By Raine Leggett, Senior Business & Financial Writer
When it comes to small businesses, knowing one’s resources is essential. It could save a dollar or two, and it could go a very long way in growth. One such resource is the PPP loan. The PPP loan was started in 2020 after a recession caused by the Covid virus. It is a program that provides up to 8 weeks of financial assistance for payroll management of small businesses. It is part of a relief package and is forgivable under certain circumstances.
So why do small businesses need this? It assists essential parts of the effective operation of businesses. When it comes to growth, maintaining a payroll system may come up And the welfare of a business’s employees. The PPP Loan covers assistance to payroll management and benefits for employees, which is essential.
In the growth of a business, offices may be rented or owned. The PPP loan also covers the interest, rent, and utilities. Imagine how that can help a business thrive. The assistance now covers such expenses.
However, with all of this said, PPP loan money is running out. There are many causes to this, with a significant reason being PPP fraud. Many people have made false claims about the PPP Loan. Even so, many precautions are set to catch PPP fraud. They are starting with an audit. If one has more than 2 million in loan, they may be audited. Even when your loan may be done right, an audit may come.
Should you get caught committing PPP fraud, you could be significantly penalized. Such penalties included a 1 million dollar fine and imprisonment of up to 30 years. As such, it is necessary to understand if you need it or qualify for it.
Getting assistance for your business cost is always a great thing. It could go a long way. One should remember that the procedure and checking your qualification is always the safest must. The PPP Loan is a lovely assistance for small businesses. Always know your business needs and stay safe.
Raine also reviews Anime for her own blog, website, and IDJ Online Magazine. Raine also has published several books that can be purchased @ Amazon.
Here is the link to Raine’s page on amazon. Amazon.com: Raine Leggett: Books, Biography, Blog, Audiobooks, Kindle
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