In the last few years, a number of new and useful loan options have come around for small business owners to take advantage of. One of the more useful financing services to review is a paycheck protection program. Implemented as part of the CARES Act of 2020, PPP financing services are aimed at providing funds to small businesses that were impacted due to the appearance and spread of the novel coronavirus. If you run a staffing agency, you may be curious about whether or not you can apply for this loan option.
What Are PPP Loans?
One point to consider with staffing agency PPP loans is that it is meant to help more than just the business owners. PPP funds were created with the intention of providing income to the employees of smaller businesses. This means that you need to review the requirements for employment status in order to see whether or not this financing option fits your needs. Take time to review the eligibility of temporary workers to gain more perspective. Other areas to review with financing can include:
- Loan forgiveness eligibility
- Current credit score
- Existing debt
The Advantages of PPP Financing
By factoring several angles into your final decision, you will be able to find financing that accurately reflects your needs. Take a moment to consider the basics and see how PPP loans can benefit your company.