b'SBA Loan Programsfrom page 31No, if the full principal of the PPP loan Irene Jones Notes That CAMPGROUNDis forgiven, the borrower is not responsi- Park Owners Should Fileble for the interest accrued in the eight-week covered period. The remainder of Virus-Related Claimsthe loan that is not forgiven will operate IreneJones,develop-according to the loan terms agreed upon mentmanagerofPough-by you and the lender.keepsie,N.Y.-basedWhat are the interest rate and terms Marshall & Sterling Insur-for the loan amount that is not forgiven?ances campgroundandThe terms of the loan not forgiven hospitalityprogram,toldmaydifferonacase-by-casebasis. WoodallsCampgroundHowever, the maximum terms of the Management (WCM)thatloan feature a 10-year term with interest campground owners should continue to submitcapped at 4% and a 100% loan guaran- claims related to the coronavirus (COVID-19), es-tee by the SBA. You will not have to pay pecially if they have had to shut down their park. any fees on the loan, and collateral re- Things are changing moment to momentquirementsandpersonalguarantees and now the insurance industry is hearing thatare waived. Loan payments will be de- some in the government want to find a way toferred for at least six months and up to help the insurance industry cover virus-relatedone year starting at the origination of claims, she explained. There is just a lot thatthe loan.we dont know at the moment and that is why itWhen is the application deadline for is important for owners to still submit their claims,the Paycheck Protection Program?especially for shutdowns and loss of business in-Applicants are eligible to apply for the come.PPP loan until June 30.Generally, viruses are excluded in most poli-I took out a bridge loan through my cies or have very limited coverage, according tostate, am I eligible to apply for the Pay- Jones. check Protection Program?It is something that the insurance industrydidnt anticipate and therefore insurance com-Yes, you can take out a state bridge panies have not been charging premiums for thatloan and are still be eligible for the PPP coverage, she noted. If the insurance compa- We are buyers, not brokers.loan.nies were exposed to cover those claims it couldIf I have applied for, or received an lead to massive losses and cripple the entire in-Economic Injury Disaster Loan (EIDL) dustry.related to COVID-19 before the Pay- That, in turn, could lead to higher consumercheckProtectionProgrambecame rates, Jones explained. But Jones said there is aavailable, will I be able to refinance into movement by government officials to step in anda PPP loan?cover those costs.Yes. If you received an EIDL loan re- Due to the highly regulated nature of the in-lated to COVID-19 between Jan. 31 and surance industry, Jones told WCMthat it is hardthe date at which the PPP becomes avail- to tell if insurance companies will cover virus-re-able, you would be able to refinance the lated claims down the road. EIDL into the PPP for loan forgiveness It really depends on what the governmentpurposes. However, you may not take mandates, she explained. After 9/11 they man-out an EIDL and a PPP for the same pur- dated that the insurance industry provide terror-poses. Remaining portions of the EIDL, ism-related coverage and the government camefor purposes other than those laid out in up with a program to help the insurance industryloan forgiveness terms for a PPP loan, provide that coverage without crippling the in-would remain a loan. If you took advan- dustry and forcing massive rate increases forconsumers. Unless there is financial support, ittage of an emergency EIDL grant award would be hard for the insurance industry to pro-of up to $10,000, that amount would be vide virus-related coverage that is affordable tosubtracted from the amount forgiven the consumer. WCMunder PPP.WCMADVERTISERS INDEXAdvertiser Page # Advertiser Page #Applebrook RV Parks8 Newbook.23Access Parks.17 Pacific Yurts.6B&B Electrical.40 Pelland Advertising.32Building Pro8 Phelps Honey Wagon.12Campspot7 Premier Campground Management.25Chadwick Mfg32 ResNexus29CheckBox Systems.24 RezExpert11Commercial Recreation Specialists.36 RMS.9Dish Network.13 Roverpass.15DogiPot16 Skyweb Networks.27Dri-Dek14 Southeast Publications33Eaton Corp31 Staylist.19Firefly Reservations4 Tengo Internet2 RVB&WCMFluid Mfg.26 Think Utilities26Gama Sonic18 Tower Company.31Hialeah Meter2 Trumbull Recreation33Kay Park Recreation.18 Utility Supply Group Inc5Kampgrounds of America/KOA.35 WebRezProInsert Stay abreast of everything happeningLancaster Log Cabins.12 Woodford Mfg. Co.22LYNKRIS Patio Furniture.34 Workamper News.36 in the RV and campground arenas!Mini Golf Inc.8 YESYour Electrical Solutions.10Montana Canvas.30 www.rvbusiness.com www.woodallscm.com38 -May 2020Woodalls Campground Management'