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In my last post, I strongly suggested small businesses actively engage and ready themselves in order to obtain the essentially free money being provided by the Federal government under the Paycheck Protection Program (PPP) offered by the Small Business Association (SBA). All this largess was a part of the unconscionable spending under the so-called CARE ACT. But if the G is going to go crazy and give away free money, your business ought to get it, right?
I am happy to report, several clients were successful in doing so first-time around; they essentially obtained the sacrosanct dollars made available for their payrolls during this continuing governmental shutdown of many businesses. Unfortunately, I know of several small businesses not successful. The reasons for their inability to score the cash ranged from bigger, public entities obtaining the money (ludicrous from my perspective), to working with slow/disinterested banks, to not being quite ready to apply (shame on you), to the money literally running out.
Well, if your business missed out last time get ready, because it appears, we are about to see Round 2 of PPP. So, let’s make sure you are better prepared this time, okay?
1) If your bank was slow last time, get re-acquainted with your banker and tell her/him to get their sh*t together. Meaning get your app done with supporting paperwork ready NOW. You want to be able to hit “send” when the portal opens.
2) If you think your bank just isn’t that into you (or your business) find another bank, stat … check out a smaller bank that may relish securing your business.
3) Get help NOW if you are totally unorganized – call your accountant, or lawyer or therapist whomever – someone you trust to assist and guide you.
The good news? It seems likely that smaller companies will not be squeezed out by the bigs (Ruth’s Chris, Shake Shack, Potbelly & others) this time, too much bad PR. So, do whatever is necessary to get your company in the best possible position and check in on the SBA’s website regularly to stay and informed (see below). Good luck!!