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Updated: Oct 30, 2020

“When PPP was introduced, I was actually very hesitant at first on the Payroll Protection Program. I run a financial consultant business and when my very first client was inquiring about the loan, I came up with about five scenarios on why it wouldn’t work or how it would affect them.

I called them numerous times going back between taking and not taking it. Since then, more and more information has come out and SBA updated their rules and regulations.

I actually believe that PPP is one of the best things that could have become available for your business.

Of course, I think there is an exception to every rule and if you have not been running your business for a while even prior to COVID-19 closures or you plan to use the funds for personal reasons then I don’t advise you to take it.

The funds are strictly meant to be used toward payroll, rent, and utilities, but the new law will allow borrowers to expand past just utilities and include software, legal fees, and professional fees as well. Also, if you run a business that has offshore employees, then your business does not qualify either.

For businesses that were closed for a certain period of time even though they did have some savings, you still qualify and should apply. The funds are meant to help you with not only during COVID-19 closure but also for when you reopen.

Your business will not be the same for a while and there is always the possibility of closing again in the fall. So if your business qualifies and you plan to use the funds for valid expenses, I highly urge you to take it.

Since PPP is meant for businesses that have employees, many landlords do not qualify since they do not have any staff. Commercial tenants have been getting creative and working out deals with their landlords. These tenants are trying to use their approved PPP funds into getting a reduced rent for the three to four months they were closed.

They are also trying to use the funds to pay ahead for future months. This way the business owner can use the credit and the landlord can also get paid and not lose tenants.”

Julia Spahiu is the founder and CFO of Edi and Sienna Group.

E & S Group provides personalized financial and HR consulting services.

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