The Payroll Protection Plan (PPP) has been in effect since 4/2/20. The first round of money went really fast and it appears to have gone largely to large companies that should not have received the money, in my opinion. Thankfully, more money was released and the small businesses that actually fit within the intent of the program were able to receive the money. Great News!
Quick backstory: PPP is the government aid program that is providing money to small businesses for 8 weeks of payroll + a little extra for rent and utilities. This money starts out as a loan but if you can meet the requirements for forgiveness a portion if not all of it can be turned into a grant which will not have to be repaid. You have exactly 8 weeks from date of funding to use the money. Great idea but there are a few problems.
First of all, it was good that the program was implemented quickly, but it was implemented before there were guidelines in place. So as an...
We’re deeply committed to ensuring that small businesses have the support they require.
President Donald J. Trump
I can’t help but ponder this statement and the reality of what 3 weeks makes. Let’s take a look at the reality for real small businesses like myself, my clients and local businesses that we all know and love.
The Paycheck Protection Plan (PPP), was highly touted as a program for small businesses to get money for 2 months of payroll + a little extra for rent and utilities. Although these funds would be initiated as a loan, the loan would be forgiven if at least 75% of the funds were used for payroll. Yeah, finally help for the businesses that really need it. Small businesses get to keep their employees employed and pay some of their overhead costs. Too good to be true? I was skeptical at first but did tons of research and determined that it was in fact real and my clients were eligible!
As the owner of Local Ledgers LLC,...
As we approach the new year and the new decade, it is important to look ahead and set goals for our businesses. As business owners, we know the importance of setting annual goals for our businesses but this process shouldn’t stop there. When was the last time you looked at your 2019 goals? When you wrote them in January maybe? As you take out your notebooks and favorite pen or open up a new document to map out your 2020 goals, it is important to reflect on how far you have come this year. We often get caught up in chasing the next milestone or client or dollar that we forget to review what we have accomplished. When we reflect on our businesses, we are able to step back and look at where we were when we rang in 2019 with all the hopes and possibilities of a new year and where we will end the year.
This is reason to celebrate-you will probably realize that you have accomplished more than you think. We are often so busy working...