Tag: recession

What to Do if You Cannot Repay a PPP Loan?

The Paycheck Protection Program is aimed at keeping small businesses and nonprofits afloat during harsh economic times caused by COVID-19. The main selling point of this program is that the loan is up to 100% forgivable. The downsides, however, is that many business owners will have…

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The Alien Invasion of Your Small Business

In the summer of 2008, my wife and I packed up the two kids, the dog, and two cats in the RV to move across country from California to Georgia. We were no strangers to moves. We moved across continents and country just years before, but…

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What Happens if You Breach Your Banking Covenants?

You may remember the covenants you signed up for along with your bank loan or line of credit. They are the guidelines or what you do or don’t do in order to maintain good status on your loan, and they are created based on the financials…

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Planning to Restart Your Business After COVID-19

Whether you have closed your business temporarily during the COVID-19 shutdown or whether you have still been operating at a reduced capacity, you have to plan to restart your business after COVID-19. Financing and managing your receivables will be key components of your plan to resume…

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Financing Your Small Business During COVID-19

Right now many business owners are looking for extra money for their business. Whether it be long or short term, there are many financing options that provide different benefits depending on the size and nature of your operations. Here is how to finance your business right…

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Will You Be Able to Repay Your PPP Loan?

The Paycheck Protection Program or PPP is a government funded program aimed at incentivizing small business owners to keep operating. The program offers up to $10 million in funding and is up to 100% forgivable. To qualify for loan forgiveness, at least 75% of the loan…

Finding a Lender After the Storm Has Passed

Factoring companies like Eagle Business Credit are not scared by recessions. In fact, they typically see more activity during downturns due to banks becoming more risk adverse. What was previously unknown was how the alternative lenders such as the MCA’s and online lenders would react as…

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What is the Paycheck Protection Program?

The Paycheck Protection Program is a Small Business Administration program aimed at encouraging small business owners to keep employees on payroll. If a small business keeps all employees on payroll for eight weeks, the SBA will forgive up to 100% of the loan if the loan…

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Online Lending During a Recession

There is a lot of discussion about online lenders and the inevitable upcoming recession. While many online lenders are willing to take risks in lending to businesses currently, these risks will be far and few between as a recession sets in. The 2008 recession saw bank…

Business Funding: Is the Cure Worse Than the Disease?

COVID-19 has thrown all small business owners into a panic. 75% of small business owners have 28 days or less of cash reserve. An indefinite shutdown of business is terrifying when that’s the case. I am a small business owner. I know the fear of losing…