What can small businesses do now if they are strapped for cash? Here's how experts answered questions in today's Twitter chat about the pandemic's effect on small business
FILE PHOTO: A closed sign is shown on the window of a beach sports store during the outbreak of the coronavirus disease in Encinitas, California, U.S., April 9, 2020. REUTERS/Mike Blake/File Photo
“The Small Business Association ’s Paycheck Protection Program loan program can provide loans that are forgiven if used to maintain employees’ jobs. There are also Disaster Relief Loans and many others governed by the SBA. Each loan has an application. The servicer may require additional documents.”Who should apply for economic disaster injury loans and/or paycheck protection loans?
“Banks have 10 days to fund approved PPP loans. Economic Injury Disaster Loans take three to five days for approval then up to three weeks for funds. To cut red tape, have all documents in order.”What should small businesses do in the meantime if they are strapped for cash? “If you clearly see that what you do is going the way of the dinosaurs, take action now before it’s too late, and you are psychologically defeated. Find the next gig that is growing, and interests you and has longevity.”How can a small business owner tell if their accountant is on top of all the important financial tasks?
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