These have been unusual times and new resources like specific federal programs designed to support workforces or supply working capital have been in play since last year. You may find you’re eligible for new funds—or you may need to factor in repayment of loans you’ve already received. You need both a long and a short-term plan.
For resources about extensions of 2020 federal programs available to business right now, visit the U.S. Small Business Association site. SBA is currently offering PPP loans until March 31, 2021, after which program changes go into effect.
The government also put tax deferral programs in place due to the pandemic. On one hand, that’s essentially an appealing short-term loan. On the other, though, you might also say it’s kicking the can down the road. The loans must be repaid--they’re not a forgiveable loan, like the federal Paycheck Protection Program. As one financial advisor told The Philadelphia Inquirer, he’s recommending his clients think twice about taking the deferral because “the deferral would merely shift a company’s burden from ‘a manageable known present to an accumulated unknown future.”
During challenging times, having a holistic appreciation for every aspect of your business is critical. That’s why we’ve created an I-commerce platform built for business, so all the data relevant to your operations and your success, lives in one system where you can put it to work for you. On our platform, we also offer embedded financial services such as payment terms and even a merchant cash advance program with a repayment plan calibrated to your future revenues. With that kind of integrated data capability, when outside events throw a curveball--or an opportunity--your way, you can quickly assess where you stand, and how you need to pivot.
We’d love the chance to talk to you about our favorite topic: How to Do Business Better.
Here's to your success!