micah at micah.jonet@cie-nw.org.
