'It saved us:' Local veterinarian who took out home equity line gets PPP loan
Despite not knowing how long he would be able to keep his Shorewood business open, Dr. Noah Arnold of Dr. Noah’s Ark Veterinary Clinic, never lost hope.
“I have been so exhausted. I have been publicly suffering in this,” he said.
Dr. Noah applied for the first round of the Paycheck Protection Program (PPP), the federal small business loan, only to find out the funds were gone. “We weren’t fast enough, even getting it in right away.”
He then did something not many people would probably do. He took out a line of credit on his home, so he wouldn’t have to lay-off any of his 30 employees. “It was like a no-brainer to me, this is not a business, this is a community service,” Dr. Noah said.
The money from the home equity line ran out last week. Thankfully, the clinic just received funds from the second batch of the PPP, enough to cover the clinic for three payroll periods.
“It saved us. It saved us,” Dr. Noah said.
Dr. Noah has some words of encouragement for other small business owners who are trying to figure out how they’ll make it through the current economic crisis. “Don’t give up, and don’t see this as your business being destroyed, see this as your business pivoting to accommodate to a new world, new culture.”
A GoFundMe was created for the clinic by community members. Dr. Noah plans to pay it forward by using the money to care for animals whose owners have been laid-off. In the meantime, he is extremely grateful.
“I was so moved by the outpouring I received from the community,” he said. “I wanna thank this community not for a GoFundMe or not for finances, even though I’m incredibly grateful, but I want to thank them for showing me the love I’ve shown them, over these years.”
For more on the PPP loan, CLICK HERE.