Vinnie Fisher, founder and CEO of Fully Accountable, an accounting firm that services more than 400 e-businesses talk about the available stimulus packages during the pandemic, what can be done to receive these loans and what else can be done in the current situation.
HOW TO COLLECT GOVERNMENT STIMULUS – WHAT YOU’LL LEARN
- The CARES Act and its features and implications
- Qualifying and Applying for the Assistance
- The Mindset of a Business Owner during Times of Crisis
- Common Mistakes of e-businesses
- The stimulus packages under the CARES Act passed by Congress is designed to protect US jobs.
- This assistance is available through any bank, even community banks and credit unions. There is no need to have a relationship with the bank in order to access the fund.
- Since this is a government program, banks are the primary conduits for accessing the loan; the banks then can cover the credit extended to the small business from the Treasury. The assistance is a 1% loan, with a 2-year payment schedule, and non-interest bearing for the first 6 months.
- Based on certain conditions, the loan itself may be forgiven.
- At the time of crisis, owners should have a change of mindset of being CEOs. Manage the cash flows and mitigate cash leakages of the Company, at the same time read the situation and find areas for growth.
- The common mistake of business owners is not maturing the business itself even as it chases after the sales.
CONTACT VINNIE FISHER
For inquiries on getting assistance for your eCommerce or specific concerns regarding accounting for online businesses, make sure to head on over to Fully Accountable website.
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