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Hiring Hoosiers: Small businesses apply for loans under CARES Act

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Posted at 9:05 PM, Apr 03, 2020
and last updated 2020-04-19 15:54:52-04

COLUMBUS — Many small businesses are now turning to the federal government for help as they work to make ends meet but there are still a lot of unanswered questions and uncertainty about the relief provided for in the CARES Act.

You won't find coaches, parents or any customers at all inside Hoosier Sporting Goods in downtown Columbus. It's the time of year when Little League and school track teams would typically be ordering gear, but not this year.

"If we end up losing all of April that will be a real painful month that you just don't get the profit back," Mike Bodart, owner of Hoosier Sporting Goods, said.

Bodart said it's becoming increasingly difficult to keep paychecks coming for the nine people he employs.

"We are hoping to get some assistance along the line," Bodart said.

Hoosier Sporting Goods is one of thousands of small business owners applying for a federal loan under the new program.

"Ever since it was announced I've been reading all over the SBA's website all the different articles across the country, just reading as much as I can to get a feel for how long the process is going to be, how quickly is it going to work, how easy it's going to be," Bodart said.

Bodart still doesn't have all the answers, he said. Even his banking insitution is trying to iron out the details.

"They were on a conference call yesterday with SBA they said this still this morning they had some more questions they were still trying to find answers to so it's just a big process," Bodart said.

The CARES Act includes several temporary loan programs for small businesses. One of them is Paycheck Protection. It's designed to help small businesses keep employees on the payroll. Bodart said that's his number one goal.

"It is the most important thing my wife and I have had that conversation that I wasn't worried about the mouths at my house, I was more worried about all the different people that we take care of the different husbands, and wives, and kids," he said.

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