More information on the state's response to COVID-19's impact on small businesses More Info
The magazine summarized some of the major takeaways from the webinar in an article:
1. Accepting a reduced PPP loan of less than 2.5 months payroll can be risky. “If I knew I needed the two and a half months, I would find a lender [offering] the two and a half months,” said Neil Bradley, executive vice president and chief policy officer for the U.S. Chamber of Commerce.
2. It’s not certain there will be funds for you from the Small Business Administration’s Economic Injury Disaster Loan program. Businesses should be able to get a loan for up to $2 million but many are being told they can only receive $15,000 Bradley said.
3. Be careful in completing the PPP application. The PPP loan covers 2.5 months of payroll. Applicants are required to calculate their monthly payroll. Two common mistake applicants make is including the pay of independent contractors and not capping the pay for individual employees at $100,000.
Click here to read the full article from Inc.
And check out this resource guide Inc. put together for surviving during and re-opening after the crisis.