PPP Update: Loan forgiveness, audits and more
The Small Business Administration’s Paycheck Protection Program offers much-needed emergency financing for companies affected by the COVID-related economic downturn. However, the program has introduced numerous questions and concerns among business owners, many of whom are now concerned about available financing, future audits, loan forgiveness and more.
EMERGENCY FINANCING: OPTIONS FOR URGENT, SHORT-TERM AND MID-TERM FUNDING
During the April 22 NOW and NEXT webinar from the National Glass Association, financial expert Marco Terry, managing director of Commercial Capital LLC, provided an overview of emergency financing options for companies. Terry noted urgent funding available for companies in addition to options for short- and mid-term loans from the Small Business Administration.
Cares Act: Small Business Loan Options
To assist businesses during the COVID-19 crisis, there are two intriguing Small Business Administration loan programs that are part of the new CARES Act signed into law on March 27, 2020.