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Cares Act Blog Posts

By First American Merchant

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PPP Loans: Best Practices and Grave Mistakes to Avoid

An injection of extra funding from the Paycheck Protection Program (PPP) is an excellent way to boost your business’s situation. Still, it’s almost criminal to ignore the finest details when applying for and using this loan product. An unfilled signature section can slow down your PPP loan request and delay access to funding. Poor record-keeping can also cause challenges when seeking loan leniency because you must account for every dollar spent to enjoy full forgiveness. PPP Loan Tips & Grave Mistakes to Avoid Below are some strategies to follow when seeking out a Paycheck Protection Program loan. Dental PPP Loan […]

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Implications With PPP Loans Tax: Answers to Your Questions

So many business owners who have received a loan through the Paycheck Protection Program (PPP) want to put an end to the confusion concerning the PPP loan tax. If you’re one of them and need help with the right payment processing services for your company, don’t leave the page.  Answers to Questions Concerning PPP Loans Tax The Paycheck Protection Program (PPP) has been serving as light at end of the tunnel for so many business owners during the crisis caused by COVID-19. PPP loans, backed by the SBA (Small Business Administration), give businesses cash flow help for 8 – 24 […]

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PPP Loan Forgiveness Guide

Every business owner who applied for PPP funding had loan forgiveness in mind when they hopped on board. But up until now, only a handful know the leniency criteria and how to apply for it. With poor communication from loan providers and limited resources to refer to, most entrepreneurs now rely on incomplete info from their business counterparts or online sources. This guide will take you through everything you should know about leniency and the Paycheck Protection Program. What Requirements Must You Meet to Enjoy Leniency? PPP loans were disbursed in two phases but the loan leniency requirements are similar […]

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PPP loans That Were Not Prioritized | Underserved Small Business Markets

In the crescendo of the pandemic, as businesses struggled to stay afloat despite tough economic times, most hoped the federal relief packages—the Paycheck Protection Program (PPP), in particular—would come to their rescue. But that wasn’t the case, according to KB and Katie Brown’s print business in Minneapolis. Even after applying with three lenders, they never received any Coronavirus relief loans disbursed between April and August. “It just doesn’t seem like the program was built to support small businesses,” lamented KB Brown, who is witnessing small companies in his Black-dominated and low-income communities suffer to their closure. “It’s bullshit.” Congress’s instructions […]

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What to do if Your Business Did Not Qualify For a Coronavirus Relief Loan

According to the National Federation of Independent Business, it is estimated that about 70% of small business owners have attempted to apply for the $350 billion Paycheck Protection Program or PPP. Those that did apply, 20% reported that their application for the loan had been approved and that those funds were deposited into their account on April 17. However, it was found that 80% were still waiting to hear on the status of the application.  About 50% of small business owners applied for the Economic Injury Disaster Loan Program or EIDL, which offers loans for disaster assistance. NFIB’s survey discovered […]

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Calculating PPP Loan Forgiveness and Applying

The Coronavirus Aid, Relief, and Economic Security Act (also known as the CARES Act) was passed into law on March 27, 2020. It was known as the secondary response to the devastating economic effects of COVID-19. This new law provided benefits to both individuals and small business owners nationwide.  One of its main components was the Paycheck Protection Program or PPP. This program offers loans that are forgivable for small business owners and to keep their employees on the payroll.  Guidelines For Loan Forgiveness In order for these loans to be “fully forgivable”, borrowers need to ensure that they do […]

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Covid-19 Relief Loans For Manufacturing Industries

Covid-19 relief loans for manufacturing industries are what will sustain their future. Manufacturers have been in the front lines of providing essential needs for healthcare workers, consumers, and for the development of treatments during this Covid-19 pandemic.  The National Association of Manufacturers (NAM) conducted a survey where 80% of manufacturers predict that the pandemic will have a negative financial impact on their business. Adding to the problem is that most manufacturing jobs cannot be performed remotely, but onsite. Oil prices and demand have continued to drop, there are bottlenecks in the supply chain, and anxiety is ruling the “credit market.” […]

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Covid-19 Relief Loan For Automotive Industry

An emergency covid-19 relief loan for the automotive industry is desperately needed. Like a thief in the night, the coronavirus has robbed many of us of our health, freedom, jobs, buying power, and a stable economy. Not only has the virus plunged our country into a serious health crisis, but it has also plunged our economy into a recession.  Even though every sector has been hard-hit by the pandemic, one particular industry is starting to feel the pinch…the automotive industry.   Consumer confidence is at an all-time low, especially with so many lay-offs and social distancing measures.  The last thing on […]

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6 Facts You Should Know about PPP Loan Forgiveness

Microbusinesses are struggling to survive the status quo; no wonder all eyes have been on the Paycheck Protection Program (PPP) fund, which Congress passed through the CARES Act. But small businesses must tread with caution because missing on a few details may mean trouble in the future. For instance, many small merchants only know that—if you take out a PPP loan— forgiveness or leniency is possible. But only a handful know what could compromise your chances of qualifying for leniency? First, if you already have such a loan, you have up to 8 weeks to max out the finances on […]

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Covid-19 Relief Loans For Retail industry: A Welcomed Boost

The Covid-19 relief loan for the retail industry is a welcome lifeline for struggling retailers. The Covid-19 outbreak continues to sweep the country, causing devastating damage to our economy and leaving very few businesses standing. One sector especially hit was the retail industry. On March 27, 2020, after a week of some intense negotiations on Capitol Hill, both the House and the Senate passed a $2 trillion stimulus package to help sustain the faltering US economy.  But how will that help retailers and how can they take advantage of the assistance? Keep reading below. The CARES Act The Coronavirus Aid, […]

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