PPP To the Max!


By Phil Harwood

For some, the PPP dollars were a Godsend, providing cash when it was desperately needed. For others, it provided a sense of security but has been sitting untouched and the big question today is, “Now what?” What do I do with this money and how can I maximize my return on investment? 

The obvious purpose of the PPP money was to protect jobs. It was supposed to be spent on payroll and other specific items in order to keep people employed. However, many businesses were able to make payroll and protect all jobs without tapping into the PPP funds. The PPP money was there if needed but as it turned out, it really wasn’t needed. 

In this situation, there are two options. The first option is to pay it back to the Federal government. The rules for paying back a PPP loan are available from lenders. As far as a loan goes, the terms are extremely favorable. This is the only option for employers who failed to keep their employment levels above the required thresholds. 

The other option is to apply for loan forgiveness and keep the money. For employers able to qualify for loan forgiveness, this option provides funding for something. The question then becomes:  funding for what? Before buying the latest and greatest new pieces of equipment or replacing your fleet with new trucks, consider three other great ideas. 

Great Idea #1:  Invest in your people. The ROI on investments in human capital are well documented. Be sure to carefully select what you invest in, however. People and teamwork will always comprise the greatest competitive advantage. Double down on your people. 

Great Idea #2:  Invest in technology. Many are still struggling with basic business functions due to missing or partially implemented technology solutions. The few who are not struggling have made the investment required and are reaping the benefits. 

Great Idea #3:  Invest in yourself. Find something you’re passionate about and get started on a path of improvement. It’s never too late to learn something new. When you look back a year from now what will you say you’ve done to improve yourself?  

GrowTheBench.com provides an affordable option to invest in something that really matters - your future. Start your free 30-day trial subscription today at Trial.GrowTheBench.com

Now go forth. 

Tags: Loans , PPP ,