Most of the country is in some phase of reopening at this point, so it is important to start planning for the future. We have covered many of the changes and developments with the Paycheck Protection Program so far. And in today’s special solocast, we are going to look at more details regarding the PPP. The guidelines are changing on a daily basis so it is critical to stay on top of them. But with riots taking place in major cities throughout the country, Congress’s timeline is unclear.
I believe Congress will extend the Paycheck Protection Program, but the process will be slowed as they attempt to deal with the widespread destruction sweeping the United States. The House of Representatives passed a bill that will extend the PPP. The Senate is yet to pass it, but when they do, pretty much everyone will be eligible for full forgivability of their PPP loans. Right now, there is a six-month window to apply for forgiveness, however, you don’t want to be the first person to apply. We want to wait until the banks work out the kinks which will probably be another month.
Rebounding From the Recession
Many, if not all of us, were shut down by the global pandemic for some period of time. It threw everyone into survival mode until the PPP injected some cash into our businesses and enabled us to become operational. The first step in moving from operational to thriving is to evaluate your team and eliminate team members that are marginal. Then, you want to look at all your overhead costs and initiate systems to become more efficient. Everything you do in this stage should be about adding value to your business while cutting unnecessary costs. As always, please visit me at www.theprogressivedentist.com for more informative, money-saving podcast episodes like this one.