Mark Henricks has reported on personal finance, investing, retirement, entrepreneurship and other topics for more than 30 years. His freelance byline has appeared on CNBC.com and in The Wall Street Journal, The New York Times, The Washington Post, Kiplinger’s Personal Finance and other leading publications. Mark has written books including, “Not Just A Living: The Complete Guide to Creating a Business That Gives You A Life.” His favorite reporting is the kind that helps ordinary people increase their personal wealth and life satisfaction. A graduate of the University of Texas journalism program, he lives in Austin, Texas. In his spare time he enjoys reading, volunteering, performing in an acoustic music duo, whitewater kayaking, wilderness backpacking and competing in triathlons.
One of the federal government’s main economic responses to the coronavirus pandemic is the $2.2 trillion CARES Act, which provides assistance for both small businesses and larger ones. For businesses with fewer than 500 employees the act offers forgivable loans, administered by the Small Business Administration (SBA), like the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan Assistance Program. For companies with 500 or more employees, which are too big to receive SBA assistance, the act provides non-forgivable loans. The money is designated for use in four ways: loans for airlines and national security assets; Federal Reserve loans; loans for mid-sized businesses; and the Main Street Lending Program. Here is a brief description of these initiatives. Read more
If your small business is struggling to pay its debts and your creditors are threatening to take your assets, bankruptcy is an option. Although bankruptcy sounds like the end, it actually can be a way for a business in dire straits to find a new beginning. With the right understanding of bankruptcy, a small business owner can repair a troubled balance sheet and keep his or her business going. Here’s how to declare, what the process looks like and how your company can survive it. Read more
The stated goal of the Paycheck Protection Program (PPP) is to help small businesses keep employees on their payrolls. The program’s relatively simple loan application and relaxed requirements are meant to enable small businesses to get quick access to liquidity so they don’t have to resort to layoffs or furloughs during mandated closures and social distancing orders. If borrowers use the money as the federal government intends, the loans are forgiven. With the recent passage of the Paycheck Protection Program Flexibility Act (PPPFA), though, the government changed many of the rules, largely to be more flexible. Read on to know the rules to ensure that you receive full debt forgiveness. Read more
The federal government has launched a wide-ranging set of initiatives to help individuals and businesses dealing with the coronavirus pandemic. A number of these initiatives, found in the $2 trillion… Read more
When a natural disaster or man-made crisis strikes, businesses often must suspend operations or operate at reduced capacity for a time. Business interruption insurance can protect business owners… Read more
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