Newly-Approved PPP Funds to Boost Your Business
Over the last year, many businesses have struggled to keep their heads above water, let alone make strides in their industry or accrue significant profits. In 2020, the name of the game was to survive, maintain any progress that had been made, and wait for more prosperous days ahead. However, 2021 offers businesses fresh opportunities to get back in the game and start seeing growth again, notably thanks to the newly-approved PPP (Payroll Protection Plan) funds.
The recent PPP funding specifically bolsters companies that are transitioning into cloud-based software, which will create new possibilities and expansion potential for businesses across numerous sectors. The new funding opens up a wide range of options for companies to enhance their IT support, whether by adding new software, cloud-based services or generally enhancing their IT infrastructure.
Recent PPP Funds Make Cloud-Based Software More Accessible
While the first rounds of PPP funds were dedicated to supporting employees and supplementing payroll needs, the latest PPP funding will help businesses develop their IT services and hone the competitive edge they need to be successful in today’s market. To this end, the PPP funding will allow businesses to invest in cloud-based software, cloud computing software, and personal protective equipment (PPE) for employees.
As is outlined in the most recent PPP guidelines, companies are free to utilize these funds to transition to cloud-based applications that will help their business run smoothly and efficiently as they stabilize their IT infrastructures. There is no restriction against companies that have received PPP funding in the past — both businesses that are seeking first-time loans and second-time borrowers will have access to the proposed funds.
Utilizing PPP Funding to Achieve Your Professional Goals
Many businesses continue to grapple with the question of how to satisfy their immediate, short-term needs — such as the need for reliable IT support and services — in the face of their long-term projections and objectives. At a time when work-from-home is the new normal and cybersecurity concerns are becoming more and more prevalent, one of the most effective ways to protect your business and team is to improve your IT support.
The unpredictable nature of cyberattacks and breaches increases the need for constant IT support that your customers can count on. The long-term repercussions of security issues can be catastrophic for unprotected teams and businesses, potentially leading to a decrease in sales and clients. With the latest cloud software and technical support services at your disposal, customers will recognize your team’s preparedness and willingness to prioritize cybersecurity, effectively giving you a leg up over your competitors.
How You Can Apply for PPP Loans
As previously mentioned, the majority of businesses that have received a previous round of PPP loans will still be eligible for the latest PPP funding that permits investment in cloud software and enhanced IT infrastructure development. Furthermore, small businesses have the added possibility of turning the PPP loan into a grant that doesn’t have to be repaid, assuming they fall into certain criteria and complete all necessary paperwork on time.
Upon receiving the latest PPP funds, companies will be required to respect certain spending limitations. For example, only 40% of the received funds can be spent on software investments — cloud-based or otherwise — and the final 60% will be dedicated to payroll compensation.
Aside from this 60/40 spending requirement and a select few additional criteria, businesses should find the PPP application process straightforward and beneficial for overall company operations. However, it is possible that this most recent round of PPP funding will be significantly more competitive than previous rounds, given its relatively simple application process.
Companies should note that any previously received PPP funds should be completely distributed/spent before any new PPP funds can be received, except if the company has a written plan for how they will spend the initial funds.
Additionally, only businesses with less than 300 employees will be able to apply for the newest PPP funds, and the company’s revenue must have declined 25% within the previous calendar year to be eligible for the new PPP funding.
V&C Solutions: Granting You Exceptional IT Services
With years of valuable experience providing customers with outstanding technical and software support, the skilled professionals at V&C Solutions are eager to help you navigate PPP funding and the next steps in your IT journey. We understand that the world of IT can be overwhelming and complicated — that’s why we’re here to help you focus on how to grow and protect your business, one strategic IT infrastructure decision at a time. For more information about the latest round of PPP funding and how to apply by the March 2021 deadline, simply fill out our simple contact form or give us a call at (408) 217-6002 today.
