Throughout the Covid-19 economic crisis, small business has suffered greatly. First there was the PPP and EIDL loan programs, but both PPP and EIDL are loan programs. Distressed small business didn’t need to go into more debt and some were hesitant to accept the federal program aid because if the business failed, the owner still had to repay the loan.
If you have a PPP loan, it is now time to apply for forgiveness. But, as you probably know this program has changes several times, sometimes several times in a day. Congress has been batting around additional changes to the PPP program including a provision that would automatically provide forgiveness to most small businesses.
Because of this, some experts are advising small business owners with PPP loans to wait for a while before applying for forgiveness. There are deadlines to apply for forgiveness based on when you took the PPP loan, so consult with your business attorney, lender or CPA to get all the updated information you need for the loan rules you fall under.
Now there are grant programs at the local level to help small business owners survive. Here is a list of programs with links in the show notes. This is not an exhaustive list of all programs and resources, but I hope it is a starting point for those who need help.
Read the blog post on this topic to see the program links and descriptions.
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