b'FOGHORNFOCUS: OPERATIONSThere has Never Been a Better Time to Borrow MoneyBy Michael Sammartino, Thomas USAFC oronavirus has changed ourequipment leases (including vessels),your business was able to get funded. lives dramatically personallybuy new equipment and vessels,At Thomas USAF Group, we worked and business-wise. Thankfullyconstruct new vessels. non-stop for three weeks processing as and eventually, we will get backLenders lend at a spread overmany applications as possible, as did to normal (or a new normal), andprime (or one of several other indexes).most lenders. The popularity is under-business has nowhere to go but up. WePrime plus 1.50 - 2.75 percent is thestandable, as the funds are desperately welcome it and deserve it.normal spread. Even at a spread ofneeded. Plus, these are not really loans, If you need to borrow money, there2.75 percent, your rate is only 6 percentthey are forgivable loans (grants) at a has never been a better time. Interesttoday. Do you remember when primeminimum of 75 percent, and perhaps rates are at a record low: While writingwas 8.25 percent in 2006?! What a dif- 100 percent if you utilize the funds for this, the Wall Street Prime rate is atference 14 years can make.their intended purpose: payroll. 3.25 percent. The last time we sawAs I write this article, Phase II ofAnd then we also have the SBA prime this low was December 2008.the Small Business AdministrationsEconomic Injury Disaster Loans And before that? August 1955. Take(SBA) Paycheck Protection Program(EIDL), available through June 30, advantage of the lowest rates in history.(PPP) loans has opened up. By the time2020 for the coronavirus disaster. Up to Now is the time to refi nance or buy realyou read this article, I bet all PPP funds$2 million, 3.75 percent fi xed rate, up estate, refinance/pay off expensivehave been fully expended. Hopefullyto 30-year term. Absolutely amazing. Refit & RepairSistership Currently Under Constuction C HICAGOSE MERALDL ADY 98 (30m) Steel Passenger VesselQuality Commercial Vessels. Built by Burger to Your RequirementsBurger is recognized worldwide for quality custom vessels that provide years of dependable service.Aluminum and Steel FabricationRefit and Repair Services Passenger Vessels- Hull Plate Replacement +1 920.686.5117 Water Taxis- Exterior and Interior Coatings sales@burgerboat.com Wind Farm Support Vessels- Engine & Generator RepowersHICAGOSMERALDL ADY burgerboatcommercial.comE - All Vessel System Repairs C Crew Supply Vessels Other Vessels to 260 (80m)- Interior Refresh Proudly built in the USAJUNE 2020FOGHORN 21'