Financial

“All media shares one thing: Someone created it. And it was created for a reason. Understanding that reason is the basis of media literacy.”

— Common Sense Media

When you are self-employed with no employees, the Paycheck Protection Program (PPP) is a COVID-19 gift designed to help you get through this pandemic.

If you now have your PPP funds, we have identified the following insights for you.

1. New Law, Enacted June 5, 2020, Creates Easier PPP Loan Forgiveness

COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take in order to bounce back. Here are our suggestions:

In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans.

President Trump has signed the Paycheck Protection Program and Health Care Enhancement Act (PPP & HCE Act), a $484 billion package which was passed by both the Senate and the House the week of April 20, 2020.

PPP & The CARES Act

For years, experts have been saying that everyone - including average citizens - needs to have some type of emergency fund in place to help them get through any "rainy days" that may lie ahead.