SBA PPP How to Maximize and Beyond
9.06.2020
I was a guest speaker on the inaugural Small Talk online series for the Business Development Board on Martin county. The interview is from late April and the key points remain valid as businesses transition back to a healthier economy.
The topic was How to Maximize Your Loan Funds. Along with reviewing how to best use SBA PPP funds, we discussed what to consider moving forward.
Key take away points:
SBA PPP Funds:
Keep communication open with banker and CPA.
- Be proactive
- Review options
- Ask questions
- Document expenditures
- Consider immediate and longer-term cash needs
- Multiple cash flows
Keep communication open with vendors:
- Terms
- Vendors are partners- you want them to be there to get you back on track
Businesses are resilient.
Generally, businesses need to find a way to react quickly to an issue or problem.
- How much money is needed
- What is the best way to spend money now
- How to make the next immediate decision
That is great during the time of crisis, but it is important to think future down the line.
Employees
They are the one who helped to build your business to where it is now, they will be vital to re-build your business.
Keep in contact- keep communication open.
Opportunities in times like these
Resilience of people in general, Americans and Small Business
Small Business is the engine that runs this country- Small Business is what will bring the economy back.
- Step back from the problem
- Explore all new opportunities as you move forward
- Challenge employees and help them find opportunities
Tim is a Consultant to Business, Government and Not-for-Profits Organizations specializing in innovative and challenging ways for organizations to survive, to thrive and to build their teams.
