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5 Questions To Ask Your Accountant About PPP Loan Forgiveness

Posted by Celene Robert to Business Advice, Funding, Loans, Coronavirus

Somehow, we’re coming up on the end of 2020. How is that possible, you ask? Only those experienced in time travel can answer that question.


With the end of the year—especially a year like 2020 that introduced the complicated and ever-changing Paycheck Protection Program (PPP) to hard-hurt business owners—come many loose ends to tie up before we stumble into 2021 and what’s promising to be one of the most complicated tax years ever.


If you were one of those business owners who received PPP funds, what comes next for PPP forgiveness and the tax impact is one loose end you don’t want to leave dangling. To avoid a shockingly huge tax bill, here are 5 questions you need to be asking your accountant now about your PPP loan.

What is the Shape of Your Business’s Recovery?

Posted by Celene Robert to Business Advice, Funding, Loans, Coronavirus

Everyone is concerned about the shape (V, U, L, or K) of our nation’s economic recovery. Whether it’s V-shaped or K-shaped, the shape of your company’s recovery post-pandemic might depend on what is in the next government stimulus package for small and medium-sized businesses.


Keep reading for a brief update on the potential impact of stimulus proposals to the two main coronavirus emergency loan programs for small and medium-sized businesses (SMEs): the Paycheck Protection Program (PPP) and the Main Street Lending Program (MSLP).

Reopen Your Business: 3 Guideposts for Strategic Cash Flow and Liquidity

Posted by Celene Robert to Business Advice, Budgeting, Loans, Coronavirus

 

In spite of the pandemic-sized challenges facing the world’s economy—skyrocketing unemployment, disrupted supply chains, banks and credit market systems risk, government’s crisis response—and people’s daily lives, CEOs of SMEs can manage cash flows and liquidity with a mind to grow when the economy reopens easily and effectively by remembering three guideposts for keeping your company moving forward.


To Forgive or Not to Forgive: Accounting Rules for PPP Loan Forgiveness

Posted by Celene Robert to Business Advice, Budgeting, Loans, Coronavirus

 

The weeks since Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act have seen thousands of business owners scrambling to, first, understand the Act and, second, to take advantage of it. And while experienced attorneys and accountants continue to make sense of the guidance and regulation of the CARES Act, there are a few things we know already that could help business owners like you keep your doors open a little longer.


Taking Out a Business Loan? Don't Forget These 6 Steps

Posted by Matt Lenhard to Budgeting, Loans, Startup Tips

After I signed on the dotted line, the real work began. The funds from my business loan were sitting in LendEDU’s bank account, and we finally had the capital we needed ahead of the busiest time of the year.


Getting your small business loan funded is an exciting time for an entrepreneur. While you want to take time to celebrate, you also know that you need to get down to work and use that money to grow your business.


Locking down the money is, after all, only half the battle. You also want to make sure you have everything in place to spend it right and be in a position to repay the loan responsibly so that you can build good business credit and set yourself up for future borrowing success.

 

Is Your Partner Hurting Your Chances of Getting a Loan?

Posted by David Waring to Loans

Even if you have a promising app, a genius invention, or a breakthrough solution, you won’t get very far without sufficient funds. The need for money may make you frantic, but if you have your ducks in a row, you have a good chance at  being able to borrow the money you need to get started from banks or business lenders.

What the SBA Needs to Know About Your Personal Finances

Posted by Ian Atkins to Business Advice, Loans

For some, a great idea for a business comes a lot easier than the capital needed to get started. This has led to one of the most important ways the Small Business Administration (SBA) supports business owners. Through their loan guarantee program, the SBA helps ensure entrepreneurs have access to capital regardless of their financial background.

Cheat Sheet: Everything You Need to Apply for an SBA Loan

Posted by Meredith Wood to Business Advice, Business, Funding, Loans, Startup Tips

For any business owner considering taking out a loan with the Small Business Administration (SBA), it is not uncommon to be put off or overwhelmed by the sheer volume of information that you need to provide to apply.


But if you’re willing to put some time into it, you can absolutely prepare everything that you need to apply for and successfully obtain an SBA loan. Here, we’ve put together a cheat sheet detailing all of the most common pieces of information or documentation SBA lenders expect from loan applicants.

 

8 Secrets for a Killer Small Business Loan Application Revealed

Posted by Katie Alteri to Business Advice, Funding, Loans

 

If you’re contemplating applying for additional financing for your business, congratulations! It never hurts to have extra cash on hand, so it’s understandable if you’re eager to receive a loan. With a small business loan, you’ll be able to invest in the future of your company.

 

In this post, we’ll detail eight ways to make your small business loan application process simple and efficient. Before you know it, you’ll have financing in your business bank account, ready for whatever your needs may be.

The Small Business Owner's 3 Steps to Being a Better Borrower

Posted by Ty Kiisel to Business Advice, Funding, Loans

Access to capital is a challenge for many small businesses. Nevertheless, there are more business loan options available today than ever before—provided small business owners spend the time to become savvier borrowers. This is not to say they need to become experts in everything small business finance, but they do need to become experts in securing capital for their businesses and taking steps to become better borrowers.