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Will a Paycheck Protection Program Loan Help My Business?

Will a Paycheck Protection Program Loan Help My Business?

Update: 2020-06-26
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Description

For many small businesses that are struggling to stay afloat due to COVID-19, the idea of taking out another loan might seem like an unnecessary risk. However, nothing could be further from the truth. Thanks to the generous terms of the new Paycheck Protection Program (PPP), small businesses owners now have the opportunity to apply for financial assistance without having to worry about incurring significant debt. In this episode, Jon Aidukonis and Gene Marks discuss the benefits of applying for a PPP loan and how it can help your small business thrive during this current health crisis.





Executive Summary

1:05 —Today's Topic: Should My Small Business Apply for a Paycheck Protection Program Loan?



3:07 —Now is the ideal time for qualifying small businesses to apply for a Paycheck Protection Program loan. This loan, which you can apply for until June 30, is intended to keep your workforce employed for the duration of this pandemic.



3:42 —Due to the generous terms and conditions of the PPP loan, you don't need to worry so much about forgiveness once you're approved. Instead, use this time to focus on actually running your business.



6:01 —If for some reason you don't qualify for forgiveness on your loan, the interest rate will only be 1% over a 5-year period. After which, you will still have access to a wide range of competitive refinance options.



8:01 —Because applying for forgiveness is a relatively simple process, banks are encouraging owners to take care of this matter upfront.



12:29 —Business owners should also use this time to evaluate their current business practices and determine which areas need restructuring. These changes could prove beneficial for both a potential second wave and for life after COVID-19.

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Transcript

Jon: Good morning, and welcome back to The Small Biz Ahead Podcast. This is Jon Aidukonis, and I'm here with Gene Marks from the Marks Group. It's been a couple months since we last connected, so how are you doing, Gene?



Gene: I am doing okay, Jon. Just sheltering in and getting ready to go back out into the world and enjoy. How about yourself?



Jon: Do them all things. Yeah. A new month. We're getting close to summer. For those of you listening, we're recording this in mid-June. Just had a birthday. We're getting ready for a season where hopefully, at least looking out the window, it's going to feel like a nice vacation.



Gene: I agree. And I don't know about you, but you can ask me anything you want about anything on Netflix and I can probably answer that question.



Jon: I can probably balance you out on the Hulu side. I've gotten very used to Hulu Originals over the past couple of months. What's interesting is I think last time we talked was right before the world changed to what we're going through right now. It was right before COVID. We were prepping on a whole bunch of marketing advice for the year, some fun planning, tips and tricks, getting some testimonials and stories from some of our fellow small business owners and experts. And come release day, we interacted with something called a stay at home order, right? Where states across the country were like,
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Will a Paycheck Protection Program Loan Help My Business?

Will a Paycheck Protection Program Loan Help My Business?

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