The CAA, 2021 permits certain smaller businesses who received a PPP loan and experienced a 25% reduction in gross receipts to take a PPP2 Loan of up to $2 million.
companies have already used up their PPP Proceeds but are still needing additional working capital due to the delay in being able to open back up.
You, like all the other borrowers, immediately want to know how much of the loan proceeds can be forgiven. After all, “free” money is significantly more desirable than a loan, even if the interest rate is only 1%.
Congress passed several pieces of legislation with provisions to help small businesses shore up their coffers and keep employees on the payroll.
So many times, business owners struggle to find cash to start, expand, or otherwise solve a cash flow problem in their business. Oftentimes the banks are not able to assist and the business becomes desperate for cash. It’s during this search for business funding that the owner considers taking money from a retirement account. This content …