Small businesses can opt to apply for government stimulus and use it to purchase advanced tech equipment. The lawmakers have passed a package amounting to $284 million, meant for small businesses struck by the pandemic breakout. The package has expanded the list of forgivable loan expenses and also increased PPP funds. It’s a better option for companies facing financial strains since the loans will fall under government grants.
As the first round of PPP loans, it settles salary and other employee benefits and mortgages. However, a portion of this money will be used for covid-19 safety provisions and cover property damage and vandalism. Part of the loan improves the company’s software and improve communication mediums. How the government is ensuring small businesses can resume operations despite the challenges faced due to the pandemic outbreak and keep up with technology.
Install Software and Cloud Services
Since the outbreak, many businesses have remotely relocated their employees, affecting productivity and communication within the command chain. The new software will ensure companies are monitored and employees meet deadlines with an effective communication channel. It’s not declared virus-free yet; hence people have to be conscious of their work environment and colleagues. To avoid crowding, they use installed software and have meetings through video conferencing.
The accounting department will benefit most by installing tools that make their work easy to compute and share with other departments. Since the funds should improve the small businesses, recording employees’ information will make it easy for the human resource department and payroll office.
Used to Install Ventilation Equipment
Small businesses will use part of the second loan to purchase personal protective equipment and hand washing soap to inhibit the spread of the covid-19 virus. It will be beneficial if they consult for what their loan covers from lenders. To ensure there is no congestion in offices, part of the funds may expand the offices. If that’s impossible, they will have filtration apparatus installed along with proper ventilation. Besides, install an offsite or onsite health screening to ensure the safety of workers. The PPP loan covers several areas in a business to provide the growth and protection of workers. It significantly contributes to ensuring business growth.