The Paycheck Protection Program was enacted as a part of the CARES ACT which was signed into law almost simultaneously as the US (and the world in general) came to a screeching halt in March 2020. The program provides loans to small business and self-employed individuals. The purpose is to replace 8 weeks of payroll (essentially draws for sole proprietors). The intent is to allow small business owners to keep their employees or bring them back to work. If you are a small or solo business and did not know what PPP is or how it might help have helped you during the COVID-19 crisis, I think you need to do some soul searching. You can’t know it all when you are trying to build a successful business (or anytime really). What PPP revealed is how you need to have your act together (accounting, records, effective management) to be able to jump on an opportunity. Businesses, large or small, that did not fall into that camp are likely to fail,or least not thrive, regardless of economic circumstances. Don’t be one of those business.
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