By now you may have heard about the U.S. Government’s new stimulus program, Paycheck Protection Program, aimed at small to mid-sized business with less than 500 employees. It’s like nothing I’ve ever seen. If you qualify you’ll be able to either borrow or receive a grant worth more than 250% of your monthly payroll costs. I know! That’s a lot of money!
UPDATE: The Paycheck Protection Program begins April 3, 2020
I’ve recorded a quick video that I’d like to share with you that goes over some of the details. Be careful, there are other programs the government is offering that may reduce or preclude you from receiving this loan or grant. You’ll only get one chance to get this right, so, it really important that you look at all the programs before picking one. We’re available to help if you need it.
We have been in contact with a number of local banks that are set up to fast track these loans/grants. The first step is to contact your bank to see if they are an approved SBA 7a lender and if they are following the very minimum documents required to obtain the Paycheck Protection Program loans. Please, please, please watch the video to get a better idea of what I am talking about.
And while the loans are fairly easy to get on the front end, you’ll need to submit a raft of paperwork at the back end to be sure the loans are forgiven. We’re available to help with that if you’d like.
Lastly, will this solve all your problems? Probably not, but it’s a start. Will it get you thru the crunch this virus has caused? Again, we don’t know that, at least not yet.
What we can do is help you with a Covid-19 Strategic Plan that can help you project and manage cash flow, reset your business model if you need to do that and conduct a SWOT analysis of your business to assess your Strengths, Weaknesses, Opportunities and Threats and lastly create a 12 month plan to not only get you through this DIP but allow you and your business to get to the other end of this crisis as a stronger business with more market share.
This is stuff you probably have always wanted to do. Things you know that will take your business to new heights. Take this opportunity to make it happen. When you’re ready, heck even if you’re not ready, schedule a quick 15 minute discovery call with us just to see, I mean just to explore the possibility of making 2020 a better year than it looked like this morning. Here’s the link to get started.
And I almost forgot – here’s a link to the video!