Since its inception, the Paycheck Protection Program has gone through a number of changes that have caused headaches for entrepreneurs and businesses. Many informal businesses were left at a disadvantage, including many real estate investors.
This article covers some of the things that business owners should keep an eye on so their business continues to run smoothly post PPP. This includes keeping an eye on your cash as well as establishing a relationship with your local bank.
“Most people see the bank as a transactional place,” said Megan Gorman, an attorney and managing partner at Chequers Financial Management in San Francisco.
“But establishing the relationship at the bank is huge,” she said. “It means you’ll have an advocate, and as your bank grows, you’ll have access to liquidity.”
Also discussed are building your dream team, formalizing everything, and establishing a disaster and recovery plan.