Alternative Options for Small Businesses Not Eligible for PPP or EIDL Funding

Businesses, across nearly every industry, are facing challenging times. And while there has been a lot of attention and noise around government funding assistance, not every entrepreneur finds themselves in a position to take advantage of such resources. 

Many small businesses may not qualify for an Economic Injury Disaster Loan (EIDL) or a Paycheck Protection Program (PPP) loan due to limited availability and eligibility requirements. However, there are still ways to drive revenue for your business during the coronavirus pandemic.

Here are suggestions:

Defer Payroll Tax and Employee Retention Credit The Coronavirus, Aid, Relief and Economic Security Act, otherwise known as the CARES Act allows employers to defer the deposit and payment of the employer’s share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. This applies to taxes incurred between March 27, 2020, through December 31, 2020.  

Consider the Employee…