The Paycheck Protection Program (PPP) is now in its second round of funding from the federal government's crisis aid for small businesses. However, it is apparent that many business owners are still waiting to receive this funding. To make matters worse, there are some lenders prioritizing high-profile firms and clients. What do you do if your business gets rejected for PPP?
There are alternative options such as going through other funding options or even exploring the traditional EIDL (Economic Injury Disaster Loan), which is designed to help businesses through these tough times caused by the pandemic.
Business owners should also look into other alternatives or tax incentives such as the paid leave credit, the employee retention credit or even deferring payroll taxes. For example, the CARES Act allows you to defer your portion of social security (6.2%) within the time period of 3/27 - 12/31/20. Interested to learn more about this subject, go to our webinar, learn more now!
Other than exploring your funding options, now is also a critical time to understand your numbers for your business. Knowing your numbers and making informed decisions based on your numbers is important during these tough times. Understanding your numbers empowers you to make timely decisions that would strengthen the foundation of your business. We have actually created a cash flow runway tool specific for business owners so you could utilize this tool to assess the level of your cashflows and what it takes for your business to survive.
Managing your cash flow is vital for your business during this pandemic. Now is the time to plan and prepare how to effectively manage your cash flow for your business. If you want to learn more about how to better utilize your cash flow, we're having a FREE webinar on how to manage cash flow during this pandemic. We'll show you how-to tips and tricks on how to effectively manage your cash flow so you and your business can survive this crisis.
If you have any questions or need help, please contact us today!