Is it too late to ask for help?
We received a number of really good responses to our post containing a calculator to help formulate your loan strategy for the Payroll Protection Program for small businesses. In this article I’m going to share the most common questions / feedback we received:
Q1) “I heard Wells Fargo is no longer issuing loans.”
A: This was true, but as of today, the restrictions prohibiting Wells from more loans have been lifted: https://www.usatoday.com/story/money/2020/04/08/wells-fargo-expand-small-business-rescue-lending-fed-exemption/2969910001/
Q2) “I'm not even sure if I qualify as a small business.”
A: It depends on your industry. See this table and match it up to your industry code. Also remember if you’re owned by a larger company, you’ll need to factor in the larger company’s profile if they own more than 50% of your company. Also, the program is also open even if you're self-employed. Non-profits also are eligible -- talk to your accountant if you're not sure.
Q3) Payroll is great, but I have other expenses not covered by PPP.
A: There are other programs that may help such as an emergency advance. At a minimum, start labeling all of your expenses as to whether or not they were directly related to the Coronavirus.
You should be able to differentiate a normal year versus a coronavirus-impacted year — that’ll will be important if future stimulus emerges or if you’re applying for conventional financing for your business. It will also be important if you're simply creating internal benchmarks for forecasting after coronavirus has been mitigated.
If you still have questions, see the SBA website or your accountant. Or simply let us know and we'll work to find the people who can help you. We've already made numerous connections to accountants who have been helping business owners get the resources they need for their business to survive and help their employees. If you're an accountant or a professional with advice for small businesses in the US or globally, let us know, we'll be glad to help you get connected with businesses who need your help.
Just as important as social distancing is business intimacy so we can grow out of this nationally and globally. If you know someone who hasn’t applied for PPP, offer a helping hand and coach them through the process—especially if you’ve been through it!