The federal government's forgivable loan program provided entrepreneurs with a necessary lifeline — but came with plenty of headaches for owners. Here are five ways their businesses might be better prepared for the next disaster.
The PPP, as well as other small-business loan programs, requires owners to bring tax forms along when they apply.
"Clients who don't have a CPA and rely on themselves to get their books together and don't have them done properly are stuck," said Wilson at Fola Financial.CPAs have recommended that PPP recipients document their use of the funding, as well as keep the cash in a separate business banking account."I can't tell you how many times I've talked to self-employed people who keep receipts in a box and hand them to a CPA during tax season," said Gorman at Chequers.
"Aside from stress-testing themselves, entrepreneurs should understand the impact of their constituents," she said. Business owners should also bear in mind how their suppliers might be affected in a crisis. Meanwhile, reopening will require a strategy, as even when stay-at-home orders lift, businesses could still be a long way from running at 100%."Is it a partial reopening?" said Cai-Lee. "If you're a restaurant, you won't be doing three turns of the table at night — you won't be able to accommodate as many people."
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