Yes, there is more of a serious tone, but the two experts get down to business as they discuss the state of the economy and the financial situation with small businesses. So, the humor may be lacking, we’ll forgive Cortney and Ashley, but they discuss extremely important information to help your small business succeed during a pandemic!
Listen to the Full Episode HERE
Alright so let’s recap. If you are a small business owner, you should have (hopefully) received your Paycheck Protection Program, or PPP, Loan. You can use 75% of this loan for payroll and the other 25% for mortgage interest and rent. But how in the actual world do you keep track of all of this?! Ashley suggests setting up a separate account or making a sub account on your financials where you’re only pulling PPP money out for PPP purposes.
For more information on surviving these economic times, check out THIS BLOG POST
Need help maintaining your success during a pandemic? We got you, RIGHT HERE
Ashley also says to document absolutely everything you can…she does have a fear that people think they are getting a forgiven note and what if it actually doesn’t get forgiven?! In that case, document, write it down, seek help from a financial advisor (like Ashley Altum).
But there’s another issue…WTF do you do when you use all of your PPP Loan money and we’re still in this pandemic?! You HAVE to understand your cash flow!
Need a Cash Flow recap? Here you go: Episode 2: What in the World is Cash Flow
In order to succeed:
- You must understand your capital needs—how much money will you need to cover your costs
- You must figure out how much money you need in 30, 60, 90 days and go today, right now, and figure out how you will get that money
- Some options for getting that money include: get a line of credit, get another loan, get a credit card
***But NEVER take out more debt than you’re willing to be on the hook for***
Still need help?! Contact Ashley Altum, CPA to get your finances on track and help you succeed this pandemic!