As part of the CARES (Coronavirus Aid Relief and Economic Security) Act, the Federal government gave the EIDL program a boost, which included $10 billion for $10,000 advances/grants given to small businesses impacted by the Coronavirus pandemic. In a pre-COVID world, the process was remarkably fast. However, we are not in a pre-COVID world, and there is no concrete answer here. Now, more than ever, it’s essential to know what documents are needed to apply for disaster loans and to have those resources readily available. Also, be prepared to wait, as the SBA states that applications might take up to four weeks.
Author Archive | Page 4
It took less than two weeks for the funds approved for small businesses through the CARES (Coronavirus Aid Relief & Economic Security) Act to run dry and for banks and lenders to close applications. Experts warned from the start that the money would not go far compared to the magnitude of the need, and that prediction rang true. With the country shuttered and the majority of states under stay-at-home orders with essential businesses closed for the foreseeable future, stress is mounting. Talks are already underway about a continuation of funding in an effort to halt the catastrophic economic impact of the Coronavirus pandemic, but at the moment the loans are on pause.
Different lenders have different policies, some businesses may face delays, and not every loan timeline will be identical. However, we’ve looked at lender policies, SBA guidelines, and comments and complaints from business owners to help determine the timeline for PPP loans, from the time you submit your application to loan disbursal.
Paycheck Protection Program (PPP) Loan Guide For Independent Contractors, Freelancers, & The Self-Employed
On December 27, 2020, a new COVID-19 aid package was signed into law and includes more funding for the Paycheck Protection Program (PPP) program. Sole proprietors, independent contractors, and self-employed individuals are eligible to apply.
While the CARES Act has many moving pieces and parts, the sections dedicated to protecting small businesses and the people they employ will be a salve amid a tragic month of anxiety. One of the specific offerings in the stimulus package is the Paycheck Protection Program. These loans come with stipulations but are equipped with some generous benefits to help protect payroll. Keep on reading to find out what they might mean for your business.
Small businesses in the time of COVID-19 are faced with brutal choices and will need to employ creative solutions as the pandemic changes the landscape of our lives. If you have a service that meets the needs of your community during the pandemic, getting information out to potential customers is a necessity. People right now want to help small businesses thrive, and they are looking for ways to spend their money conscientiously. We’ve got a few tactics to help you navigate the current landscape and build a community around your business.
No matter what you think about the virus or the reaction to it, working parents and their school-aged children hunkering down at home together is now the new normal for most families across the nation. As a company, Merchant Maverick wants every single person who comes to us seeking some balance in this unbalanced time to find help and also to find a community that understands the unique challenges of remote working with children.
If you’re a medium or large-sized business looking for strong features and HR assistance, Namely might be the right payroll and resource management software for you.
Our current news cycle is dedicated to the coronavirus COVID-19 outbreak, and employers and employees alike have anxiety about what might happen should the virus spread. The impact has the potential to be severe and businesses everywhere are bracing for disruption. It is not unwise or irrational to develop a plan for your company, even in this early stage. Worries of a global pandemic are already impacting consumer/employee/business choices.
Payroll by Wave is a contender among the options of affordable self-service payroll programs for small businesses. It’s perfect for small businesses already using Wave products or businesses looking to integrate a simple accounting software with payroll software. Wave is not highly customizable, and it isn’t loaded with features, but it has everything needed to manage basic accounting and payroll at an attractive price.