What Do the New PPP Regulations Mean for Your Business?
On December 27, 2020, a $900 billion relief act was signed into law which will provide additional funding for the Paycheck Protection Act. For small business owners still being impacted by the pandemic, this is fantastic news! If you weren’t approved during the first round of PPP loans back in 2020, this is the perfect chance to reapply! Even if you were approved, it is a great opportunity to secure even more much needed funding during this continued period of uncertainty.
Allocating Your PPP Funding
Once you receive your PPP loan, there are several ways you can go about using it to benefit your business. You might be surprised to learn that cloud computing and software are listed as forgivable expenses under this new relief act. This means that funds can be spent on any cloud computing services that are used for payroll, inventory, HR, supply tracking or record keeping. Thus, if you haven’t switched your business to a cloud-based phone system yet, now is the perfect time.
At this point in the year, many of our teams are still either working in a fully or partially remote setting. Because the modern workforce is so agile, they should be backed by a phone system that meets their needs regardless of their current location. Of course, committing to that switch in the midst of a pandemic where funding is at an all-time low probably wasn’t on your radar. We don’t blame you for that! This second PPP loan, however, gives businesses the opportunity to empower their teams with a modern communication solution that is sure to boost productivity and make everyday work much more convenient – and it’s entirely forgivable!
This round of PPP funding will conclude after March 31, 2021, so make sure you apply before it’s too late!
Upgrade to a Cloud Based Phone System with McEnroe Voice & Data
McEnroe Voice & Data provides versatile, affordable and flexible telecommunications, VoIP and security solutions to businesses throughout Baltimore, Washington, D.C. and Northern Virginia. With access to the best manufacturers and excellent customer service, you can trust McEnroe. To learn more, please call us at (410) 785-1600.