As the COVID-19 pandemic continues, small businesses are looking for the strategies and lifelines they need to survive and succeed. In our final Small Business Town Hall from Inc. and the U.S. Chamber of Commerce, Inc. Editor-At-Large Kimberly Weisul and U.S. Chamber Chief Policy Officer Neil Bradley joined a panel of experts to discuss the latest in CARES Act legislation and answer small business owners’ questions about what comes next in terms of business relief.
Key takeaways:
- According to Bradley, legislation currently being considered by Congress would expand the 8-week period small businesses have to spend their Paycheck Protection Loans in order for it to be forgiven. They are also considering repealing the requirement that 75% of the loan must be used on payroll. It remains to be seen what the legislation will actually allow.
- Bradley also added that if you’re thinking about applying for a PPP loan there is still money in the program and businesses can still apply.
- The Main Street Lending program is also a new program that small businesses may apply for, Bradley said. You can learn more about the Main Street Lending program from your local bank.
Panelists offer advice on how businesses should spend PPP loans and how to best position yourself for the loan to be forgiven. Watch the full video for excellent business advice from:
Manny Cosme, President & CEO, CFO Services Group
Marilyn D. Landis, President and CEO, Basic Business Concepts, Inc.
Susan Gross Sholinsky, Member, Epstein Becker Green
Bridget Weston, Acting CEO, SCORE