While there’s a lot of media attention paid to the Paycheck Protection Program, many solopreneurs may not be eligible – or may choose not to participate.
You need to look carefully at the eligibility requirements including the amount of compensation you can document, your business’s net profits, and the record-keeping detail required in how you use the funds.
You also need to honestly assess for yourself: Can I predict the cash flow needed to pay back the loan if the loan is not forgiven?
In this short video, I share four action steps solo and small firm owners can take during this uncertain time:
- Collect receivables
- Reduce expenses
- Look for grants
- Connect and pivot
It’s hard to brainstorm alone. Head over to my Business Exponential Facebook page where we can hash out ideas together! Share 1-2 sentences about your business, what you offer, and the market you like to serve best.
As Helen Keller said,
Alone we can do so little; together we can do so much.