For many, the PPP loan program was too good to be true.
Offering a forgivable loan as long as it was spent on payroll, many small to mid-sized businesses saw their applications go in limbo while a lot of major franchises got their funds approved. It was a frustrating process that left a lot of power in the hands of banks, which Congress hopes to improve with new versions of the legislation coming up.
While there are still funds available, navigating the path to them isn’t always easy; and if you’ve been denied or felt it wasn’t worth the trouble, we’re here to help. Below we’ve put together a breakdown of what you should do if you didn’t qualify for a PPP loan, as well as how we can help. Here’s our breakdown:
Find a quality lender.
From our personal experience with PPP loans, having a quality lender is an absolute must. Banks like Wells Fargo and Bank of America, while ubiquitous, aren’t always looking out for the small business PPP loans as much as they are larger customers. With the volume of applications they’ve had, it can be difficult to even get through to their team. However, that’s why going after a community bank or credit union is a wise decision.
If you’d like some help finding a quality lender for your PPP solutions, don’t be afraid to reach out to our team. As we’ve helped countless freelancers and small businesses navigate their application into the hands of someone who will review it, we’d be happy to help.
Determine how your application could be improved.
Applying for anything involving government aid can be a confusing process. While at first glance the application is pretty straightforward (and for the most part, that’s correct), there are certain ways you should map out the money’s needs to fully translate why you need the PPP loan. The more efficiently you can present your case in the application, the higher chance of approval. Have an expert take a glance at your last application, as well as what can be improved if you’re going to apply again.
Beyond PPP, congress is exploring different aide packages to help small businesses and independent workers alike.
Pay attention to new rule changes.
The silver lining for a lot of businesses during coronavirus was developing new revenue streams. Restaurants that weren’t doing takeout anymore suddenly saw massive increases in volume and sales, as well as retail operations opening themselves up to delivery. These independent grassroots efforts enabled these businesses to keep thriving, which are leaving many to ask what revenue streams they want to continue in recovery. Ultimately, the biggest consideration for most is the ROI in comparison to the experience they want for their customers. Make a list of what new methods you’ve developed over the past couple of months, honing in on what you feel like has been an overall positive improvement for your business.
Start a rainy day fund as soon as you can.
One consideration when applying for PPP loans is the rule changes. For the first batch, the rules changed twice, which eliminated a healthy population of potential applicants. Additionally, the second batch of loans also was debated heavily on by congress, essentially choosing the types of firms that are deserving. It’s a difficult process, and one that still isn’t fully reaching those in need, which is why it’s important to keep an eye on what’s changing.
Be on the lookout for new aid packages.
Beyond PPP, congress is exploring different aide packages to help small businesses and independent workers alike. Although contentious, these will hopefully become easier and more accessible to help everyone get through COVID-19. Our firm keeps a keen eye on these updates for our clients, and we’d be happy to break down what you might eligible for.
Finally, regardless of it’s a PPP loan or any other type of aid, we’d be happy to assist in getting you the help you might need. Don’t hesitate to reach out at the contact below for a free consultation to check in on where you’re at and how we can help.
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