It was announced today that the Payroll Protection Program is out of money. If you submitted an application that has been approved, you should still receive that money. The government is trying to push through an additional $250 billion in funding for this. If you had not yet submitted an application, look for this new funding to be approved. This money will likely go a lot quicker than the first round.
We’ve been tracking what our clients have received so far. About 75 of our shops have been approved for funding, with the overwhelming majority being from small local banks. Most banks are not able to accept applications from non-customers. This is one of the reasons Paar Melis has always stressed the importance of having banking relationships with more than one institution, preferably a large bank and a small local bank. (See chapter 3 of my book, Your Perfect Shop) Having these relationships gives you more options.
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