As of June 12, 2020, 4.58 million small business owners had received Payroll Protection Program (PPP) loans. However, June 30, 2020 is the last day to submit an application for a small businesses PPP loan. There is still over $129 billion of funding still available. Should you submit an application?
Have You Been Impacted?
It’s hard to believe that if you own a small business that it has not been affected by COVID-19. With the lock-downs, shelter-in-place, and all of the phase-in rules, most every business has been affected directly or indirectly. While some businesses might have experienced an uptick in operations due to special situations or products, the impact has been negative for the great majority.
Will You Be Impacted?
There is still so much uncertainty – from talk of a second wave, lock-down extensions, a spike in COVID 19 cases in many states, supply shortages, and worker shortages.
PPP loans are designed for small businesses where the current economic uncertainty makes the loan request necessary to support the ongoing operations of the business.
Why Have You Not Applied?
A Payroll Protection Program loan has kept numerous small business afloat during this unprecedented crisis. Employers have been able to meet payroll and cover expenses like rent, utilities, and mortgage payments. In fact, most people don’t realize that PPP funding is available even if you do not have employees! When business have been permitted to reopen, cash is available to quickly restart. Perhaps the best part, PPP Loans are Forgivable. If the money is used as designed and you either maintain or restore you workforce to Pre-COVID levels, the loan could turn into a grant – never required to be repaid!
IT’s Not Too Late To Submit an Application
Small businesses have 12 days from the time of this post to submit an application. If you have “thought about it,” but not yet taken action, call a trusted advisor. Discuss the reasons for your hesitation; this might just be a golden opportunity to salvage your business. Make the call, start the discussion – what do you have to lose?
During these last remaining days to apply, our Firm will entertain your questions and assist with submitting applications, at no charge. Obviously, we are limited in the number of businesses we can serve; our assistance is provided on a first-come-first serve basis. Email us at firstname.lastname@example.org or call our Henderson office 252-433-8500 ext. 7013