I was recently a guest on B2B Growth’s podcast discussing how to use the CARES Act to your agency’s benefit. I hope you take a few minutes to look at the overview of this podcast and listen to the full episode soon. I look forward to hearing what you think!
Let’s talk about the CARES Act—the federal government has approved a $2 trillion relief bill. One aspect of this bill is the Paycheck Protection Program. Through this, we do not have to let our employees go due to lack of income. By presenting simple documents showing your expenses, you can apply for a forgivable PPP loan. The loan is 2.5 times your monthly expenses (loaded salaries, utilities, rent, mortgage, etc.). That amount (times 2.5) will be deposited into your checking account. As long as you do not change your staffing in those 2 months, the loan is forgiven.
Two trillion dollars sounds like a lot of money, but remember the money is scattered into several subcategories within the CARES Act. Talk to your CPA, call your banker, and apply as quickly as possible so you can get your share of money before it runs out. The goal is no debt; you have to try not to go into the red this season. Use the resources the federal government is providing to care for your business, your employees, and yourself.
We want to be a resource to agencies as we all manage our way through this pandemic. We have resources available to you on our website here.