From this morning’s issue of my subscription with Journal of Accounting:
“The U.S. Senate passed by unanimous consent a five-week extension of the Paycheck Protection Program (PPP) on Tuesday night just a few hours before the application window on the program was scheduled to close.”
My advice: don’t take the money if you are thinking about surviving long enough to pay it back and apply for forgiveness. Because, the day of reckoning will come. Showdown at high noon. Time to pay.
My best advice: take the money. But think not ‘how am I going to survive’, not ‘I’ll use it to wait this out….’.
Survivalists and Thrivalists think differently. To thrive, take the money. Invest it in strategy for online delivery, marketing, social media that truly avails your service and product to your customer/client population. Where are the avenues to a successful purchase and utilize your offerings? The game of succeeding in business is not new. The gameboard and a few rules have changed.
The PPP loan is created for providing support for the maintenance of staff and hiring. So, assign staff to engage in review and research of ideas to morph product and delivery strategies suitable in the current environment. Hire and contract professionals to deliver access to your customers and make it ‘fun’ and ‘reassuring’ for your clients to find you. Hire that social media and marketing agency. Get your website vamped and highly functional. Tweak your product or service. Use the PPP loan to thrive.
What else are you going to do? Look for a job?
Let’s win this.
For bookkeeping and tax strategy, make an appointment on STACaccounting.com. We are still here. We’re thriving.