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The Paycheck Protection Program and other COVID-19 relief measures may impact the purchase price when selling a business
Changing PPP rules, along with the upcoming presidential election and uncertainty over future relief measures, add complications
Pandemic also presents challenges to buyers and sellers seeking to do their due diligence
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The Paycheck Protection Program has expired, and banks have been more reluctant to approve loans to small businesses
Businesses have cut back on investments and expenses, but also worry about survival if economic conditions do not improve in the near future
Certain loan programs, including options through the Small Business Administration and Federal Reserve, provide continued avenues of support
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SBA opens forgiveness portal for PPP this week, but applicants have been advised to bide their time as further guidance emerges
Partial forgiveness options available, and low interest rates can also be attractive to those who need to pay the loan back
Questions remain on issues such as tax deductions
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Thirty-five percent of small business owners in recent CreditCards.com survey say they used savings or personal credit cards to help cover expenses during COVID-19 pandemic
Seventy percent use some form of assistance, such as PPP or business savings account
Most small businesses are hoping for increase in sales to stay in business or meet growth targets
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Federal Reserve lending facilities that were set to expire on Sept. 30 extended through Dec. 31
Extension occurs amid rising jobless claims and severe contraction of U.S. GDP in second quarter of 2020
Substantial five-year loans offered at low interest rates, but with several restrictions
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Senate Republicans’ proposal for continued COVID-19 relief would provide additional stimulus while reducing unemployment supplement
Second round of Paycheck Protection Program would focus on small businesses
Additional funds aim to relieve workers of child care burden
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Clarification on Paycheck Protection Program forgiveness likely to arrive after latest round of COVID-19 legislation
Accountants urge borrowers not to rush applications for PPP forgiveness due to dynamic situation
Watch out for the 10-month mark, when the loan can no longer be forgiven
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The approval rate for small business loans from big banks increased from 11.5% in May to 13.5% in June, according to the Biz2Credit Small Business Lending Index.
The approval rate was higher among smaller banks, increasing from 16.9 percent in May to 18.4 percent in June.
Approval rates at institutional lenders and credit unions rose slightly.
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American workers may find themselves unemployed a second time due to resumed shutdowns or PPP depletion
The CARES Act and other rules allow people to get benefits over a longer period of time
What happens when the ‘benefit year’ ends
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State economic agencies turn focus to supporting existing businesses impacted by COVID-19 pandemic
Loan programs and other relief supplement federal efforts to minimize business closings and layoffs
Push for onshoring set to renew competition among states for emerging jobs
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