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: Using the PPP you can have your employees help knock things off your to-do list. Do you provide health insurance coverage? If you provide health insurance coverage for your employees, the PPP includes health insurance costs in the calculation of the loan. Keeping employees on payroll will let them keep their health insurance benefits—something that is critical during a global health crisis. If you lay your employees off so they can collect unemployment, they’ll be on the hook for finding and paying for their own health care coverage. 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?