Title: PPP Loans vs Unemployment Benefits: How to Choose | Bench Accounting
Headings: PPP Loans vs Unemployment Benefits: How to Choose
PPP Loans vs Unemployment Benefits: How to Choose
Paycheck Protection Program vs unemployment as a sole proprietor
How much money will you receive?
Will you still have any work to do?
Having both the PPP and receiving PUA
PPP loan forgiveness starts with good books
Paycheck Protection Program vs unemployment as a business owner
Will you need to ramp up your business quickly?
Do you have small projects employees can help with?
Do you provide health insurance coverage?
Can you use help paying rent and utility bills?
Do you plan to restart your business?
Did you know Bench is an eligible expense for PPP loan forgiveness?
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Content: Can you use help paying rent and utility bills? If you have rent and utility bills to pay, the PPP allows you to use a portion of the money you receive to pay for those costs. So not only do you get funds to pay employees for 24 weeks, you can get money to pay for some of your other expenses. If you choose to lay off employees instead of using the PPP, you won’t get that extra money to help you pay those bills. Do you plan to restart your business? If you don’t think your business will ever recover and you’d prefer to close for good, you’re probably better off laying off your employees and working to wind down your business, rather than applying for the PPP. Applying for the PPP will only delay the inevitable and you and your employees can instead spend time looking at what’s next. Did you know Bench is an eligible expense for PPP loan forgiveness? That's right, get your bookkeeping covered! Plus, with up-to-date books and organized financials, it’s easy to prove your expenses are eligible for PPP loan forgiveness.