PPP Loans are Done. Now What?

PPP (Paycheck Protection Program) loans are no longer available. Originally they were introduced to help businesses, self-employed workers, and some non-profit organizations get through the COVID-19 pandemic. They were introduced as part of the Trump administration’s Coronavirus Aid, Relief, and Economic Security Act.

The purpose of PPP loans was to help businesses keep themselves afloat. However, the pandemic is now over, and the PPP scheme has been concluded. Despite that, many U.S. businesses are still struggling to keep their doors open.

This post will tell you what you can do, as a business owner, to finance yourself:

Employee Retention Scheme

A lot of businesses are now turning to the ERC (Employee Retention Scheme). The ERC is still accepting applications until 2024. Reading a high-quality guide to PPP loans and ERC, the ERC scheme is a very effective way of getting support for your business. The ERC, if you are not familiar with it, is a scheme whereby businesses are given refundable employment tax credits in order to help them cover the cost of their employee’s wages. If you are interested in applying for this scheme, then it’s essential that you get independent financial advice from an expert so that you can decide whether it’s for you or not.

PPP Loan Forgiveness

If you did take out a PPP loan when they were being offered, then you should know that you could qualify for loan forgiveness. If you are struggling to manage your business because of a lack of finances, then PPP loan forgiveness could help you to free up some funds. However, you can only apply for forgiveness once you have used all of the funds given as part of the loan. You cannot apply for forgiveness until the loan’s maturity date. If you do not apply for it within 10 months following the last day of the covered period, then you will need to begin making payments.

Acquiring Funding

Personal Investment

If you have a sizable amount of savings in your bank account, then it’s probably a good idea to fund your business yourself. Personal investment is one of the best ways of funding a business because you won’t end up owing anybody anything. However, if you are short on cash or need your savings for other things, then it’s worth exploring the other options listed here in this post.

Family And Friends

Borrowing from family and friends can be a very good way of funding one’s business. However, borrowing from your loved ones can also be very risky. If you are unable to pay them back on time, then you could damage your relationship with them. While your family members might be very understanding of your situation, they may resent if you don’t repay them on time. Only ever borrow from loved ones if you are confident that you can pay them according to schedule.

Secured Loans

A secured loan is a type of loan whereby borrowers put up collateral, promising they will pay back the money that they have borrowed. If somebody doesn’t pay back a secured loan, then the asset they put up for collateral will be seized by the lender. Most lenders will ask for houses, cars, or deposits to be put up as collateral. You need to be confident in your ability to repay your loan if you’re putting collateral up, especially if it’s something like your house. Not repaying your loan could lead to them taking it from you, leaving you homeless.

Unsecured Loans

An unsecured loan is a loan that doesn’t require any kind of collateral. Only people with very good credit scores are able to get this kind of loan. If you have a good credit score, then instead of borrowing money through a private lender, you could consider taking out a business loan with a bank. Banks tend to offer very good interest rates, especially if you already hold a business account with them. Shop around for loans if you’re interested in taking one out, so you can get the one that’s best for you. Compare interest rates and lenders.

Business Grants

Although the PPP scheme is no longer available, there still might be a business grant that you can qualify for. If you’re planning on applying for a business grant, then you need to make sure that all of the information you submit in your application is genuine and up to date. If you submit incorrect or inaccurate information, your application could be denied and you could be banned from re-applying for a fixed period of time, usually a few months. Again, you may want to speak to an independent advisor if you’re planning on applying for a business grant, so you can determine which one’s right for you.

Selling Goods

If you are short on money and your business is in desperate need of a cash injection, then one solution is to sell some of your things. However, you need to be confident that selling your belongings is going to revive your business before you do it. A lot of business owners sell their things to try and recover their businesses, even when it’s too late. Make sure your business still has some life in it before you start selling your things. If you do plan on selling some of your stuff, then make sure you get the best prices you can.


Crowdfunding can be a very effective way of getting money for your business, especially if it’s a small, local one. If your business plays an important role in your local community, then crowdfunding could be a good way of getting a cash injection. Crowdfunding involves appealing to people to donate money to you. Again, crowdfunding is most effective for small, local businesses, because locals will rely on you and will not want you to close down. If you do plan on crowdfunding your business, make sure you only ask for enough money to get things going again. Never ask for more than you need.

Private Investors

Private investors can be a good way of acquiring funding if you’re able to find them. These investors are sometimes also called ‘angel investors.’ They tend to be very wealthy businesspeople, who invest in businesses they think show promise. However, if your business has been open for a while already and isn’t performing well, then you might not be able to encourage one of these investors to commit funds to you. That said, if you want to expand and are performing well, you might have some success.

Boosting Sales

Boosting sales is one of the most challenging but rewarding ways of acquiring funding. If you are able to make money by increasing your company’s sales drive, then you won’t have to rely on anybody else. One very effective way of making more sales is to improve your company’s marketing efforts. In order to do this, you can try to improve your site’s SEO. You may also be able to do this by working with an influencer. Influencers are social media personalities who market people’s products to their huge audiences. The downside to influencers is that they can be very expensive to work with.

Making Investments

If you have savings, then one way of giving your business a cash injection that’s worth considering is investing them in stocks, shares, or even crypto. Making investments with your savings or even with your business’s profits and then investing the profits of these investments into your business can be a highly effective way of funding your business and getting things running normally again. Making investments can be daunting, which is why it’s worth working with an expert investment firm. An investment firm will help you to make sensible financial decisions, ensuring you do not invest in anything foolish.

Independent Advice

As mentioned earlier on in relation to applying for bursaries and grants,  it’s always a good idea to see independent financial advice, especially if your business is having a hard time financially. An independent advisor will be able to offer you impartial and unbiased advice, designed to help you fix things. Depending on where you live and what position your business is in, you may be able to get advice free of charge. Generally, though, you do have to pay. Exceptions are usually only made if you are on bankruptcy’s doorstep or if you need help with government bursaries.

There are services available that will help you to learn about government bursaries, so you know whether or not you qualify for them. Whenever you are applying for government bursaries or grants, it’s essential that you do your research and make sure that you satisfy your chosen grant’s requirements. Applying for anything that you do not qualify for is a waste of time. If you do have to pay for independent advice, then you won’t have to pay much. Independent advisors charge very reasonable prices. You can also read free online guides, like the one quoted earlier on in this post.

If your business needs money, then you can use this post’s guidance to get it. Before trying to acquire funding, you need to be sure that your business still has hope. If it is seriously failing, it might be better to cut your losses than to sink more money into it.

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