How the Payroll Protection Program Helps During a Pandemic
As we’re all aware, COVID-19 is affecting the world in ways we have not seen before. This public health pandemic affects our everyday lives, including how businesses are operating. With stay-at-home policies enforced by the government for our safety, small businesses are bracing themselves for losses, strategically planning on how to survive this situation. Every great business owner knows their most valuable assets are their employees—how can business owners retain employees amid declining profits? Many are turning to the Payroll Protection Program set up by the Small Business Administration; what is that and how can it help you? Let’s find out.
What is the Payroll Protection Program?
Surviving the Storm
Many small businesses may shut their doors temporarily due to the impact of COVID-19. To combat a decline in sales, business owners may turn to layoffs. As a solution, the Payroll Protection Program offers federally guaranteed loans for employers that maintain their payroll during this time. This enables small businesses to keep their employees on board despite hard times. The loan will be forgiven if employers maintain their payroll through the duration of the loan.
Quality After the Quarantine
Layoffs are devastating for employees and employers. Once the virus clears, companies that were forced to lay off employees will need to begin rehiring to get back up to speed. With PPP loans, businesses can retain their employees and hit the ground running once the virus clears. This helps small business owners back to being a strong contributor to the community, back to leading others, and back to doing what they love most.
Guidance Through Uncertain Times
The impact of PPP loans significantly determines how your small business will rebound from these unique and difficult circumstances. Do not go through this without fully understanding the best option for your small business. First Liberty is currently helping small businesses understand the Paycheck Protection Program. Through and easy-to-digest summary of the program that covers main points and documentation needed to process the loans, our specialists are well-versed in this program and are apt to help you best understand it. Go forward with the best option; we’ll help you get there.
Make an Informed Decision with First Liberty
At First Liberty, we care about the well-being of our local economy. We want to help guide business owners to solutions that will best serve them and their employees, which will help our community continue through this pandemic.
Our team is dedicated to helping businesses survive and thrive. As professionals with years of experience, specialized expertise, and creative strategies, we are ready to help your business find its solution to our current situation, setting you up to thrive after the virus passes.
Have questions? Visit our PPP loan page for FAQs or contact us today at 770-253-4300 or by filling out the contact form on our website. Connect with us on Facebook for updates on how your business can financially survive and thrive through these unprecedented times.