TL;DR: Under the CARES Act you can apply for a PPP loan through any bank, including community banks and credit unions, with no existing relationship needed. Vinnie Fisher of Fully Accountable explains it is a 1% loan on a 2-year payment schedule with no interest for the first 6 months. Under certain conditions the loan may be forgiven.
Vinnie Fisher, founder and CEO of Fully Accountable, an accounting firm that services more than 400 e-businesses talk about the available stimulus packages during the pandemic, what can be done to receive these loans and what else can be done in the current situation.
HOW TO COLLECT GOVERNMENT STIMULUS – WHAT YOU’LL LEARN
- The CARES Act and its features and implications
- Qualifying and Applying for the Assistance
- The Mindset of a Business Owner during Times of Crisis
- Common Mistakes of e-businesses
KEY POINTS
- The stimulus packages under the CARES Act passed by Congress is designed to protect US jobs.
- This assistance is available through any bank, even community banks and credit unions. There is no need to have a relationship with the bank in order to access the fund.
- Since this is a government program, banks are the primary conduits for accessing the loan; the banks then can cover the credit extended to the small business from the Treasury. The assistance is a 1% loan, with a 2-year payment schedule, and non-interest bearing for the first 6 months.
- Based on certain conditions, the loan itself may be forgiven.
- At the time of crisis, owners should have a change of mindset of being CEOs. Manage the cash flows and mitigate cash leakages of the Company, at the same time read the situation and find areas for growth.
- The common mistake of business owners is not maturing the business itself even as it chases after the sales.
80+ in-house specialists across PPC, supply chain, account management and content.
RELEVANT MATERIALS
CONTACT VINNIE FISHER
For inquiries on getting assistance for your eCommerce or specific concerns regarding accounting for online businesses, make sure to head on over to Fully Accountable website.
Click here to Listen, Subscribe, and Review Ecom Exits Podcast on ApplePodcasts
Thanks so much for joining us this week. Want to subscribe to the Ecom Exits Podcast with Nate Ginsburg? Have some feedback you’d like to share? Connect with us on ApplePodcasts and leave us an honest review!
Your feedback will not only help us improve the show, but it will help us connect with more high flyers like you.
Subscribe to the eCOM EXITS Podcast now
Amazon-specific bookkeeping and profit analytics, so you know your real profit per SKU.
Want more of this in your Google results? Add SellerPlex as a preferred source.