Mon May 13, 2024 | Alan Lefkowitz | PPP
PPP and EIDL: A Guide for Business Owners
Confused about PPP and EIDL loans? This no-nonsense guide, “Demystifying PPP and EIDL: A Guide for Business Owners,” is designed to help you quickly understand how these programs can provide essential support for your company. Discover how you can take advantage of the potential forgivable nature of PPP loans for payroll costs and the sustaining lifeline of EIDL for other expenses. Demystifying PPP and EIDL is your first step towards more informed business decisions. Key Takeaways Understanding the Paycheck Protection Program (PPP) The Paycheck Protection Program (PPP), established as part of the coronavirus aid relief efforts, was a beacon of hope for many small businesses. The program provided cash-flow assistance through federally guaranteed loans, helping businesses keep their doors open and employees on the payroll. However, as with all good things, the PPP had its end. The application period concluded on May 31, 2021, but its impact continues to reverberate through the small business community. Businesses that secured a PPP loan are now navigating the world of loan forgiveness, ensuring their funds were used appropriately to qualify for this benefit. Eligibility Criteria for PPP A PPP loan wasn’t available to everyone. The eligibility criteria was designed to direct financial aid to those most in need. Small businesses, sole proprietors, independent contractors, and even non-profit organizations affected by COVID-19 could qualify. But eligibility was not just about being impacted by the pandemic. Factors such as the number of employees, the nature of the business, and the business’s financial status were also […]
Read More