Can’t decide whether you should apply for the Paycheck Protection Program (PPP) loan from the SBA or the Economic Injury Disaster Loan (EIDL) from the U.S. Treasury? Truth be told, many of your fellow small business owners have already turned in their applications for one or both and some are starting to receive their funding. If you’re still trying to sort out the differences or seeing if some of the confusion gets resolved, maybe we can help. Here’s what we know.
Who would have imagined we would be in the situation we’re facing today? The coronavirus pandemic has turned our world upside down and created an entirely new definition of “business as usual.” Many entrepreneurs, including me, have had to shift their business hours and adapt their companies to working remotely.
For business owners not accustomed to handling customers and staff virtually, this pivot to remote work may be especially challenging. Let’s explore some ways you can help ensure working remotely will work for your business.
5 Tips for Running Your Business in Chaotic Times
I’d like to do a very quick public service announcement to alert you of something that can turn into a pretty big mistake. Things are moving so quickly with the CARES Act and Coronavirus relief that I almost didn’t catch it myself.
If you’ve locked your credit profile at Experian, Equifax, TransUnion, or another credit reporting agency, you could be in for an unpleasant surprise.
By locking your credit profile you are prohibiting banks from doing the due diligence related to the Payroll Protection Program loan or other funding options provided under Coronavirus relief […]
To help small businesses keep their business going and their staff employed, the federal government passed the CARES Act, which is administered by the Small Business Administration (SBA). One of the most useful parts of the CARES Act is the Paycheck Protection Program (PPP) loan, which encourages small business owners to keep their employees on the payroll.
Under the program, the loans will be forgiven if the business only uses the money for payroll, rent, mortgage interest and utilities. Businesses must keep paying their employees for eight weeks.
The PPP loans are 2.5 times […]
During this uncertain time, I know many small business owners and entrepreneurs are feeling overwhelmed and stressed by the unknown. Not only do entrepreneurs worry about how the COVID-19 situation will hurt their businesses, but they also feel concerned about their employees. Indeed, the coronavirus has turned our world upside down.
Fortunately, federal, state, and local governments are stepping up to the plate to create ways to provide Coronavirus relief and aid to businesses and the people who work for them.
In this article, I will share some of the currently available information about […]
What is the Paycheck Protection Program?
The Paycheck Protection Program (also referred to as PPP) is a loan that provides an incentive for small businesses to keep their workers on the payroll. It’s designed to help small businesses as they react to COVID-19 and manage the fallout from the Coronavirus crisis.
How Much Can I Borrow?
The SBA’s PPP loan amount can be for a maximum of two months of your average monthly payroll costs from the previous year plus an additional 25% of that amount. The loan amount is capped at $10 million.
How Much […]
As the coronavirus continues to disrupt every part of our daily business operations, keeping your business running and employees safe means dealing with scenarios you’ve most likely never come up against before. At this writing, not all states have instituted “stay-at-home” policies. But things are changing rapidly, so be sure to follow the news from your state government and follow their instructions.
If your business is still open, however, what can you do when an employee won’t work without a mask or refuses to come to work for fear of infection? Do you […]
Employers across the nation are feeling the pressure to keep their businesses up and running and profitable during the current COVID-19 pandemic. Whether you’re concerned about hunting down alternate suppliers or keeping employees and customers safe from contamination, there’s a lot on business owners’ plates at the moment. We know staying on top of the information about the pandemic is important to your business, so here’s the latest on sick leave policies during the coronavirus crisis.
State by state the country is grappling with trying to stop the spread of the coronavirus […]